Techniques to Strengthen Your Financial Cybersecurity Plan

In today's digital landscape, protecting your financial life requires moving beyond simple password management. Criminals use sophisticated, layered techniques to target high-value assets, from draining brokerage accounts to stealing property titles. A robust defense must be equally layered, and Elmwood is committed to working together with you to stay safe.

Here are seven advanced, proactive measures you can implement right now to secure your identity, cash, investments, and property. If you need assistance in implementing any of the ideas below, please reach out, we will do our best to assist you.

1. The Ultimate Login Defense: 2FA & Password Managers

The foundation of modern security is built on two principles: unique passwords and Multi-Factor Authentication (MFA). Stop reusing passwords and immediately adopt a high-quality, reputable Password Manager (like 1Password, LastPass, Norton or Bitwarden) to generate and store complex, unique credentials for every account. More importantly, upgrade your 2FA. While SMS codes are better than nothing, enable the strongest option: an authenticator app (like Google Authenticator or Authy).

2. Lock Down Your Liquidity with Transfer Controls

Unauthorized transfers are an overlooked financial threat. Check if your brokerage offers a user-activated Account Transfer Lock. Firms like Fidelity offer a "Money Transfer Lockdown" feature that prevents electronic funds or assets from moving out of your account until you deliberately disable the lock. If your firm does not offer this online, call their security line and request a verbal authorization requirement for all outgoing ACH, wire, or ACATS (Asset Transfer) requests.

3. Freeze the Gates of Credit

The primary goal of identity theft is to open new credit lines in your name. You can stop this cold by placing a Credit Freeze with all three major bureaus (Equifax, Experian, and TransUnion). This is free, easy to do, and locks your file against new credit checks. You simply "thaw" the freeze temporarily if you need to apply for a new loan or credit card. It is the single most powerful step against new-account identity fraud.

4. Fortify Your Tax Identity with an IRS PIN

Tax identity fraud—where a criminal files a return in your name to steal your refund—is a costly issue to resolve. Proactively request an Identity Protection PIN (IP PIN) from the IRS. This six-digit code is known only to you and the IRS, and must be included on your federal tax return for it to be processed. Without your unique PIN, any fraudulent return filed in your name will be rejected.

5. Protect Your Biggest Asset: Property Fraud Alerts

Criminals are increasingly attempting to steal property by forging deeds and recording them with the county. While you cannot legally "lock" your title, you can set up a powerful Property Fraud Alert (PFA). These free services, offered by most county recorder's offices, will send you an immediate email or text alert any time a document is recorded that includes your name or property address. This early warning is crucial for contacting the District Attorney and fighting a fraudulent filing before further damage occurs.

6. Insure Against Digital Disaster with a Cyber Rider

Standard home insurance generally does not cover financial losses from online fraud. Contact your insurance agent about adding a Cyber Insurance Liability Rider to your homeowners or renters policy. This rider can provide coverage for costs related to cyber-extortion (ransomware), financial losses from scams like wire fraud, and the expensive professional services needed to restore compromised computer systems and recover from severe identity theft.

By implementing these advanced, layered controls, you create a robust perimeter around your most valuable assets, moving your security from basic protection to an institutional level of defense. Your safety and confidence are central to everything we do, so please let us know if there’s anything we can do to help knock a few of these off your list!