Identity Protection and the Equifax Leak

Brian C. Beasley, CPWA©

Now What?

After the major breach at Equifax earlier this month, we have heard from people with concerns about their credit, their identity, and what to do next.  I'm no identity theft expert, but here are some strategies I use for my own identity and online security at home and at work. I hope some of this helps you!

Password Managers/Strong Complex Passwords

I use a password manager software to keep all of my passwords secure.  It monitors the security of my passwords, alerting me if I use the same one too often, or if it is too weak.  My favorite feature is that it will generate strong passwords automatically, keeping all my passwords random and secure.

Get Online

If you don't set up online access to all of your accounts, somebody else may impersonate you and gain access to your accounts.  We often hear, "I don't want my stuff on the internet." Well, guess what? Your banks, brokerages, and credit card companies all rely on the internet to function. Your data has been "on the internet" for years.  Institutions do their best to protect your data, but you only have total control if you personally set up your own access.  That way, you know it's you.

2-Factor Authentication

Gmail, Schwab, Twitter, Facebook, and many others provide 2-Factor Authentication.  This is where it takes more than just your username and password to access the account.  In most cases, a code is sent via text or email to you.  You add this code as a secondary level of proof that it is really you. 

Another method is to have a verbal password/PIN added to your accounts. Schwab offers this to their account holders. AT&T also provides for a 6-digit PIN that can be added.

I have set this up everywhere it is available to me. This may seem inconvenient, but it greatly reduces the possibility of someone hacking your whole world. 

Freezing Credit

I placed a freeze on my credit at all 3 credit bureaus.  This means that no new loans can be added to my name until I un-freeze my profile.  No inquiries, including a new cell phone, will be honored.  Since I rarely borrow money, I just have to make sure to un-freeze my credit a few weeks in advance of that next loan. 

Whole Disk Encryption

My computer has the entire disk encrypted. If someone steals my laptop, they cannot access any data on that machine.  It is fully encrypted, requiring two different usernames and passwords to open the machine.  Apple has this built in on their computers, but you need to turn it on in your settings. PC's need to have special software added.  I'll defer to other experts on which of those is best for you.