Identity Theft Protection & Deterrence
Identity Theft Protection & Deterrence
Cybercrime will cost the world in excess of $6 trillion by 2021 according to a 2019 report issued by Cybersecurity Ventures. This alarming number highlights how fraudsters are constantly in search of data and information and are finding new and innovative ways to accomplish their task. Today’s common cyber threats include; malicious links, phishing, malware, email account takeover and spoofing, and social engineering. Creating a strong defensive game plan to protect yourself while also anticipating and planning for when an attack occurs can save a lot of stress and potentially save a lot of money.
As a fiduciary wealth management firm, we work hard to protect our clients’ information; and with our clients’ participation, there are steps that when taken together to make this line of defense even stronger.
Easy steps that can have a large impact:
Passwords should be very complex (letters, numbers, & symbols) – while this may seem like a no brainer, it is tempting to use passwords that are simple and easy to remember. Fight that temptation!
Two-factor authentication should be used whenever available, in today’s world we are never far from our smartphones, smartwatches. Getting a quick code is a painless and easy step.
Vary your usernames – with so much focus on passwords, using different usernames is often overlooked.
Keep your devices up to date and use updated anti-virus software – enable automatic updates when available.
Use Private Internet Connections as open and guest Wi-Fi connections can allow access to private information
Freeze on your credit - this can be added and removed at any time, adding a layer of safety before a potential breach
While the steps outlined above can certainly help, in no way do they guarantee that you will not be the victim of a cyberattack. Which is why we recommend that you create a specific and clear action plan in the event you become a victim:
Immediately reporting the fraud or identity theft to your financial institutions and immediately follow any instructions they provide regarding your account. Timing is critical -- document necessary contact information now so that you are able to swiftly make reports after the hack occurs.
Contact the fraud department of your creditors, such as credit card issuers, phone companies, banks, and lenders to dispute unauthorized charges.
Report the crime to your local police. Even though the incident may cross multiple jurisdictions, your local police will file a formal report and refer you to additional resources and agencies that can help.
Contact the three major credit bureaus — Equifax, Experian, and TransUnion — to request a fraud alert on your account and a freeze on your credit report. Dispute any fraudulent activity on your credit report. Contact information for all three credit bureaus available at the Vector Cyber Security Resource Center.
Consider purchasing identity theft protection. Think of it as an insurance policy on your identity.
Making the effort to implement and follow these simple recommendations can be a great start to deterring and protecting your information from cyber-criminals.
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