I recently attended an excellent webinar hosted by Fidelity Investments regarding cyber threats. Clearly protecting our identities is crucial in this day and age. Here are some tips that may helpful.
Improve your password. According to Fidelity, this was by far the most important step in protecting your online information. It was noted that many hacks are caused by lazy passwords. A lazy password would be one which is too short, includes information that relates to you (e.g. your date of birth or the name of your dog), or any one word (e.g. phoenix).
Here is a tip to make a strong password that you can easily remember. Think of a full sentence that is unique to you that you can easily recall. Then break it down into letters, numbers and symbols. For example: My wife and I were married in 1982. Your password is Mw&Iwmi1982. Here is another one: I like to visit my grandchildren in New Jersey. Password: Il2vmgiNJ. Both of these are pretty strong passwords.
Review your accounts and statements. Check your accounts regularly. If something doesn’t look right, inquire about the discrepancy. The sooner fraud is recognized the better.
Review your credit reports. You can request credit reports from the three primary reporting agencies at annualcreditreport.com. The site is easy to navigate and the credit reports are free (every 12 month period).
Keep your anti-virus software up to date.
If you are subject to fraud, alert all of your financial institutions. If someone steals your identity, then there is a good chance that person will attempt to use your information at more than one institution. It is crucial to contact all the institutions you do business with and the major credit agencies and request a “fraud alert” be placed on your account.
Be wary of information requests. Your bank or brokerage firm will never ask you for your account number or social security number via email. They already have this information!
Consider putting a freeze on your credit. If you are not planning on taking out new credit for the foreseeable future, you may want to consider a credit freeze. This is a great way to ensure no one will open a credit card in your name. Just a small amount of money and time is required and it can be removed if and when you do want to apply for credit. You can learn more about that here.
You May Be Interested In
The Most Powerful Force in the Universe. Good post from the Financial Philosopher.
Back to the Future.
High Frequency Trading. Good explanation.
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Please note: This commentary is for informational use only. It is not recommended as investment advice. Seek the advice of a qualified investment advisor before making any investment.
Michael McGinley, CFP® is principal of McGinley Financial Advisory, LLC. Comments and questions are welcome.
McGinley Financial Advisory, LLC (“MFA”) is a registered investment adviser located in Peoria, AZ. Access to this website is provided for informational purposes only and without any warranties, expressed or implied, regarding the accuracy, completeness, timeliness, or results obtained from any information presented. Past performance is never a guarantee of future results and information contained in this newsletter is not meant to predict future performance.
For Clients: Please contact McGinley Financial Advisory, LLC if there are any changes in your financial situation or investment objectives or if you wish to add or to modify any reasonable restrictions to the management of your account. Our current disclosure statement, as set forth on Part II of ADV, is available for review upon your request.
Protect Yourself
Improve your password. According to Fidelity, this was by far the most important step in protecting your online information. It was noted that many hacks are caused by lazy passwords. A lazy password would be one which is too short, includes information that relates to you (e.g. your date of birth or the name of your dog), or any one word (e.g. phoenix).
Here is a tip to make a strong password that you can easily remember. Think of a full sentence that is unique to you that you can easily recall. Then break it down into letters, numbers and symbols. For example: My wife and I were married in 1982. Your password is Mw&Iwmi1982. Here is another one: I like to visit my grandchildren in New Jersey. Password: Il2vmgiNJ. Both of these are pretty strong passwords.
Review your accounts and statements. Check your accounts regularly. If something doesn’t look right, inquire about the discrepancy. The sooner fraud is recognized the better.
Review your credit reports. You can request credit reports from the three primary reporting agencies at annualcreditreport.com. The site is easy to navigate and the credit reports are free (every 12 month period).
Keep your anti-virus software up to date.
If you are subject to fraud, alert all of your financial institutions. If someone steals your identity, then there is a good chance that person will attempt to use your information at more than one institution. It is crucial to contact all the institutions you do business with and the major credit agencies and request a “fraud alert” be placed on your account.
Be wary of information requests. Your bank or brokerage firm will never ask you for your account number or social security number via email. They already have this information!
Consider putting a freeze on your credit. If you are not planning on taking out new credit for the foreseeable future, you may want to consider a credit freeze. This is a great way to ensure no one will open a credit card in your name. Just a small amount of money and time is required and it can be removed if and when you do want to apply for credit. You can learn more about that here.
You May Be Interested In
The Most Powerful Force in the Universe. Good post from the Financial Philosopher.
Back to the Future.
High Frequency Trading. Good explanation.
***************************************
Please note: This commentary is for informational use only. It is not recommended as investment advice. Seek the advice of a qualified investment advisor before making any investment.
Michael McGinley, CFP® is principal of McGinley Financial Advisory, LLC. Comments and questions are welcome.
McGinley Financial Advisory, LLC (“MFA”) is a registered investment adviser located in Peoria, AZ. Access to this website is provided for informational purposes only and without any warranties, expressed or implied, regarding the accuracy, completeness, timeliness, or results obtained from any information presented. Past performance is never a guarantee of future results and information contained in this newsletter is not meant to predict future performance.
For Clients: Please contact McGinley Financial Advisory, LLC if there are any changes in your financial situation or investment objectives or if you wish to add or to modify any reasonable restrictions to the management of your account. Our current disclosure statement, as set forth on Part II of ADV, is available for review upon your request.