How to Protect Yourself from Fraud and Identity Theft

With the increasing frequency of data breaches in recent years, the risk to your personal data and becoming a victim of identity theft continues to rise. One of the easiest and most effective steps you can take to protect against identity theft and fraud is to freeze your credit. You can initiate a freeze on your credit by contacting each of the three major credit bureaus – Experian, Equifax, and TransUnion – which stops any new lines of credit, preventing unauthorized accounts from being opened using your personal information. This process is free and does not affect your credit score, and you can unfreeze your credit at any time if you need to apply for a new credit card or loan in the future.

You can freeze and unfreeze your credit online, by phone, or by mail, with online being the fastest method. Protecting your credit is essential, especially in an era of frequent data breaches.

Below is a link to each of the three major credit bureaus websites to freeze your credit for free:

• Equifax
• Experian
• Transunion

In addition to freezing your credit, there are a few other best practices to follow to protect your personal data and prevent fraud. Always utilize two-factor authentication to keep your accounts secure, when it is available. Most companies now have two-factor authentication as an available option, which can be turned on when an account is set up or through settings options after set-up. Two-factor authentication simply means that your identity is required to be authenticated in multiple ways to log-in to your account, either by text message, email, or an authenticator app.

Creating a password for an account log-in is often an afterthought, but giving your passwords a little more thought can go a long way towards protecting yourself. It is important to have a unique password for each online account. The longer and more complex a password is, utilizing a mix of letters, numbers, and special characters, the more secure it will be. If maintaining unique passwords for each account becomes a challenge, consider using a password manager to help keep manage your passwords and keep them safe.

These steps will help to secure your personal data and online accounts from bad actors. There is no need to wait for the next data breach to be proactive in protecting yourself from the threat of fraud and identity theft.

 

This content is provided by Windward Private Wealth Management Inc. (“Windward” or the “Firm”) for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. No portion of this blog is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in the individual blog posts will be derived from sources that Windward believes to be reliable; however, the Firm does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.

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