Tax season is prime time for identity thieves to steal your personal information or claim a refund check on your behalf. Here are a few steps you can take to protect yourself from becoming a victim of identity theft before you submit your taxes.
- Secure Your Data
Whether you’re filing through a tax professional this year, or submitting your tax return yourself through platforms such as H&R Block or TurboTax, make sure any online portals or accounts containing records with your personal information are password protected with multi-factor authentication measures required to log in. Programs such as LastPass and NordPass are secure and convenient password management tools that can not only store your passwords, but also generate random, unique, strong passwords for any browser you choose. - Protect your Social Security number.
Never share your social security number in an email or text message, and always be sure that any document containing your SSN is protected with a strong password or shared through a secure portal upload. If you use a CPA or other tax preparation professional, you should call them over the phone to share the password for your document. When you’re done, be sure to shred documents containing personal information before throwing them away. - Monitor your credit report regularly for any suspicious activity, such as accounts opened in your name or changes to existing accounts that you didn’t authorize. Experian, Equifax, TransUnion, and Innovis (often overlooked) are the main credit reporting agencies in the United States. You are entitled to a free annual credit report from each of these three agencies.
- Be aware of phishing frauds.
Phishing is the act of sending emails that appear to be from reputable companies or organizations but are fraudulent attempts to get you to reveal personal information such as passwords and credit card numbers. These emails may also include links to websites that look legitimate but are set up by criminals trying to steal your identity. One way to catch a phishing email is to check the email address it’s sent from. If it contains any strange numbers or misspellings, or it’s from a Gmail or other personal email address, chances are it’s fraudulent. Don’t click on suspicious links within any email unless you’re sure of what site they lead to before doing so; this includes clicking links found within attachments, as these attachments may contain malware that can infect your phone or computer. The safest way to access any of your accounts is to log in directly from the official website.
These basic measures can provide a solid foundation for enhancing the security of your data and accounts. If you’re a client of The Wealth Conservancy and would like more information, please speak with your advisor about other advanced identity-theft deterrents such as locking or freezing your credit through the credit bureaus, or evaluating subscriptions for credit monitoring.