Episode 162: How to Avoid New Identity Theft Tactics

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Today’s Smart Money Question:

Has your identity ever been stolen? If so, you know how much of a struggle it can be to take care of it and make things right again. Today we’re sharing some stories of our clients who have been through this difficult ordeal and how to protect yourself.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

In the fourth quarter of 2021, three of our clients received notices from the post office confirming their change of address. In all three cases, the people had not moved. After doing research, they found out it was a type of identity theft.

If this happens to you, act fast and reach out to all three credit bureaus.

Just last week, we received a call from a client that one of the financial institutions we work with sent them a notice confirming their address change to somewhere out west. That client did not change their address, so we checked on it and explained that our client was not moving.

Last year, we had several clients receive notice that they were getting unemployment benefits, even though they never signed up for them. One client received multiple notices from states they never even lived in.

You might want to consider some kind of identity monitoring for yourself, such as LifeLock or something like that. Just do a quick Google search, and you can find the right one for you. It’s not cheap, but if your identity is stolen, it’s an absolute pain to take care of it.

If you’re not online much and think that will prevent someone from stealing your identity, you’re wrong. Whether you are logging in or not, your information lives online. We suggest you use a credit card instead of s debit card to protect your cash.

Listen to the full episode or use the timestamps below to jump to a specific section.

1:04 – Marijuana tax

2:12 – Bill Gates quote

3:46 – ID theft

6:11 – Client’s troubles

8:09 – Unemployment benefits

9:12 – ID monitoring

10:12 – Be cautious

11:33 – Use online banking

 

“Whether you are logging in or not, your information lives online.“

-Matt Hausman

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