HOLIDAY SHIELD: Protect Your Identity, Secure Your Assets!

The holiday season is a time for generosity, goals, and often, increased spending. But as transactions multiply, so do the threats from bad actors looking to steal your most valuable asset: your identity. For Black and Brown Founders and their communities, protecting hard-earned resources from financial harm is paramount to building a strong financial future.

Scams and identity theft are crimes that occur when someone uses your identifying information without authority. You can reduce your risk, but awareness and preparation are your first lines of defense.

Here is your powerful guide to recognizing threats and fortifying your finances this holiday season.

1. Recognize the Digital Traps Laid by Scammers

Criminals are constantly deploying deceptive techniques to trick you into giving up personal information. During periods of heavy online shopping and communication, these threats spike:

  • Phishing, Vishing, and Smishing: These are techniques used to trick you into providing sensitive data, often delivered via email (phishing), phone (vishing), or text message (smishing).

  • Pharming: Be wary of fake websites set up by criminals that appear legitimate. Always verify the URL before entering login or payment details.

  • Skimming: This technique involves criminals stealing your credit or debit card number, often through tampered payment terminals.

  • Social Media Scams: Criminals frequently use social media sites, chat rooms, mobile apps, and photo-sharing sites to trick you into giving up personal information.

Don't respond to unsolicited requests via text, email, or phone asking for sensitive details like your Social Security Number or date of birth. Guard your personal information closely; if someone asks for details like your SSN, ask why they need it, how it will be used, and how they will protect it.

2. Fortify Your Financial Ecosystem

Many holiday transactions happen online, making device and network security critical. Treat your personal information like gold and secure your entire digital footprint:

Secure Your Devices and Connections

  • Protect Your Devices: Always secure your computers, phones, and tablets. You can find more information on staying safe online from the Federal Trade Commission (FTC) resource, www.OnGuardOnline.gov.

  • Secure Browsing: Only give personal information to encrypted websites; look for "https://" in the website address to ensure the site is secure.

  • Avoid Public Wi-Fi: Assume public Wi-Fi is not secure and avoid using it for any kind of financial transaction.

  • Strong Passwords: Use secure passwords by mixing lowercase and uppercase letters with numbers and symbols. Do not save your passwords on websites that offer this option.

  • Don't Save Payment Info: Consider delaying the saving of payment information at online retailers. Having to find and input your details can give you a crucial moment to pause and resist impulse spending.

Manage Payments and Documentation

  • Review Accounts Regularly: Review your financial accounts regularly and carefully. Contact your financial institution immediately if you notice a discrepancy or anything suspicious.

  • Set Alerts: Set up email or text alerts for low balances or transactions exceeding a certain amount to monitor your accounts more effectively.

  • Protect Paperwork: Protect your mail, as it can be an easy target for identity thieves. Furthermore, destroy all pieces of paper containing personal information—your financial trash—before recycling them. Keep important documents secure, both paper and electronic.

3. Monitor and Lock Down Your Credit

Your credit history determines far more than just your ability to get a loan; it affects housing, insurance, and even employment opportunities. Monitoring your credit reports is essential to spot fraudulent accounts opened in your name.

  • Check Your Credit Reports: Review your credit reports at least once every 12 months for activity you do not recognize. You can request a free copy at www.annualcreditreport.com. Ordering your own reports does not affect your credit scores.

  • Place a Fraud Alert: If you believe your identity has been stolen, or might be stolen, you can place a one-year initial fraud alert on your credit reports for free. You only need to contact one of the three nationwide credit reporting agencies, and they must notify the other two.

  • Consider a Credit Freeze: You can place a credit freeze on your reports, which makes it less likely an identity thief can open a new account in your name. There is no cost to place or lift a credit freeze.

Take Action and Report Scams

If you encounter a suspicious activity or potential scam, be proactive. Develop a plan to recover financially from any harm, and remember to watch out for scams.

The Federal Trade Commission (FTC) is an excellent source of information on identity theft and fraud. You can read scam alerts and report scams on the FTC site, which maintains a running list of known schemes at www.consumer.ftc.gov/scam-alerts.

Do not let scammers steal the peace and security you are working hard to build. By taking these protective measures, you ensure that your financial foundation remains solid, allowing you to build the wealth and financial security you deserve.

Carlos Gladden