Financial Tips for April: Protect Yourself from Identity Theft

Identity theft continues to be one of the fastest-growing financial crimes, and its impact can be costly, time-consuming, and emotionally draining. April is an ideal time to review your digital and financial security practices and take proactive steps to protect yourself from fraud. A few preventative measures now can help safeguard your finances and personal information long-term.

Here are three essential strategies to help protect yourself from identity theft:

1. Freeze Your Credit if Necessary

A credit freeze is one of the most effective ways to prevent unauthorized accounts from being opened in your name. When your credit is frozen, lenders cannot access your credit report without your permission, making it extremely difficult for fraudsters to open new lines of credit.

When to consider a credit freeze:

• You’ve experienced a data breach or suspect fraud

• You don't plan to apply for credit in the near future

• You want added protection against identity theft

Credit freezes are free and can be temporarily lifted when you need to apply for credit.

💡Tip: You can place or lift a freeze directly through each of the three major credit bureaus.

2. Strengthen Passwords and Enable Two-Factor Authentication

Weak or reused passwords are a common entry point for identity thieves. Strengthening your login credentials is one of the easiest and most effective defenses against cybercrime.

Best practices include:

• Use unique, complex passwords for each account

• Avoid using personal information in passwords

• Enable two-factor authentication (2FA) wherever available

2FA adds an extra layer of protection by requiring a second verification step, such as a text message or authentication app.

💡Tip: Consider using a reputable password manager to securely store and manage your credentials.

3. Monitor Financial Accounts Regularly

Early detection is critical when it comes to identity theft. Monitoring your financial accounts allows you to catch suspicious activity before it escalates.

What to monitor:

• Bank and credit card statements

• Credit reports

• Investment and retirement accounts

Set up alerts for unusual transactions and review your statements at least monthly. The sooner fraud is detected, the easier it is to resolve.

💡Tip: You're entitled to a free credit report annually from each credit bureau, which can help you spot inaccuracies or fraudulent activity.

Protecting your identity is an important part of maintaining financial health. By freezing your credit when appropriate, strengthening your digital security, and actively monitoring your accounts, you can significantly reduce your risk of identity theft.

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Disclosures: Investment advisory services offered through BFG Wealth Management, a Registered Investment Advisor. This material is for informational purposes only and should not be considered personalized financial advice. Please consult your insurance, financial, or tax professional regarding your specific circumstances.