Social Security Got Hacked: The Data Breach That May Have Exposed Your Information (#322)

Financial Advisors Say The Darndest Things

In this episode, A.B. Ridgeway discusses the recent national data breach that leaked over three billion personal records, including social security numbers, and shares crucial steps on how to safeguard your financial information.

Key Takeaways:

1. Freeze Your Credit for Protection Freezing your credit at the major credit reporting agencies (Equifax, Experian, TransUnion, and Innovis) is one of the most effective ways to protect against identity theft. While it may require extra steps to unfreeze your credit when applying for loans, the added security is worth it.
2. Be Cautious with Emails Be wary of emails claiming your data has been compromised. Cybercriminals often use phishing tactics to trick you into clicking on links that allow them to steal your personal information.
3. Build a Financial Protection Team Surround yourself with a trusted financial team, including a financial advisor, accountant, lawyer, power of attorney, and executor. These professionals form your "Power Five" and are essential for safeguarding your financial well-being.

Top Quotes:

1. "First of all, we have to make ourselves aware. We need to create barriers between us and the scammers." – A.B. Ridgeway
2. "It is credit freeze, not credit lock. Freezes are free... every barrier to your credit is going to improve your security." – A.B. Ridgeway
3. "Surround yourself with your Power Five... the super five team that you're going to need to protect yourself." – A.B. Ridgeway

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

video/audio credit: ABC