A few years ago, a family member called me in a frenzy saying that their bank called to tell them that their Social Security number had been compromised. Their bank was asking them to verify their social security number so that they could help protect their account. Of course, this wasn’t their bank calling but rather someone who was pretending to be their bank, and they were very convincing.
With so much of our financial lives happening online, protecting your personal and financial information is essential. Here are three steps to help you stay secure and prepared:
1.Freeze your credit with all 3 of the major credit bureaus. This includes Experian, Equifax, and Transunion. Freezing your credit restricts access to your credit reports, preventing anyone from opening new accounts in your name without your permission. It’s free and has no impact on your credit score and doesn't change any of your existing lines of credit. Keep in mind that this can be a bit of a hassle because every time you apply for credit you will need to temporarily unfreeze your credit. All of this can be done online with relative ease, so I think it’s worth the friction. This doesn’t prevent all fraud, but it’s a powerful money move.
2.Create strong and different passwords for each site. It’s unlikely that you’re going to be able to remember all of these, so don’t be afraid to use a password manager. Both Google and Apple have built in password managers, or you can even look into using a paid service like Last Pass or 1Password.
3.Do not click on anything that you’re not expecting or familiar with. I recently received an email with an invoice from someone who I didn’t know, from an email address I didn’t recognize, for something that I didn’t purchase. They were prompting me to call a number to cancel the charge if I wasn’t expecting it. I knew right away that this was an attempt to get my personal info so I did not call the number and deleted the email. Scammers will often use fear tactics and pressured timetables to get you to divulge your information.
If you feel that your bank or credit union account may be compromised, call the number right away that’s on their website and they can help with next steps on how to protect you.
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*This blog post has been produced in partnership with a BCU Wealth Advisor. To learn more about the BCU Wealth Advisor program, visit BCU | Wealth Advisors.
This communication is not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. Diversification does not guarantee investment returns and does not eliminate the risk of loss. Diversification among investment options and asset classes may help to reduce overall volatility. Past performance does not guarantee future results.
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