Timely Tips to Help Protect Against Identity Theft and Cyber Fraud

 Besides being the gateway to the Thanksgiving season, October is National Cyber Security Awareness Month.  At home and at work our growing dependence on technology requires greater awareness and action plans to protect against online risks.

I distinctly remember the sinking feeling in my stomach when I was recently discovered a thief had obtained personal information and made purchases on my credit card.  I was routinely reviewing the statement and I did not expect to see anything out of the ordinary and then boom – there it was.  Several unidentifiable transactions right in front of my eyes.  

Identity theft can occur anywhere and anytime.  

Here are some practical suggestions to help you keep cyber security top of mind:

• Review your credit report periodically to be on the lookout for fraudulent activity.  Free credit reports from each of the three major bureaus (staggered quarterly for year-round monitoring) are available annually at www.annualcreditreport.com
• Fee-based services are available for a cost to provide convenience for those who don’t want to personally monitor their information. 
• Monitor bank and credit card accounts at least weekly.
• Be vigilant about keeping sensitive information from prying eyes in public places.
• If you file taxes electronically – review the security policy with your tax preparer.
• Stop hackers by using strong passwords. 

Here are some additional resources to help protect you against identity theft:

• Visit www.dhs.gov/stopthinkconnect to access cyber awareness information provided by the Department of Homeland Security
• Protect Yourself against Identity Theft  - Click here to download the Forefield Article PDF
• Listen to Raymond James global privacy manager Denise Watson talk about cyber security at www.raymondjames.com/commentary/Watson.htm

Spending a little time to protect your information can help you avoid all of the hassle of being a victim. If you’d like more help, feel free to contact your Center Planner. 

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Any opinions are those of Center for Financial Planning, Inc., and not necessarily those of RJFS or Raymond James.  Links are being provided for information purposes only.  Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors.  Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Schedule a Check-Up with Your Credit Report

As the famous American Proverb goes, “The best things in life are free”.  If you’re thinking a vacation home in Key West or a new sports car, then the Proverb might not ring true for you.  However, if one of your resolutions for 2012 was to get financially healthy…I have great news for you!  The annual credit report offered by the U.S. Government is FREE.  

AnnualCreditReport.com is the official, and only really free credit report that each of us can access on an annual basis (any of those other “free” sites that ask you to enter a credit or debit card may not really be free; be careful to read the fine print on such offers).

Your credit score is one of the key factors in determining your qualification for loans such as mortgages and car loans.  Even more than that, these days your credit score can be considered when you apply for life insurance or apply for employment!  Now, more than ever, it is important to make sure that your credit report is accurate.

Here are a few simple tips for reviewing your credit report:

(1)    Review the accounts listed.  Since accounts will remain on your report for up to seven years after they are closed, you may have inactive accounts listed.  However, if there are accounts listed that you don’t remember opening, you should contact the vendors immediately to investigate.

(2)    Review account limits and balances.  If your outstanding balance is more than 25% of your available credit, this could hurt your credit score.  Remember that the balances and or limits appearing on your report could be up to 30 days behind.

(3)    Review late payments on the accounts listed.  If there are late payments listed that you believe to be incorrect, contact the creditor immediately to clear up the discrepancy.  Late payments can adversely affect your credit score.

(4)    Review the entire report, including former names and addresses.  Make sure that any incorrect information is corrected –  if your credit report was somehow associated with someone else with a less than stellar credit history, you could be getting penalized for someone else’s credit miscues.  Contact the appropriate credit reporting agency to correct any errors.

Start the year off right by getting a check-up on your credit report.  Visit AnnualCreditReport.com today.

My next post will provide strategies for tackling outstanding credit card debt.