The U.S. Department of Defense recently announced that a major security breach has exposed nearly 3 billion personal information records. While the scope of the breach is still being assessed, authorities have confirmed that it involved unauthorized access to a database containing Social Security Numbers and other personal information. In the wrong hands, this type of information can be used for cybercrimes, including identity theft and financial fraud. In fact, some of the data in this breach has already been found for sale on several nefarious websites. 

When a breach occurs, it’s crucial to keep an eye on your own finances and credit to monitor for potential fractures.  Below are a few steps you can take to help protect yourself as much as possible: 

• Check Your Credit Reports: Visit AnnualCreditReport.com to get your free credit reports from Experian, Equifax, and TransUnion. Look for any suspicious activity. 
• Set Up a Fraud Alert: Contact one of the major credit bureaus to place a fraud alert. This makes creditors verify your identity before issuing credit.  
• Consider a Credit Freeze: A freeze limits access to your credit report, adding extra protection. You can lift it temporarily if needed. 
• Report Suspicious Activity: If you spot anything unusual, report it to the Federal Trade Commission at IdentityTheft.gov. 
• Monitor Your Accounts: Stay vigilant for any unusual activity in your accounts. 

In addition to the steps outlined above, consider investing in identity theft services which offer ongoing monitoring and insurance against various forms of identity theft. While you can do much of it yourself, these companies can provide peace of mind and additional resources in case of future issues.  

American Trust Wealth takes the security of your accounts very seriously. That is why we require a phone call for any distributions from your account. Websites, emails or texts can be compromised, which is why we cannot use them as secure authorization for distribution requests.

At this point it is prudent to assume that the “bad guys” have your personal information, which now includes your Social Security Number. But by taking the measures above, you can protect yourself against potential consequences of data breaches. Please contact your fiduciary investment advisor if you have further questions or would like to talk about how we make security a top priority at American Trust Wealth.