Key Takeaways:

  • The threat of Identity theft is a reality we all face and must take proactive steps to protect ourselves.
  • It’s important to review your credit report periodically.
  • Consider adding your telephone number to the FTC’s Do Not Call list (link below).

One of my favorite quotes has always been:

“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails”
—William Arthur Ward

This adage holds true in many areas of our lives, but as I reflected on the interconnected world we inhabit, one reality stands out that demands our awareness and, if you’ll humor me, adjusting of the sails: identity theft. In our digital age, where personal information is frequently exchanged and stored online, the risk of identity theft has significantly increased. It is essential for each of us to recognize this threat and take personal action to protect our identities and safeguard our financial well-being.

The statistics on identity theft and online fraud are staggering1:

  • 1
    The FBI reported 27,922 victims of identity theft in 2022.
  • 2
    The Federal Trade Commission received 231,724 reports of identity theft in Q4 2023 alone.
  • 3
    There is an identity theft crisis every 22 seconds
  • 4
    Data breaches involving personally identifiable information had one of the highest victim counts compared to other crimes in 2022, according to the Internet Crime Complaint Center.
  • 5
    The Bureau of Justice Statistics found that 12% of people over 16 learned that an entity with their personal information experienced a data breach in 2021.

Protect Yourself Against Identity Theft

You may never be able to completely prevent identity theft, but here are some steps you can take to help protect yourself from becoming a victim:

Check yourself out
It’s important to review your credit report periodically. Check to make sure that all the information contained in it is correct and there is no fraudulent activity. Every consumer is entitled to a free copy of his or her credit report once a year from each of the three national credit reporting agencies: Equifax, TransUnion, and Experian. You can visit www.annualcreditreport.com for more information.

Secure your number
Your most important personal identifier is your Social Security number (SSN). Guard it carefully. Never carry your Social Security card with you unless you’ll need it. The same goes for other forms of identification (for example, some health insurance cards) that display your SSN.

Don’t have your SSN preprinted on your checks, and don’t let merchants write it on your checks. Don’t give it out over the phone unless you initiate the call to an organization you trust. Ask the three major credit reporting agencies to truncate it on your credit reports.

Don’t leave home with it
Most of us carry our checkbooks and all of our credit cards and debit cards with us all the time. That’s a bad idea; if your wallet or purse is stolen, the thief will have a treasure chest of new toys to play with.

Carry only the cards and/or checks you’ll need for any one trip. And keep a written record of all your account numbers, credit card expiration dates, and the telephone numbers of the customer service and fraud departments in a secure place—at home.

When you toss it, shred it
Before you throw out any financial records such as credit or debit card receipts and statements, cancelled checks, or even offers for credit you receive in the mail, shred the documents, preferably with a cross-cut shredder. If you don’t, you may find the panhandler going through your dumpster was looking for more than discarded leftovers.

Keep A Low Profile

The more your personal information is available to others, the more likely you are to be victimized by identity theft. While you don’t need to become a hermit in a cave, there are steps you can take to help minimize your exposure:

  • To stop telephone calls from national telemarketers, list your telephone number with the Federal Trade Commission’s National Do Not Call Registry by registering online at www.donotcall.gov.

  • To remove your name from most national mailing and e-mailing lists, as well as most telemarketing lists, register online with the Direct Marketing Association at www.dmachoice.org.

  • Never provide any personal information via phone, letter, or e-mail unless you initiated the transaction. Legitimate businesses should already have your information on file, and will not call you or e-mail you to ask for it.

At Saling Wealth Advisors, we prioritize safeguarding your data and information with the utmost care and diligence, and we encourage our clients and their families to adopt the same level of vigilance. Our team is here to assist you in any way possible as we navigate our interconnected world together.

As always, if you have any questions or concerns, don’t hesitate to reach out to us.

1. https://lifelock.norton.com/learn/identity-theft-resources/how-common-is-identity-theft

Jeff Gough, CFP®

Senior Wealth Advisor

CONNECT

This material is not financial advice or an offer to sell any product and is not a recommendation to buy or sell any particular security. The opinions expressed are those of the Saling Wealth Advisors’ Management Investment Team and are subject to change without notice.

Saling Wealth Advisors (“SWA”) is an independent SEC registered investment advisor. Registration does not imply a certain level of skill or training. This material is provided for informational and educational purposes only. More information about SWA including our advisory services, fees, and objectives can be found in our Form ADV Part 2A, which is available upon request.

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