With the rise of data breaches, protecting your financial and personal data is more critical than ever. The recent breach of the National Public Database exposed sensitive information, including Social Security numbers, creating legitimate concerns from folks with wealth. Here are essential steps you should take to safeguard your financial security:
1. Freeze Your Credit Reports
Whether your personal data has been compromised or not, freezing your credit with the three major credit bureaus—Equifax, TransUnion, and Experian—is a prudent first step. This freeze prevents the opening of new credit accounts in your name. You can easily freeze and unfreeze your credit files as needed by logging into each of the three bureau’s websites.
- Equifax Credit Freeze or 1-800-349-9960
- TransUnion Credit Freeze or 1-888-909-8872
- Experian Credit Freeze or 1-888-397-3742
2. Trust Schwab or Fidelity’s Security
Both Schwab and Fidelity offer robust security measures that protect against losses due to unauthorized access. Their guarantees restore any account losses due to fraud, which further strengthens their commitment to your security. Check their websites (Schwab or Fidelity) for more information.
3. Use Extreme Caution with Email
I’ve always thought an email should be treated like a postcard—those with bad intent have the ability to see emails as they are sent, or by hacking into your inbox to see every email you’ve ever sent. Avoid sharing sensitive financial information through email. Instead, use more secure methods such as client portals, encrypted file upload systems, such as the Total Wealth Planning’s secure file upload, or even text/SMS. For help using these tools, our team is always available.
Additional Steps for Enhanced Protection
- Freeze Your ChexSystems Report: ChexSystems tracks banking activity, similar to how credit bureaus monitor credit history. Freezing your ChexSystems account adds an extra layer of protection by preventing fraudulent bank accounts from being opened in your name.
- Monitor Your Data on the Dark Web: Google offers a free service that alerts you if your personal data, like email or home address, shows up on the dark web. This gives you the chance to act quickly if your information is being sold.
- Obtain an IRS Identity Protection PIN: Get an annual Identity Protection PIN from the IRS to secure your tax filings. This PIN prevents fraudulent tax returns filed in your name. Additionally, enrolling in the E-Verify program can help stop unauthorized employment using your Social Security number.
For more tips and detailed information on protecting your personal data, you might want to visit our other blog on Protecting Your Personal Data.
At Total Wealth Planning, we value such rich histories and practical decisions. Our firm, based in Cincinnati (Blue Ash), Ohio, offers fee-only fiduciary financial planning. As a partner and chief operating officer at Total Wealth Planning, Rob Siegmann often shares his expertise in industry publications like The Cincinnati Business Courier, Wall Street Journal, Yahoo Finance, Financial Planning Magazine, and the Cincinnati Enquirer. Our team of CERTIFIED FINANCIAL PLANNER™ practitioners is dedicated to helping clients make well-informed and prudent financial decisions to live their greatest lives. For more information, visit Total Wealth Planning or contact Rob at rsiegmann@twpteam.com.
