Identity Theft – 5 Steps to Reduce the Possibility and Inconvenience of Identity Theft

Photo by Towfiqu barbhuiya on Unsplash

Most of us, if we haven’t experienced it ourselves, know someone that has been the victim of Identity Theft.  On several occasions, I’ve had to make a call to our credit card company reporting a compromise and requesting a new card.  This form, likely the most common, is also the easiest to remedy with a few inconveniences.  Other forms of Identity Theft are not so easy.  So, what can we do?

1. Strong Passwords – We increasingly use our computers and devices for a variety of activities, including financial services.  Remember, in password world, Length trumps Complexity, and Length plus Complexity will produce a strong password such as “ILoveKandice4Ever!”  Do not use the same password for every site.
2. Treat Checks Like Cash – Think for a moment about the information on your personal checks.  There is likely your name, address, bank account number, routing number, etc.  I’ve also seen Driver’s License numbers and birthdates.  This information would be valuable in the hands of a Identity Thief.  Therefore, treat your checks like cash.  Only give checks to trusted merchants, don’t carry more than you need, and never leave them visible in a car or at home.
3. Buy a Locking Mailbox – Consider that every day the postal service is delivering mail that sits unprotected in a box until we get home or come out to pick it up.  Oftentimes, there can be sensitive, account related information in our mail.  For this reason, consider buying a locking mailbox which the mailman can drop mail to through a slot but can only be retrieved with a key.  Also, don’t use your personal mailbox for outgoing mail.  In the same way, the mail sits there, unprotected, until the mail service runs.  Only when it’s outgoing, we even use a flag to signify something is there waiting!
4. Use a Dedicated AutoPay Credit Card – Since credit card compromises are one of the most common forms of Identity Theft consider having a card that you don’t carry and only use for automated payments.  This way, if the card you carry is stolen you won’t have to update your automatic payments with the new credit card information.
5. Opt-Out – Reduce your incoming junk mail by going to: www.OptOutPrescreen.com

Any opinions are those of Landon Vick and not necessarily those of RJFS or Raymond James. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete; it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decisions. 

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