#616: Two school teachers in Ohio saved their entire lives for one dream — buying a farm. When they inherited $1.3 million and found the perfect property for $1.2 million, everything seemed perfect. Five days before closing, they received what looked like a legitimate email from their closing company with wire transfer instructions. They sent the money and showed up at closing, only to discover they'd been scammed. The email was fake, sent by hackers who had infiltrated the closing company's servers for months, waiting for exactly this type of high-value cash deal. That story comes from cybersecurity expert Dr. Eric Cole, who joins us to explain why ordinary people have become prime targets for cybercriminals. Cole, a former CIA hacker who served as cybersecurity commissioner under President Barack Obama and advises high-profile clients including Bill Gates' personal estate, has a message: if you think you're too small to be targeted, you're wrong. While billion-dollar companies deploy teams of 60 cybersecurity professionals, you have virtually no protection. Criminals know this. They're not trying to steal $100 million from one person anymore — they're stealing $50 from thousands of people every month. You probably won't notice the small amounts vanishing from your accounts. Cole calls it "death by a thousand cuts," and it's happening right now. We talk through the most common attacks targeting your money. Bank hacking is simpler than most people realize. All criminals need is your account number — printed on every check you write — and your password. With that information, they can often perform electronic fund transfers of up to 50 percent of your account balance without triggering alerts. Cole explains how phishing schemes have evolved beyond simple email scams. Criminals now use artificial intelligence to mimic voices, calling grandparents with their grandchild's actual voice asking for bail money. Ransomware has become a massive business operation. Cole describes a company in Russia with 700 employees whose entire business model is encrypting people's files and demanding payment. Cole advocates for going old-school on major financial transactions. When buying real estate, he meets face-to-face, brings certified checks, and refuses to trust email wire instructions. For daily security, he recommends turning on two-factor authentication for every account, setting up instant notifications for any account activity, and dramatically reducing the number of apps on your devices. We also cover the China-TikTok connection, secure messaging options, and why Cole helped configure President Obama's smartphone to connect to fake cell towers that masked his actual location. Cole's bottom line: cybersecurity isn't just for tech companies anymore. Criminals are targeting ordinary people because we're easier prey than heavily protected corporations. Your money is under threat. Here's how to protect it. Learn more about your ad choices. Visit podcastchoices.com/adchoices
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