What is the real cost of identity theft? It goes beyond just financial loss. In the past, identity theft happened when someone stole your wallet or picked through your trash or your mail. Today's theft is much more sophisticated. Today, it's cyber-crime, and there are over 1.5 million victims daily. The information targeted is your bank account information, Social Security number, or credit card information. Computers, smart homes, and even hacked ATM machines are sources under attack. Sometimes it is beyond your control. Even big, reliable companies have their systems hacked. Beyond the financial costs, there are legal costs and time needed to restore your good credit. It can take years to recover. In the meantime, your credit rating may be affected, disqualifying you for loans, or your employment may be affected.

There are several steps you can take to help protect yourself. You need strong online passwords that include upper and lower-case letters, numbers, and symbols. Do not provide financial information on public networks and use only reliable websites to purchase goods. Early detection is critical, so monitor your financial statements weekly. Freeze accounts if you suspect any irregularity and set up alerts when activity falls outside of set parameters.

We can help provide you with resources and guidance so that you can protect your accounts from identity theft.

A question we frequently ask our clients is whether they’re protecting their financial accounts from hackers. We recommend starting with secure password practices. Once a hacker steals just one password, they can potentially steal your entire identity, mainly because most people use the same password for multiple online accounts. Creating different passwords for your accounts is one way to keep them out of the hands of hackers. Strong passwords are also important; a combination of upper and lower case letters, numbers and symbols makes your passwords more secure. Make sure to review your credit card statements for unauthorized activity and take advantage of any card usage alerts offered. And monitor your credit report for suspicious activity through the three major reporting agencies: Equifax, Experian and TransUnion. For more information on protecting your financial accounts, give us a call today.