Your Financial Safety Checkup

Three steps to protect your finances and identity from fraud

A companion handout from the Senior Planet Lunch & Learn with Christina Riechers

Step 1: Freeze Your Credit

A credit freeze is the single most effective thing you can do to prevent identity theft. It locks your credit file at each bureau so that no one — including you — can open new credit accounts (credit cards, loans, store cards) until you temporarily lift the freeze. This is free, it doesn't affect your credit score, and your existing accounts keep working normally. You need to freeze at all three bureaus, because a lender might check any one of them.

Step 2: Add a Trusted Contact

A trusted contact is like an emergency contact for your financial accounts. If your bank or brokerage notices something concerning — like a large unexpected withdrawal or signs that someone may be taking advantage of you — they can reach out to this person to help protect you. Your trusted contact cannot access your money, see your accounts, or make any transactions. They can only be contacted by your institution, and only if something seems wrong. Good choices: an adult child, a sibling, a close friend, or your attorney.

Step 3: Device Security Check

Your phone and computer are how you access your bank accounts, email, and personal information. Keeping them up to date and blocking scam calls are two simple ways to close the door on the most common digital threats. Software updates fix security holes that hackers exploit, and spam filtering blocks the scam calls and texts that are the #1 way fraudsters target older adults.