The goal for financial professionals is not only to help clients with investments but also to help them keep those investments and their personal information safe. Identity theft protection is a crucial topic for financial professionals to discuss with clients. That is why for National Identity Theft Prevention and Awareness Month we want to provide some key tips you can share with your clients:

1. Protect Personal Information

• Secure Documents: Advise clients to store sensitive documents (e.g., Social Security cards, tax records) in a safe or safety deposit box.
• Shred Sensitive Paperwork: Shred old statements and documents with personal info before discarding.

2. Use Strong Passwords and Authentication

• Unique Passwords: Encourage the use of unique, strong passwords for each account with a mix of letters, numbers, and symbols.
• Two-Factor Authentication (2FA): Recommend enabling two-factor authentication (2FA) for extra security.

3. Monitor Financial Accounts Regularly

• Check Statements: Advise clients to review bank and credit card statements frequently.
• Set Up Alerts: Suggest enabling account alerts for transactions above a certain amount.

4. Review Credit Reports

• Annual Credit Reports: Remind clients they can access free annual credit reports from Experian, Equifax, and TransUnion.
• Dispute Errors: Explain how to dispute any errors or suspicious activity on their credit report.

5. Freeze Credit When Not in Use

• Credit Freezes: Encourage freezing credit with the major bureaus to prevent unauthorized accounts. Temporarily lift as needed.

6. Be Cautious Online

• Avoid Phishing Scams: Clients should avoid clicking suspicious links; use phishing-reporting tools in email.
• Use a Secure Wi-Fi Connection: Tell clients to only use a secure home Wi-Fi with a strong password or a VPN on public networks.

7. Protect Social Security Numbers

• Limit Sharing: Clients should share only when necessary and with secure recipients.
• Avoid Carrying It: Clients should Avoid carrying the Social Security card unless required

8. Use Identity Theft Protection Services

• Third-Party Services: Explore third-party monitoring services or fraud protection from financial institutions, some banks and financial institutions provide fraud monitoring as part of their accounts.

9. Stay Informed About Scams

• Stay Updated: Share resources like the FTC’s Identity Theft site and remind clients to stay aware of common scams and fraud schemes.

10. Take Immediate Action if Victimized

• Report Immediately: Guide clients to report identity theft to the FTC and their financial institutions immediately if they suspect fraud.
• File a Police Report: File a police report for significant cases.

By bringing these practices to the attention of your clients, you help them protect their financial well-being while enhancing their trust in your services.