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Protecting Your Pockets

Protecting Your Pockets

Originally aired 6/2/2021

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Your personal information is a valuable commodity. Knowing how to protect your financial and online identity is extremely important! Luckily, we’ve got what you need to know on this episode of the Get Ready For The Future Show!

You’ll learn:
– We’re talking all about just how big this problem is, why it matters to you, and what you can do to protect yourself.
– Valuable insight from Peyton Tucker, Head of the White Collar Crime division at FBI Little Rock
– What you need in the event of a plane crash (Curious as to how this applies? Read more to find out!)

Downloadable Content:

10 Ways to Shift Your Perspective of Financial Planning

Links:

Check out how our partners at LPL Financial work to protect YOUR pockets!

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SHOW NOTES

Identity Theft is Not a Joke, Jim.

  • Your personal information is a valuable commodity. Knowing how to protect your financial and online identity is extremely important!
    • Luckily, we’ve got everything you need to know on today’s Get Ready For The Future Show! We’re talking all about just how big this problem is, why it matters to you, and what you can do to protect yourself.
    • AND we’re joined a little later in the show by Peyton Tucker, Head of White Collar Crime from FBI Little Rock.
  • There are many more threats to your money today than ever before.
    • That’s why it’s important that you and the people who give you advice are highly vigilant in taking care of and protecting what you’ve worked so hard for.
    • It could be a common criminal that attempts to gain access to your assets through fraud or identity theft. We saw a huge increase in fraudulent unemployment claims, and that’s one of the headline threats to your money.
    • But one of the biggest threats could be fraud perpetrated by a family member.
  • Cases of identity theft in the United States doubled in 2020, mainly due to cybercriminals taking advantage of people affected economically by COVID-19 who filed to receive government benefits.
    • In 2020, there were 394,280 reports about government benefits fraud compared with 12,900 reports in 2019.
      • Most of these involved people filing for unemployment benefits, which experienced a sharp rise in 2020 due to the pandemic.
    • People aiming to receive funds from government-sponsored small-business loan programs also experienced a rise in identity theft crimes.
      • People reported 99,650 cases of fraud involving business or personal loans, compared with 43,920 reports in 2019.
    • Cybercriminals also used identity theft to target stimulus checks that the U.S. government paid out to the taxpayers, boosting the number of tax-related cases of this type of cybercrime.
      • In 2020, the FTC got 89,390 reports of tax-identity theft, compared with 27,450 reports in 2019.
    • But what really happens when someone steals my identity?
      • The identity thief may use your information to apply for credit, file taxes, or get medical services. These acts can damage your credit status and cost you time and money to restore your good name.
    • So, what’s a person to do?
      • Your retirement, your life’s savings, and your peace of mind could be at risk because of someone else’s crimes against you.
        • Be aware of what’s happening/be alert
        • If you have an account somewhere, be sure there’s two-layer authentication.
        • Secure your Social Security number
          • Don’t carry your card in your wallet and only give out your SSN when necessary.
        • Don’t give out your personal information
          • This includes birthdate, SSN, bank account number, etc.
        • Don’t open attachments or links in emails from people you don’t know (and beware of emails that look legitimate but aren’t).
        • Report immediately if you believe you’ve been targeted.

INTERVIEW: Peyton Tucker, Head of White Collar Crime at FBI Little Rock

  • Who needs to be worried about this?
  • Who is doing this?
    • Stereotypically some guy behind a screen in a far-off land is stealing your information, but is the threat more often like that, or is it closer to home and potentially dealing with family?
  • What methods do they use?
  • Where in people’s financial matrix are they most vulnerable?

INTERVIEW: Peyton Tucker, Head of White Collar Crime at FBI Little Rock

  • Stereotypically elderly people are thought to be most vulnerable, but is that really the case?
  • As the economy begins to open back up and people return to work, are we seeing any decrease in cases of fraud and identity theft?
  • How much of the FBI’s resources are demanded by white-collar crime?
    • Is it a huge part of what the FBI does, or is it a smaller part, since often people think of the FBI as mainly dealing with terrorism?
  • How can the average person in the mid-south work to protect themselves?

Question. What Kind of Bear is Best? (Oh, and What’s the Plan?)

  • Our Broker-Dealer, LPL Financial, employs numerous processes and protocols to safeguard your accounts 
    • You can click here to learn more about the specifics!
  • Listen, we aren’t claiming to be superheroes – a plan and a relationship with an advisor can’t always prevent bad things from happening. But it can help you be prepared for if/when they do happen.
  • Consider this.
    • Scenario A: You’re on an airplane and it starts to have trouble. Your only option to get to safety is an old parachute with some holes in it. It hasn’t been inspected or replaced in years.
    • Scenario B: You’re on an airplane and it starts to have trouble. You have a parachute that’s been inspected recently and is in good condition. You have flotation devices in the case of a water landing. You have a flare gun to signal for help if you go down.
  • Obviously, you’d rather the airplane not have trouble. But if it did, you’d rather be in Scenario B, because you have options if the plane goes down.
    • Your financial plan is the same way.
    • We can’t promise that bad things won’t happen. But we can help you put a plan together so that if circumstances change, you’ve got options.
  • So, what does that look like?
    • MoneyGuide
      • Goals-based plan to help you stay on track to and through retirement.
        • Feel more educated, confident, and in control of your financial future.
    • The Ready to Retire Process
      • Income-based plan to help you transition into retirement.
      • Covers 7 key areas:
        • Investment strategy
        • Social Security Maximization
        • Creating guaranteed income to meet your basic needs
        • Protect against inflation and providing for lifestyle income
        • Address long-term care needs
        • Reducing taxes during retirement
        • All documented in a written plan (on paper, on purpose)

 

FINAL THOUGHTS

    • Your retirement, your life’s savings, and your peace of mind could be at risk because of someone else’s crimes against you.
      • Be aware of what’s happening/be alert
      • Don’t give out your personal information
      • Don’t open attachments or links in emails from people you don’t know (and beware of emails that look legitimate but aren’t).
      • Report immediately if you believe you’ve been targeted
  •  
    • Your plan can’t prevent bad things from happening, but it can help you be prepared for if/when they do happen.
  •  
    • 10 ways to shift your perspective of financial planning.
      • What’s the Plan? A Manifesto for Your Life, Your Worth, and What Happens Next.
      • Click here for your free copy!