It’s an undisputed fact that financial scams are on the rise. In 2015 alone, 13.1 million Americans were victims of fraud, accounting for over $15 billion dollars in losses. That number is expected to increase in 2016. With more purchasing online, there is now significantly greater opportunity for criminals to obtain and exploit your sensitive financial information.
In addition to unknown criminal elements seeking to obtain and exploit your financial information, sometimes unscrupulous friends, professional advisors, and even family members who have access to your information may try to use it to your detriment.
If your sensitive financial information is exploited for fraudulent purposes, it is often a harrowing and stressful experience that can drag out for months, if not years, and require an extensive amount of legal support and assistance. However, there are actions you can take to guard your information. The following tips should help you put together a plan to help safeguard your hard-earned assets from financial scams:
Keep an eye on your wallet or purse
When someone steals your wallet or purse, it is not only traumatic, but it can also lead to serious repercussions after the fact. Long after the DMV and banks have replaced your ID and credit cards, thieves may try to utilize your information to open fraudulent accounts, clean out your bank account, or assume your identity to borrow money, leading to tedious and complicated identity theft battles with the IRS and creditors. Don’t carry important documents such as your Social Security card and financial statements with you unless it’s an absolute necessity. Instead, store them in a secure place such as a safety deposit box or bank vault.
Check your mailbox regularly
Paperless billing statements have done wonders for the environment, but many of us still receive hard copies of our bank statements and financial information in our mailboxes. Also, many credit card companies will send unsolicited offers for pre-screened credit cards or loans, which criminals may easily exploit by opening false accounts in your name. It’s important to check your mailbox on a regular basis; especially if it is not locked. If you’re taking a trip, you can ask the post office to hold your mail for a set amount of time, or ask a trusted neighbor or family member to pick it up for you.
Shred paper documents and wipe your electronic devices clean
Though it may seem like a hassle to shred paper documents containing your financial information, resolving a case of identity theft or financial fraud could be a much greater nuisance! If you don’t have time to shred your papers yourself, there are secure services that will come to your home and perform bulk shredding of your documents onsite. Also, it’s important to make sure that when you dispose of your electronic devices such as laptops, tablets, and phones, that you properly wipe clean of any data that you’ve stored on them. If you’re not sure how to do this on your own, taking your device into the place where it was purchased and asking for assistance is your safest bet.
Keep your wireless network and electronic devices secure
Wireless networks are an often-overlooked means for scammers to access your personal information. Make sure that your wireless network is password protected and safe from hackers by following the instructions that come with your wireless router, or hire someone to help you. Be wary of connecting your computer to public Wi-Fi networks and turn off sharing of your devices. Do not set your computer to automatically connect to Wi-Fi hotspots before you can inspect them for safety and security. It’s also important to protect all your electronic devices – desk-top computers, laptops, iPads, cell phones – with varying passwords that are complex and difficult to guess and change them on a regular basis.
Ignore phone and email solicitations
There are countless variations of email and phone scams currently being used to take advantage of unsuspecting consumers; these can vary from callers claiming to be with the IRS to emails claiming you’ve won a prize – ignore them. Any time someone solicits you for financial information, say no and perform a thorough investigation of their company and website if you still feel like you should respond. Financial scams have become increasingly complex over the years, so it’s a good policy to be increasingly skeptical and diligent when it comes to guarding your information.
Unfortunately, even if you take all of these precautions, financial fraud may still occur. In minor identity theft cases, it may be enough to freeze your credit cards and implement credit monitoring. However, for more complex cases of financial fraud, it may be necessary to secure legal help to restore your credit, recover your assets, and address any other misconduct done with or in your name.
The attorneys of Gaslowitz Frankel have extensive experience in dealing with various aspects of financial fraud, particularly frauds involving family members or trust professional advisors. If you feel that you need legal assistance in addressing and mitigating a complex case of financial fraud, contact us today at (404) 892-9797.
