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January 23, 2025

Safeguarding Your Information & Accounts

Blog:PFA Ponderings

Your financial security is a priority. This guide outlines best practices for protecting your personal information and accounts against fraud and unauthorized access.

1. Credit Monitoring

Monitoring your credit helps you detect unauthorized activity early and safeguard your financial reputation.
You can choose between free and subscription-based options:

Free Credit Monitoring Options

Subscription-Based Credit Monitoring Services

  • Equifax: Includes credit monitoring, identity theft insurance, and dark web surveillance.
  • IdentityForce: Includes credit monitoring, identity theft insurance, and dark web surveillance.
  • LifeLock by Norton: Offers credit monitoring, identity alerts, and identity restoration services.
  • MyFICO: Provides FICO score updates, credit report monitoring, and identity theft protection.

Action Step: Review your credit reports regularly for unfamiliar accounts or inquiries such as:

  • Identity Errors – Check to make sure your name, phone number and address are correct. Check to ensure all accounts belong to you and are known by you.
  • Incorrect Account Status – Review for closed accounts reporting as still open, accounts that incorrectly reported as late payment or delinquent, or the same debt listed more than once.
  • Data Management Errors – Compare the current balance and current credit limit with your account records.

2. Freezing Your Credit

Freezing your credit prevents lenders from accessing your credit file without your consent, effectively stopping new accounts from being opened fraudulently. This service is free and can be done through each of the three major credit bureaus.

How to Freeze Your Credit

Note: Keep your PIN or password for lifting the freeze in a secure location.

3. Reviewing Accounts for Unauthorized Distribution or Withdrawals

Regularly reviewing your financial accounts can help you identify suspicious activity promptly.

Best Practices

  • Check Statements Monthly: Look for unauthorized charges or distributions.
  • Set Up Alerts: Most financial institutions offer transaction alerts via email or text.
  • Audit Recurring Payments: Verify all automatic withdrawals are legitimate.
  • Review Tax Documents: Ensure distributions reported to the IRS match your records.

Action Step: Report any discrepancies to your financial institution immediately.

4. Safe Email and Phone Practices

Cybercriminals often target individuals via email or phone. Be vigilant and follow these practices to stay safe.

Email Safety Tips

  • Never Wire Money to an Unfamiliar Account: Verify requests with your financial advisor or institution before taking action.
  • SLAM Method: Follow this framework to verify an email’s authenticity
    • Sender: Verify the sender’s email address, looking for inconsistencies such as a misplaced domain name (example: penobscottfa.com instead of penobscotfa.com)
    • Links: Hover over links to check the URL before clicking.  Ensure the link matches the organization’s website or is known to you.  Never click on links that seem suspicious of lead to unexpected sites.
    • Attachments: Be cautious of unusual attachments or attachments from unknown senders.  Avoid opening attachments with unusual extensions like .exe, .zip, or .bat.  Scan attachments with antivirus software.
    • Message: Evaluate the content of the email for spelling or grammar errors, unnecessary urgency or scare tactics, or requests for personal or financial information.

Phone Call Safety Tips

  • SLAM Method: Follow this framework to verify a caller’s authenticity:
    • Stop: Don’t share personal information immediately.
    • Listen: Note any unusual requests or pressure tactics.
    • Ask: Verify the caller’s identity. For example, call your bank directly using their official number.
    • Manage: Take control of the conversation—don’t let the caller rush you. Giving you a sense of urgency is part of their tactic.
  • Caller ID Isn’t Always Accurate: Fraudsters can spoof numbers to appear legitimate.
  • Don’t Share Sensitive Information: Banks and financial advisors will never ask for your password, one-time text code, or full Social Security Number over the phone.

Action Step: If a call feels suspicious, hang up and call your bank or advisor directly using a verified number.

Text Message Safety Tips

  • Don’t click on links in unsolicited texts.
  • Verify shortcodes (5 digit long phone numbers) by visiting the company’s website.
  • Look for red flags such as messages that demand immediate action, claim you won a prize, threaten consequences if you don’t take action, or contain typos or grammatical errors.
  • Don’t respond to unknown numbers.
  • Forward suspicious texts messages to 7726 (SPAM) in the U.S. to report them to your carrier.

Action Step: If you receive a text you are unsure about, call the company directly using the number on your account statement or the company’s website.

5. Additional Safeguards

  • Use Strong Passwords: Choose complex passwords and avoid reusing them across sites. Consider a password manager and changing your passwords at regular intervals.
  • Enable Two-Factor Authentication (2FA): Add an extra layer of protection for your accounts.
  • Secure Your Devices: Keep antivirus software updated and avoid accessing sensitive accounts on public Wi-Fi.
  • Update Your Web Browser: Updates often include enhanced security features that protect you while you are surfing the web.

Need Assistance?

If you suspect fraudulent activity or have concerns about account security, contact our team immediately. We’re here to help you safeguard your financial well-being.