At Tealwood Asset Management, we emphasize the importance of protecting your personal and financial information because safeguarding your identity is essential to preserving your long-term financial goals. Identity theft can compromise more than just day-to-day finances—it can disrupt investment accounts, retirement plans, and your overall wealth strategy. As your trusted financial partner, we are committed to helping you build and protect your financial future, and that includes encouraging proactive steps to reduce your risk. By staying vigilant and taking preventative measures, you help ensure that your investments remain secure and aligned with your financial vision.
IF IDENTITY THEFT IS SUSPECTED
- Notify Your Investment Advisor Immediately
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- Contact your financial advisor to:
- Review recent account activity.
- Freeze or monitor investment and retirement accounts.
- Coordinate with custodians (e.g., Schwab, Fidelity, etc).
- Contact your financial advisor to:
- Place a Fraud Alert with a Credit Bureau
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- Contact one of the three bureaus:
- Equifax: 1-800-525-6285
- Experian: 1-888-397-3742
- TransUnion: 1-800-680-7289
- The bureaus you contact is required by law to notify the other two.
- A fraud alert lasts 1 year and requires lenders to verify your identity before extending credit.
- Contact one of the three bureaus:
- Check Your Credit Reports
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- Get reports from AnnualCreditReport.com.
- Review for:
- Unfamiliar accounts or inquiries.
- Inaccurate personal information.
- Suspicious account activity.
- Report to the FTC
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- File a complaint at IdentityTheft.gov.
- Download your Identity Theft Report, which acts as legal proof of the incident.
- File a Police Report (If Required)
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- Especially if:
- A financial institution requests one.
- The theft involves physical documents or known individuals.
- Bring the FTC report, ID, and proof of the theft.
- Especially if:
- Alert Custodians and Financial Institutions
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- Contact all banks, brokers, and investment platforms.
- Request freezes, transaction reviews, or account re-issuance.
- Review all trades, disbursements, or beneficiary changes.
- Contact all banks, brokers, and investment platforms.
- Secure Online Access
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- Change passwords for:
- Financial portals (e.g., Schwab, Fidelity, client dashboards).
- Email and cloud storage.
- Any account used for financial communication.
- Enable 2-factor authentication (2FA).
- Change passwords for:
- Consider a Credit Freeze
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- More secure than a fraud alert. Must be placed individually:
- Equifax: equifax.com
- Experian: experian.com/freeze
- TransUnion: transunion.com
- More secure than a fraud alert. Must be placed individually:
- Review Account Ownership & Beneficiaries
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- Confirm:
- Correct titles and designations on investment accounts.
- No unauthorized changes to Power of Attorney (POA), Transfer on Death (TOD), or any other beneficiary settings.
- Confirm:
- Document Everything
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- Keep a detailed record of:
- All communications and steps taken.
- Reference numbers, names, and dates.
- Keep a detailed record of:
AFTER THE THREAT IS RESOLVED
- Remove or Update Alerts and Freezes
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- If you’ve confirmed all activity is secure:
- Remove the fraud alert if no longer needed.
- Lift credit freezes only if you’re applying for new credit or mortgage, or temporarily.
- If you’ve confirmed all activity is secure:
- Review and Restore Accounts
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- Work with your advisor and custodians to:
- Re-enable account access or services that were suspended.
- Review your asset allocation and ensure no unauthorized trades occurred.
- Restore automated contributions, withdrawals, or bill pay.
- Work with your advisor and custodians to:
- Replace Compromised IDs and Documents
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- If your SSN, driver’s license, or passport was stolen:
- Contact the Social Security Administration, DMV, or State Department.
- Request replacement documentation with new numbers if applicable.
- If your SSN, driver’s license, or passport was stolen:
- Continue Monitoring Credit and Investment Activity
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- Continue monitoring for 6–12 months minimum.
- Many investment advisors offer identity protection or monitoring services — ask about ongoing support options.
- Conduct a Security Review with Your Advisor
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- Schedule a security audit:
- Review digital hygiene (password managers, 2FA setup).
- Discuss secure methods for sending financial documents.
- Evaluate whether a cyber insurance policy or identity theft coverage makes sense for you.
- Schedule a security audit:
- Educate Household Members
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- If the breach affected joint or family accounts:
- Inform your spouse, adult children, or POAs.
- Help them take similar precautions.
- If the breach affected joint or family accounts:
