Millions of Americans become victims of identity theft each year, and the numbers continue to grow. When it comes to ID theft, people typically don’t think about what impact this could have on their investment accounts. Matt Allgeyer, Financial Planner with Wamhoff Financial Planning & Accounting, shares tips to help you protect your identify.
1. Protect the Privacy of your Information
• Ask your investment companies if they, or any of their related companies, will sell, share or otherwise divulge your information to outside sources.
2. Do not transmit sensitive information via email or other unsecure means
• This includes social security numbers, account numbers, account balances or transaction information.
• Only upload this information to secure, password protected portals.
3. Consider a monthly monitoring service
• These types of services monitor variances in your accounts, and alert you immediately if there are deviations from your routine.
• If this is something that’s right for you, do your homework in selecting a service. Make sure it provides good customer support, research what information it protects, and what their procedures are to help you recover if something were to happen.
• Pricing can range from $13 a month and up.
4. Monitor your credit
• Get a copy of your credit report on a regular basis
• Make sure that old lines of credit and credit cards have been closed.
• This will also help you to know not only what credit companies think of you but what is out there in this world with your name on it.