There is no doubt about it. Identity theft issues seem to be on the same trajectory as the COVID pandemic. In a typical month, SWP usually has one or two clients who alert us about some identity breach they have personally experienced. However, in the last two months, we have received one or two alerts per week from clients, which has definitely caught our attention.
One of the newer frauds being reported is when an imposter files for state unemployment benefits using your name and other personal information even though you have never applied for these benefits. In fact, in Illinois, the Illinois Department of Employment Security (IDES) estimates it has received over 200,000 false unemployment claims since March. Many of our clients learn about this breach when debit cards arrive by mail claiming to be preloaded with benefit money. Alternatively, they receive a letter from IDES about the acceptance or rejection of an unemployment filing.
Every state has procedures to report someone using your identity to collect unemployment benefits. In Illinois, we advise that you immediately report any such fraud to IDES at 800-814-0513 (option #1 for Claimant and then option #5 for identity theft) and do not use the debit cards or dispose of them. In Wisconsin, you can report this type of fraud to the DWD here or call the Fraud Hotline at 800-909-9472. We have developed a full set of action steps to follow in the event you are the victim of this form of identity theft, so please feel free to contact us so we can share this information.
Just like wearing a mask or washing your hands can help protect you from the virus, there are steps you can take to make it harder for you to be a victim of identity theft. Use strong and unique passwords, freeze your credit at all three credit agencies, and regularly request copies of your credit report to ensure all reported activity is legitimate.
We also want to share one new important step that we encourage all clients to consider, even if you have never been a victim of identity theft. Please contact your insurance agent for your homeowner’s policy and ask what identity theft protection you have included in your policy and if you can add a “cybersecurity rider” to your existing policy. While policy benefits are different with each insurance carrier, we hope that this new rider will entitle you to more benefits and provide you with more resources should you experience a breach.
There are many parallels between COVID and identity theft right now. Both seem to be growing exponentially and both can be mitigated by taking certain precautions. As we develop additional actions that you can take to reduce your risk of identity theft, we will be sure to let you know.
SWP continues to post important information on how to reduce your risk of identity theft on our website. See the below links to past articles about this topic.
As we start the new year, especially after a challenging 2022, the most frequent question we are asked is: What is your prediction for 2023?
Admittedly, our crystal ball is cloudy. It always has been and always will be when it comes to short-term predictions. Still, there is no shortage of “experts” – supported by research, sophisticated models, and persuasive reasoning – that routinely broadcast what’s in store for the next twelve months. The harsh reality: it’s fool’s gold – entertaining but rarely actionable.
As you are likely aware, ongoing volatility and rising interest rates made 2022 a very challenging year in the capital markets. We believe that this past year has highlighted the need for advisors to explore investment opportunities that exist beyond the traditional stock and bond markets.
The private markets are one such opportunity set. In this article, we discuss what the private markets are, how these investments may fit into a diversified portfolio, and how we use them.
Our team regularly reads articles from industry peers and trusted resources to stay up to date on financial markets. We enjoy reading about topics related to economics, investments, current events, and financial planning.
In addition to circulating some of the best pieces internally, we thought our clients, partners, and friends might enjoy reading some of the same articles as us.
We received great feedback on the articles we circulated in the first two quarters of 2022, so we wanted to follow up with some more!
Here are eight recent pieces that our team members have read, along with some commentary on why we found the respective articles interesting.
