Protect $, Privacy & ID —> Simple Changes You Can Make!
Reviewed and updated on 10/18/2025. Please notify The Wealth Collective if links break, or if you have your own tips, and we’ll do our best to refresh and update content to keep our clients safe.
Because companies are hoarding your data and routinely get hacked, here are steps to keep you safe!
1. Freeze Your Credit (do it now!):
Freeze your credit with the major agencies, and keep it frozen (except for brief periods when you need to apply for a mortgage or a new credit card).
Learn how to place credit freezes here. Below are links to each agency:
• Equifax
• Experian
And here are your free credit reports which you should periodically pull and review.
2. Use an Authenticator App:
Whether it’s Google Authenticator, Microsoft Authenticator or another reputable free tool, turn on two factor/multi factor authentication (2FA/MFA) to dramatically boost your security. A review of the best authenticator apps is here.
3. Use a Separate Email for Financial Accounts:
A common, but a poor practice, is using the same email address at every site you visit. Sooner or later one of those sites will certainly get hacked, and then your login credentials at that site (and at your bank, your credit card, and your brokerage accounts…) will also be exposed. A much better practice is to get a separate free email address that you only use for your most secure sites, while using your “throw-away” daily email at less important websites.
4. Protect Yourself from SIM Swap Attacks:
Set up a PIN / passcode with your mobile phone carrier to help prevent bad actors from stealing your phone number and using it to gain access to your personal and financial accounts. Tips to prevent this here.5. Use a Password Manager:
Simplify and strengthen your online security with a robust password manager like 1Password. A review of the best password managers is here.6. Go Paperless:
Opt for electronic delivery of account statements. This reduces the risk of old school identity theft through stealing your physical mail, or picking through your trash or recycling.
7. Shred Paper:
Use a good cross-cut shredder and shred everything with personal information.
8. Monitor Your Accounts:
Regularly check your card and bank statements for unfamiliar charges or suspicious activity.
9. Consider Using a Data Privacy Management Service:
Consider a data privacy management service to help scrub your data from brokers who sell (and resell…) your sensitive info. Periodically review Google’s Results about you to request removal of your personally identifiable information (PII). As the IRS advises: ‘Treat your personal information like cash—don't leave it lying around!’
10. Limit Social Media Sharing:
Be cautious about information you share online. Cybercriminals use social media to gather data for targeted attacks by impersonating family, friends, colleagues, or companies. Be very skeptical of unsolicited messages, even if they appear to come from familiar sources or sound like the voice of a loved one. This is especially the case when they claim to be time-sensitive.
11. Keep Software Updated:
Regularly update your computer, smartphone, and devices with the latest security updates. Enable automatic updates where possible.
12. Set up an IP PIN and/or File Early:
Consider getting an identity protection IP PIN with the IRS, and provide that PIN to your tax preparer so they can file your return. It also helps to file your tax return early, if you’re able to. It’s harder for criminals to file fraudulent returns if you file early. By simplifying your life with fewer accounts, being organized and collecting tax documents electronically, filing by mid-to-late February becomes feasible for many clients (assuming they aren’t waiting on K-1s or other required tax reporting).
While no method is foolproof, and ID theft and online scams are an ever-changing landscape in the age of AI, implementing basic security steps will significantly enhance your safety and minimize the risks of fraud and ID theft.
Follow IRS advice: “Treat your personal information like cash—don't leave it lying around!”
