Protecting Your Identity When Investing

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ST. CHARLES, MO (KTVI) – Millions of Americans become victims of identity theft each year, and the numbers continue to grow. When it comes to ID theft, people typically don`t think about what impact this could have on their investment accounts. Matt Allgeyer, Financial Planner with Wamhoff Financial Planning & Accounting, shares tips to help you protect your identify.

1.            Protect the Privacy of your Information

•             Ask your investment companies if they, or any of their related companies, will sell, share or otherwise divulge your information to outside sources.

•             Ask all banks and financial firms you deal with what their privacy policy is. Don`t just settle for the pamphlet of information. Get an explanation and ask questions where you are unsure.

2.            Do not transmit sensitive information via email or other unsecure means

•             This includes social security numbers, account numbers, account balances or transaction information.

•             Only upload this information to secure, password protected portals.

3.            Consider a monthly monitoring service

•             These types of services monitor variances in your accounts, and alert you immediately if there are deviations from your routine.

•             If this is something that`s right for you, do your homework in selecting a service. Make sure it provides good customer support, research what information it protects, and what their procedures are to help you recover if something were to happen.

•             Pricing can range from $13 a month and up.

4.            Monitor your credit

•             Get a copy of your credit report on a regular basis

•             Make sure that old lines of credit and credit cards have been closed.

•             This will also help you to know not only what credit companies think of you but what is out there in this world with your name on it.

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