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Protecting Yourself from Security Breaches
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By now no doubt you’ve heard about the massive
Equifax security breach in which more than 143 million consumers’ personal data was compromised, including the Social Security numbers, dates of birth, addresses, driver’s license numbers and credit card information for about 209,000 consumers. The news media has been full of stories about what you can do to protect yourself and your family.
Here are some things you may
not
have heard:
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•
The hackers could sit on the stolen information for years
before trying to use it.
•
A credit freeze is the best way to protect your credit.
This keeps anyone but you from being able to open credit in your name and it stays frozen until you unlock it.
•
Freezing your credit is easier than you think
and can be done online or over the phone by contacting each of the credit reporting agencies.
Equifax
is offering FREE credit freezes until November 21 (
Transunion
and
Experian
cost $10 each per person in Illinois). There are also similar fees associated with “thawing” or temporarily unfreezing your credit when you want to apply for a credit card or loan.
• There is a fourth credit bureau called
Innovis
which will allow you to freeze your credit for free.
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Freeze Children's Credit, Too
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According to the
Identity Theft Resource Center
, children are 51 times more likely to be victims of identity theft than adults. This type of theft can go unchecked and unnoticed for years, discovered only when the child applies for a loan or tries to qualify for college loans under the Free Application for Federal Student Aid (FAFSA). Twenty-three states, including Illinois, have laws that allow parents of minors to freeze their children’s credit.
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If You
Don't Freeze Your Credit
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If you decide
not
to freeze your credit, here are some things you may want to know:
- You can place a 90-day fraud alert on your credit report for free which requires businesses to verify your identity before issuing credit. Ask any one of the 3 major companies to initiate the fraud alert and that company is required to notify the other two. (You will need to place a separate alert with Innovis.) You can get a free copy of your credit report when you place a fraud alert on your credit account. The fraud alert can be renewed every 90 days.
- You can sign up for credit monitoring. Equifax is offering one free year of coverage, but credit monitoring will cost close to $20 per month (or $30 per household) to continue coverage after the first year. Transunion and Experian charge similar fees. Most experts don’t feel these services are worth the cost when there are other less expensive or free, equally effective options such as Credit Karma which provides free credit monitoring.
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Additional suggestions from the Federal Trade Commission (FTC) and
Consumer Reports
- Everyone is entitled to one free credit report per year from each of the three major credit agencies. Consider staggering your free credit report requests – request one report from each of the three major credit bureaus every four months, rather than requesting all three at once.
- Set up or activate two-factor authentication on all your existing mobile banking, savings, credit card, home equity line of credit, and other financial accounts.
- Contact your 401(k) plan provider or retirement account holder to learn their fraud protection policies and find out if they reimburse stolen funds. If they don’t, consider moving your money elsewhere.
- Monitor your existing credit card and bank accounts closely for charges you don’t recognize.
- File your taxes early to beat would-be identity thieves to the punch and respond immediately to any letters (not emails or phone calls) that you receive from the Internal Revenue Service.
As always, if you have questions or concerns about this issue, we are happy to be of service. Please call
630-653-1616
or email us at
info@mmaadvisors.com
and we will get back to you right away.
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Our People Make a Difference
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Staff Spotlight: Focus on Cindy Gunderson
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Cindy Gunderson has played a variety of roles at
Mathieson, Moyski, Austin & Co. during her long tenure at the firm where she currently serves as Office Manager. Whether it's staying on top of details related to client service or organizing special events, Cindy is the go-to person for questions from staff, clients and vendors. We caught up with Cindy to learn more about her as she was balancing her many duties ...
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How long have you worked at MMA & Co.?
I started working for MMA & Co. on July 10, 2000. I have been part of the team for 17 years.
What was your first paid job?
As the oldest of six children, I did a lot of babysitting for the neighbors. I couldn’t charge my mom, but I
could charge the neighbors!
What do you like most about your current job?
I try to learn something new every day to help me do my job better. Technology plays such an imperative role in the field of accounting that there is always something new to learn.
What do you think people don't know about accounting firms that you would like for them to know?
Accountants can be very funny! All of our accountants have a great sense of humor which helps get us through our busy seasons.
What types of things do you like to do outside of work?
I enjoy practicing yoga, planning driving vacations with my husband and a good glass of wine with friends! I volunteer with my church, St. Francis Xavier in Plainfield, teaching 5th & 6th grade catechism, and I serve as Secretary on the Board of the Knights of Columbus Women’s Auxiliary.
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Our team works hard, meeting deadlines and making sure clients' needs come first. We also take time to support the community and sometimes, that means we get to mix business with pleasure. (L to R)
Ron Austin, CPA,
Brett Mathieson, CPA,
Phil Salerno of
Clingen, Callow & McLean, LLC, and
Brian Hagene, CPA, joined forces to support the
Lions Club of Wheaton
Golf Outing in August.
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Kim Scroggs, CPA, (second from right) joined other accounting professionals from the
Fox Valley Chapter of the
Illinois CPA Society
at the
Northern Illinois Food Bank
on
September 21
to volunteer at the food bank. Members of ICPAS and its chapters throughout the state contribute their time and talent to support organizations that make a difference in the community.
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These are just some of the talented crew at MMA & Co., getting ready to host a
Business After Hours for the
Carol Stream Chamber of Commerce on September 21. Pictured are (L to R):
Cindy Gunderson,
Deepa Rajaram, CPA,
Shannon Bachara, CPA, who serves as the Carol Stream Chamber's treasurer,
Laura O'Malley,
Helen Demsher,
Robin Metzger,
Ron Austin, CPA,
Luanne Triolo Newman, executive director of the Carol Stream Chamber,
Brian Eisenmenger, CPA and
John Straus, CPA.
When we aren't working hard on tax deadlines, audits and providing business advisory services to our treasured clients, we are proud to be part of the activities and organizations within the communities we serve. Thank you for the opportunity to be of service to you!
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Mike Moyski, CPA
Ron Austin, CPA
Brett Mathieson, CPA
Brian Eisenmenger, CPA
John Straus, CPA
Jim Mathieson, CPA, Of Counsel
(630) 653-1616
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