To protect yourself from identity theft, you should secure your digital footprint, monitor your accounts regularly, and understand how scammers target high-net-worth individuals. This guide outlines actionable steps you can take to defend your finances and how Focus protects your data.

Key Takeaways

Proactively Check Your Accounts: Monitor statements and credit reports for unusual activity.
Lock Your Digital Life: Use strong passwords and enable two-factor authentication.
Act Fast: Report suspicious activity to your bank, credit bureaus, and the FTC.
Trust Expert Support: Focus Partners protects your sensitive data with a robust cybersecurity program.

How Can You Protect Yourself from Identity Theft?

Protecting yourself from identity theft requires a combination of vigilance and strategic action. Scammers are becoming increasingly sophisticated. They now target individuals through channels like online and email, over the phone, and even in person. With the onset of AI, scammers can even mimic images or voices of people you know and trust.

What is Financial Identity Theft?

Financial identity theft occurs when someone uses another person's Personally Identifiable Information (PII), such as their Social Security number or banking details, for financial gain. This can include opening new credit card accounts, making unauthorized purchases, or even filing fraudulent tax returns.

10 Things You Can Do to Protect Yourself

Safeguard Your Social Security Number: Never carry your Social Security card in your wallet. Only provide your number when necessary and verify how it will be protected.
Monitor Your Financial Statements: Review your bank and credit card statements for any suspicious transactions. In case of unauthorized use, immediately contact the bank to lock your accounts.
Use Strong, Unique Passwords: Avoid using easily guessed passwords. Consider utilizing a password manager to generate and store complex passwords. (No, your pet’s name is not a complex password.) Update them regularly.
Enable Two-Factor Authentication/Multi-Factor Authentication (2FA/MFA): Add an extra layer of security to your accounts by requiring a second form of verification in addition to your password.
Be Wary of Phishing Scams: Do not click on links or attachments in unsolicited emails or text messages. Verify the sender's identity before responding or providing any personal information.
Secure Your Mail: Don’t leave mail in your mailbox; place it on hold when you’re away from home. Shred sensitive documents, such as bank statements and tax forms, before discarding them.
Protect Your Devices: Keep all your electronics updated with the latest security software and operating systems. Implement a strong Wi-Fi password at home and avoid using public Wi-Fi for sensitive transactions.
Check Your Credit Reports: Request a free copy of your credit report annually at AnnualCreditReport.com. Review them for any unfamiliar accounts or inquiries.
Do a Credit Freeze: A credit freeze restricts access to your credit report, making it difficult for identity thieves to open new accounts in your name. Learn more about how to protect your credit with a credit freeze.
Protect Your Family: Identity theft doesn't just affect adults. Be proactive in safeguarding your children's information as well. Read our guide on how to protect children from identity theft.

Warning Signs of Identity Theft

Recognizing the warning signs of identity theft, especially financial, is vital to minimizing the negative impact on your finances and future.

Common warning signs include:

Unfamiliar transactions on financial statements
New credit accounts or loans you did not open
Unexpected credit inquiries from lenders
Debt collection calls or bills for accounts you don’t recognize
A sudden drop in your credit score without explanation
Account alerts or password reset emails you did not request
Missing financial statements or mail

What to Do If You Suspect Identity Theft

If you believe you have been a victim of identity theft, act immediately to minimize the damage.

Contact Your Financial Institutions: Notify your bank, credit card issuers, and any other institutions where you hold accounts, including your Focus advisor. Close any accounts that have been compromised or opened fraudulently.
Place a Fraud Alert and Freeze Your Credit Reports: Contact one of the three major credit reporting agencies to place a fraud alert on your credit file. This alerts creditors to take extra steps to verify your identity before opening new accounts.
Update Your Passwords and Add 2FA: Change your account passwords for your email, banking, shopping, and even social media. If you do not already have 2FA enabled, now is the time to do so.
File a Police Report: File a report with your local police department. This can be helpful when disputing fraudulent charges with creditors. Also, local departments tend to issue alerts about popular scams to remind others to be vigilant.
File a Report with the Internet Crime Complaint Center (IC3): The IC3 is the division of the FBI that collects information on all cyber-related crimes. You can file a report easily on their website.
Contact the FTC: Report the theft to the Federal Trade Commission (FTC) online at IdentityTheft.gov or by calling 1-877-438-4338.

For further guidance on protecting your finances, watch our video on preventing identity theft.

How Focus Partners Protects Your Data

At Focus Partners Wealth, protecting client information is a responsibility we take seriously. Our clients entrust us with sensitive personal and financial data, and we maintain a secure cybersecurity program to help safeguard that information.

A Comprehensive Cybersecurity Program

Focus Partners’ cybersecurity program is centrally managed and supports clients globally. It is led by experienced technology leaders and supported by engineers and senior leaders dedicated to cybersecurity. The program is designed to address evolving risks such as phishing, ransomware, and other cyber threats.

Security Controls Designed to Protect Your Information

To help protect your PII from unauthorized access or misuse, Focus Partners uses security measures that comply with federal law. These measures include privacy safeguards, secured files and buildings, and technologies designed to protect data both in transit and at rest. The firm also employs strong access controls and 2FA/MFA to limit access to sensitive information.

Ongoing Monitoring and Risk Management

Focus Partners uses a risk-based approach to identify, assess, and manage cybersecurity risks across its systems and those of third-party providers. Systems are monitored to detect suspicious activity. The firm has a written incident response plan to handle problems quickly if they arise.

Regular Reviews and Continuous Improvement

Focus Partners’ legal, cybersecurity, and executive leadership teams review and update cybersecurity policies and controls every year. This includes evolving best practices and emerging threats. The firm also regularly tests its controls and provides regular employee education programs to promote responsible data handling and strengthen its security culture.

One of our dedicated financial advisors can provide personalized advice and help you implement robust strategies to safeguard your assets.

Ready to secure your financial future? Schedule a meeting with a Focus Partners advisor today.

FAQs about Identity Theft Prevention

What should I do if my identity is stolen?

If you suspect your identity has been stolen, act immediately by reporting it to the FTC at IdentityTheft.gov, placing a fraud alert with the major credit bureaus, and contacting your financial institutions to close compromised accounts.

How do I check if someone is using my identity?

If you’re concerned someone may be using your identity, start by reviewing your bank, credit card, and investment account statements for unfamiliar transactions. Check your credit reports for new accounts or inquiries you don’t recognize. You may also want to freeze your credit at this point.

Many people first notice identity theft through a small, unexpected charge or account alert. Look for unusual bills or collection notices. If anything looks suspicious, contact your financial institution immediately.

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How To Defend Your Finances: Top 10 Identity Theft Prevention Tips