Financial Fitness & Life Planning

It’s insidious. It happens to more individuals every year. And it’s one of America’s fastest growing crimes. Identity theft can strike anyone.
 

Identity theft occurs when someone wrongfully obtains your personal data by fraud or deception and uses that information for economic gain. By using your name or personal information – such as your credit card number, driver’s license, Social Security number or other account numbers – thieves can steal your identity and ultimately your financial assets. It’s important that people know how to prevent themselves from falling prey.
 

Many people don’t realize how easily personal information can be stolen. Thieves can gain access to personal information by “dumpster diving” – digging in your trash to obtain copies of checks, credit card or financial statements. They may also pose as solicitors by calling their victims over the phone, or access your personal information over the Internet.
 
 
To reduce the risk of becoming a victim of identity theft, there are some basic steps you can follow:
Use caution when giving personal information to others unless you have a reason to trust them. If someone calls to offer you a credit card, prize or free vacation, and asks for your personal informationover the phone, have them send you a written application.
 

Review your financial information regularly. Make sure that you’re receiving financial statements on a regular basis and that they are going to the correct address.
 
 
Periodically ask for a copy of your credit report. It should list all your bank and financial accounts, and will note if someone has opened any accounts under your name.
 
 
Maintain current records of your banking and financial accounts. Even though financial institutions retain copies of all transactions for five years, it is recommended that you keep all statements for at least one year.

Unfortunately, the damage caused by identity theft takes much longer to correct than it took to commit the crime. By taking a few proactive measures you can help prevent yourself from becoming another victim.
 

This article is provided by George Coronado, a financial consultant at RBC Wealth Management in Plantation, FL, and was prepared by or in cooperation with RBC Wealth Management.  The information included in this article is not intended to be used as the primary basis for making investment decisions nor should it be construed as a recommendation to buy or sell any specific security. RBC Wealth Management does not endorse this organization or publication. Consult your investment professional for additional information and guidance.
 
George Coronado can be contacted at:  george.coronado@rbc.com
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