Finances FYI Presented by JPMorgan Chase
Everyone has that family member or friend who seems to take their personal and financial security too far.
Think “Uncle Joe,” who believes his computer camera is recording him and his devices are listening to his conversations all the time, even if they are turned off or don’t have that capacity, or “Aunt Bess” who keeps piles of cash under her mattress because she doesn’t trust the banks.
People with higher levels of paranoia may do things like create new email addresses all the time or change their passwords daily in an effort to keep their personal information safe.
But how do we know which practices are worthwhile and which aren’t? More importantly, where is the line where these habits begin to negatively impact our mental health? Are we better off trusting the financial systems that keep and grow our money? And what should you do if you recognize some of these behaviors in someone you care about or within yourself?
Healthy and Advised Security Habits
The reality is that cybersecurity should be a concern for all of us. Experts agree that we should take certain measures to protect our finances and personal data. These valid safety habits include:
- Regularly checking credit reports to monitor your accounts and identity for fraud
- Installing and regularly updating antivirus software on your devices
- Staying informed about evolving phishing techniques and warning signs, and not downloading or opening links from unknown sources
- Being aware of the potential consequences of sharing personal information on social media
- Using best practices when using public Wi-Fi
- Understanding what documents to save, toss, or shred
- Implementing security measures such as two-factor verification and auto-generated passwords
- Utilizing credit freezes to protect your personal information
Causes of Extreme Security Habits
There are many reasons that Uncle Joe and others like him go over the top with their financial security measures. These include:
- Past personal or business experiences with fraud, security breaches, or identity theft
- Lack of trust in financial institutions to act ethically and transparently due to personal experience or stories in the news
- Growing up in poverty or going through a significant financial crisis
- Generational or cultural distrust of financial institutions due to a history of discriminatory or other unfair practices
- Inside knowledge of risks due to a job in cybersecurity or related fields
- Having mental health issues, such as anxiety, that can exacerbate fears
Signs of Going Too Far
While we may joke about Uncle Joe’s antics around the dinner table, what starts with a few strange precautions could end up being a reason for concern. Extreme distrust can create obsessive behaviors that interfere with day-to-day functioning and happiness. These behaviors can also be signs of mental health issues, including dementia, phobias, anxiety, or paranoia.
The Cleveland Clinic defines cyberphobia as an intense fear of computers or the internet, and “because technology plays a major role in modern life and computers are everywhere, extreme cyberphobia can cause significant problems.” Anxiety and paranoia can be general or specifically related to money or the fear of being hacked.
Some behaviors that have crossed the line from cautious to paranoid include:
- Obsessively checking bank, investment, and other accounts multiple times a day or week
- Implementing complicated measures like multiple burner email accounts
- Being overly suspicious of emails, calls, and technology that causes avoidance of personal interactions
- Distrust of banks, credit card companies, and investment concepts that lead to unsecure practices and missed opportunities
- Catastrophizing or imagining the worst possible outcome when it comes to financial and personal data
- Engaging in conspiracy theories and believing that everyone is out to get them
Tools for Coping with Security Anxiety
If you or someone you care about is struggling with anxiety about the security of their personal and financial information, here are some coping tools:
- Address underlying mental health issues by seeking therapy options.
- Practice meditation and mindfulness.
- Limit media consumption that can heighten anxiety.
- Control what you can within reason and learn to live with some levels of uncertainty.
- Educate yourself on appropriate safety measures.
Take a moment to assess your individual tendencies. Are you using a healthy dose of sensible digital security, or are you headed towards a security spiral? If your habits are a reaction to cloudy judgment or impacting your mental and financial well-being, it may be time to chart a new course.
Finances FYI is presented by JPMorgan Chase. JPMorgan Chase is making a $30 billion commitment over the next five years to address some of the largest drivers of the racial wealth divide.
