In the old days, you would carefully guard your wallet and purse when out and about, especially in crowds. At home, you lock your door and keep your private information, such as credit cards and checking account information, away from prying eyes and fingers.
Those days now seem a long way away; no wonder they call them the “good” old days.
Thieves still abound, but the advent of technology has changed their role. No need to pick a lock; today, they can visit the “dark web,” where just about anyone’s personal information – including yours and mine! – is for sale.
With the recent data leaks experienced by many companies and even a credit bureau, data is out there for the taking by nefarious criminals skilled in technology. They don’t have to be a Steven Jobs-type genius; just know their way around dark alleys on the Internet.
What Can You Do? What Should You Do?
If your driver’s license, credit card, or entire wallet is stolen, you should immediately freeze your credit. We recommend that you proactively freeze it just in case.
Why? A Case Study:
Often, a credit card issuer will contact you if they spot something out-of-the-ordinary. But not always. We have a friend who was victimized and ultimately very fortunate. Someone unknown ran up more than $2,500 of ride-sharing VISA bills on her account in two days. The fraud department contacted her, and – with no small amount of frustration and time – she was able to prove that she was not gallivanting up and down the state of California, as the bills showed, and did not even have an Uber account.
How Do You Freeze Your Credit? How Long Does It Take?
You can contact, set up and freeze your accounts with the three major credit bureaus – Equifax, Experian, and TransUnion. It takes about 15 minutes with each. If you need help, you can find advice online. Your bank may also be able to provide information and assistance.
Once your credit is frozen, even if a would-be cyber-thief can access your information, no one can use it to open a new line of credit. Should you need to open a new credit card or wish to obtain a loan (to buy a car, for instance), you can return to each credit bureau’s website and unfreeze your account.
The process of freezing and unfreezing your credit may sound burdensome, but it is far less frustrating, time-consuming and ultimately so much safer. The only drawback? Thieves will hate you!
Let Us Help Keep You Secure: Securing your finances is very important at any age. Securing your future becomes more important as you age. Greenwald & Gerke is here to help you rightsize your home and life. Call us at (844) 782-9674 for a complimentary initial consultation.
