Preventing Identity Theft: Tips to Protect Yourself & Your Family

8/30/2024 - By Michael Hall, CFP

The recent data breach at the Social Security Administration has raised concerns about identity theft and the potential compromise of personal information. Here are some steps you can take to protect yourself and your loved ones in an increasingly digital world.

Regularly Review Your Credit

Regular credit reviews are your first line of defense. Checking your credit at least semi-annually can help you identify breaches quickly and address them. More frequent reviews are better if you can manage them.

Consider Freezing Your Family’s Credit

You can contact the major credit reporting bureaus to request a credit freeze, sometimes this is referred to as “locking” your credit. While many people think of freezing their own credit and their spouse’s, it’s also important to freeze your children’s credit. It’s not uncommon for a child’s credit to be damaged through unauthorized use. Often it goes unnoticed until the child is older and starting their own life. If you have children, this is a crucial step to protect them. If you have grandchildren, encourage their parents to take these precautions as well.

Consider Signing Up for a Credit Monitoring Service

ConsumersAdvocate.org is a nonprofit site that lists several of the top credit monitoring services available. While these services are not free, they may be a good option for those with busy schedules or who frequently use lines of credit.

While it’s impossible to eliminate all of the risk associated with someone stealing your information and using it without your authorization, following these steps can greatly reduce the likelihood and impact of such events on you and your family.

The team here at Saltmarsh Financial Advisors hopes that you and your family find these simple actions helpful. Please reach out to us to learn more about how we can assist you with even more strategies for managing your overall wealth.