Identity- Your Most Valuable Asset

Unfortunately, these days it’s much to common for someone to have their identity stolen. Which can wreaks havoc on your entire life and it can take years to recover. That’s why it’s so important to do everything you can to protect your identity. It’s one of your most valuable assets. Your identity consists of: your age, gender, your likes and dislikes, what your purchases, and where you live, etc. Of course there are always scammers out there trying to steal your data at every turn.

Have you ever really thought about who has access to your identity? Did you know that most businesses collect your data every time you click on a website, apply for a credit card, make a purchase, or even when you visit a doctor or medical facility?

How it works

Who collects your personal information? There are many organizations that legally collect your ID information. Such as your:

• • • Employer
    • Bank
    • Credit reporting agencies
    • Government entities
    • Insurance companies
    • Non-profit organizations
    • Social media platforms – Google, Facebook, LinkedIn, and Twitter
    • Shopping websites
    • Medical facilities, and more.

Information storage. After your information is collected it’s stored on business servers or computers, and sometimes even on mobile phones, etc.

Information is sold. After information that’s related to your identity or interests is collected, the majority of organizations will sell it to other companies. This is information which is collected without your knowledge, is then converted to income for that business. What you view can be manipulated by the sites you view. For example, if you spend time looking at cars or resorts, you’ll soon start seeing more ads about vehicles or vacations spots.

Stolen information. Identity thieves may trick you into giving them personal information through phone solicitation or phishing emails or they have been known to hack businesses that collect your confidential information. When this happens it can take a very long time to recover your identity and all your data.

Public access. When your information is considered public record, anyone can see it. This may be in the form of property tax or real estate ownership records, etc.

What’s the solution?

Opt-out. Start with knowing who has access to your personal information and ask about their opt-out policy. Each year businesses mail out their privacy policies. If you read their terms and conditions, you can see who they share or sell your information too. Many businesses will allow you to opt out of selling your information to others. Opting out will help protect your identity.

Protect your data. You may have no control over the security of a businesses but you can take measures to control the documents and information that you personally possess. Such as:

• • • Don’t open emails if you don’t recognize the sender.
      
      
    • Don’t click on links in an email, instead, if it’s a company you do business with, go directly to their website.
      
      
    • Don’t just toss junk mail in the trash, open it and make sure there is no personal information included in it. If there is, shred it.
      
      
    • As you’re cleaning out the file cabinet, take the time to shred those old documents.

Your personal information is a very important asset that can be a great treasure trove for someone looking to steal your identity.

At Summit CPA we offer multiple resources to assist you with your financial needs. For further assistance, contact our office at 866-497-9761 to schedule an appointment with our advisors.