Tech-Savvy Financial Swindlers Employ Modern Tools to Prey on Victims; Here's Crucial Information You Need
Marty's Modern Take on Digital Financial Abuse
In today's digital world, managing finances has never been easier with online banking, digital payments, and smartphone apps. But unfortunately, these advancements have opened up new avenues for domestic abusers to manipulate and control their victims' financial lives in ways that were unthinkable a few decades ago.
According to Stephanie Love-Patterson, president of the National Network to End Domestic Violence (NNEDV), technology has revolutionized financial abuse, making it more challenging to detect.
Financial Abuse: A Modern Prison
Financial abuse, also known as economic abuse, happens when someone leverages your financial resources to manipulate your actions. This distressing scenario is a common ingredient in domestic abuse cases, functioning as a silent prison, keeping partners from escaping.
Financial abusers, being ingenious with the times, now employ advanced digital tactics to track their victims' every financial move. While traditional methods like withholding money or sabotaging jobs are still prevalent, digital schemes are particularly concerning due to their stealthy nature.
The Digital Weapons of Financial Abusers
Here are three primary ways digital advancements have amplified financial abuse, as explained by Love-Patterson:
- Digital Surveillance and Spyware: Abusers install monitoring software on devices like phones, computers, or tablets to track your online activity. These spyware apps capture banking logins, monitor spending patterns, and even record keystrokes that could reveal attempts to seek help or find better job opportunities.
- Hijacking Online Financial Accounts: Abusers might restrict access to online banking, change passwords, or monitor financial activities without your knowledge. This may involve altering security questions, adding new email addresses for account recovery, or setting up alerts that keep them informed about your financial activities.
- Employment Sabotage Through Digital Channels: Abusers can undermine your financial independence by interfering with job applications or professional communications through digital means. This could include deleting job-related emails, changing professional passwords, or even impersonating you in workplace communications.
Save Yourself from the Digital Financial Abuse Web
Suspect that you're a victim of digital financial abuse? Safety should be your top priority when taking protective measures. Here are essential steps recommended by the NNEDV:
- Secure Your Digital Footprint:
- Change passwords for all financial accounts and password managers on secure devices.
- Update password recovery options like security questions and backup email addresses.
- Use strong, unique passwords and enable two-factor authentication.
- Use Safe Devices Only:
- Access financial information from devices that your abuser cannot monitor.
- Avoid shared computers and phones with unknown apps.
- Work with Advocates:
- Find guidance from domestic violence advocates who understand technology-enabled abuse.
- Connect with organizations like the Women's Law Email Hotline for specialized training in technology-enabled abuse.
Stay Informed and Empowered
Digital financial abuse can be just as damaging as physical abuse, often trapping victims in abusive relationships due to financial dependency. Being aware of these threats, practicing digital security measures, and seeking support from trusted individuals or organizations can help you take control of your financial life.
"If anyone feels unsafe or controlled, it's valid to seek help," Love-Patterson emphasized. Remember, you're not alone in this fight.
- To protect themselves from digital financial abuse, victims can secure their digital footprint by changing wallet tokens and account passwords on personal devices, updating password recovery options, and using strong, unique passwords with two-factor authentication.
- As technology has introduced new methods for financial abusers to manipulate victims, it is crucial for personal-finance management to incorporate the latest technology and security measures; for example, being aware of digital surveillance tactics such as spyware and monitoring software, and taking steps to safeguard against them.
