Stay Safe from Identity Theft

Tax season is here, and it is a prime time for “bad actors” to attempt to compromise your personal information. This week is Tax Identity Theft Awareness Week, and it serves as a reminder to be vigilant in protecting yourself as you and your tax advisors share documents in preparation for your tax filings. Cybersecurity is a topic Klingenstein Fields Advisors (KF Advisors) takes very seriously. In 2021, we conducted two cybersecurity webinars. Additional guidance was provided in our follow up pieces, Your Cybersecurity Questions Answered, More Cybersecurity Questions Answered, and Preventing Fraud, Steps to Safeguard Your Assets. We encourage you to review these communications and take time this week to consider some tips to help you get through the season safely:

Many tax preparers offer a secure portal for clients to upload documents. Use this or other methods of encryption rather than sending unprotected documents by e-mail.
Keep your Social Security number as secure as possible.
Check your credit score and credit report regularly to ensure that no one is using your information to open fraudulent accounts.
File your taxes as early as possible to thwart attempts by thieves to file a fraudulent return on your behalf.
Shred or destroy documents before you throw them away in the trash.
Use a secure internet connection when electronically filing your taxes or making payments to the IRS or state tax commissioner.
Send your tax returns or payments using USPS registered or certified mail, both considered by the IRS as acceptable verification of a timely mailing.
Remember that the IRS will never email, text, or call you to tell you there is a problem or to ask for personal information. If you receive such a call, hang up and notify the IRS using the appropriate contact number from the official website.
Contact the IRS ID Theft Protection Specialized Unit at 800-908-4490 if you believe your Social Security number or identity has been stolen. The Federal Trade Commission (FTC) also provides useful information and guidance regarding protecting against identity theft. At the FTC’s IdentityTheft.gov site, you can report identity theft and get helpful hints on how to develop a recovery plan.

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personal investment advice. KF Advisors is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. If you are a KF Advisors client, please remember that it remains your responsibility to advise KF Advisors, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees is available upon request or by clicking here. Please read the expanded disclosures in the linked report.