5 Items You Should NEVER Keep In Your Wallet

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

No one ever wants their wallet to be stolen or lost, but since anything is possible at any moment, the least we should all do is be smart about what we carry with us - losing a few dollars is one thing, but losing confidential information is another (did you know that more than 40% of identity fraud cases are a result of stolen/lost wallets and purses?).

The next time you have a minute to spare, go through your wallet and take these items out immediately if you're currently carrying them:

1. Your social security card. Never, ever, ever carry your social security card with you in your wallet - if an identity thief gets a hold of this, they can basically get a hold of everything. 
2. Your birth certificate. Your birth certificate is just as important as your social security card and contains vital information that only you should have your hands on. That said, unless you're traveling or heading somewhere that requires you to present your birth certificate as proof of identity, you'll want to leave this home.
3. Blank checks. Some people prefer to write checks instead of using cash or credit cards and that's okay, but that doesn't mean you should carry a ton of blank checks with you all the time. If someone steals or finds these, they can easily start taking money out of your account.
4. Additional credit cards. Having more than one credit card is normal for most people, however, you shouldn't have all of them on you at once. Not only does this give identity thieves more of your money to work with, but it makes the process of canceling credit cards and closing accounts harder for you if something should happen.
5. Passwords. And bank account numbers, and pin numbers. If you need to write these down to help yourself remember, store that piece of paper in a safe place at home. Then, in situations where you know you'll need that information (such as if you're about to head the ATM), review it before you leave the house and don't bring it with you.

Remember, the more accessible your information is, the easier it becomes for identity thieves to utilize, so you must always be cautious and make sure you're doing everything you can to keep yourself protected!

American Investment Planners LLC is an independent financial planning firm that offers services such as retirement planning, estate planning, portfolio and asset management, and taxes and accounting. To learn more, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Tips for Staying Safe When Banking on Mobile

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Long gone are the days when cell phones were just used for calling and texting - now, they're used for social media, as a GPS, for travel, for music, and so much more! With apps available for nearly everything you can imagine, something else many people use their mobile phones for is online banking.

Now, although developers work to make their apps secure, anyone who uses mobile technology for the purpose of making financial transactions or monitoring financial accounts still needs to be cautious of what they're doing and when/where they're doing it. This, of course, is for the purpose of protecting oneself from identity theft. Here are a few things to remember:

1. Avoid public Wi-Fi. If you're going to be logging into an app that stores your personal financial information, make sure you're on a secure network. Using public Wi-Fi in places such as hotels and coffee shops puts your information at greater risk of being intercepted.
2. Use your bank's app. Rather than log into your bank's website via your mobile browser, download the app that they've developed for mobile banking purposes. Sources say that using the app can protect your financial data since mobile browsers tend to be less secure.
3. Turn off automatic logins. Storing passwords on your mobile applications makes things easier for you, yes, but it also makes it easier for people to access your information if your phone is ever lost or stolen. That said, always make sure that your settings are set to require a password when opening up mobile banking applications (and all other apps, for that matter).

Should you find that you take all of the right steps and your information still winds up in the wrong hands, here are some immediate actions you should take.

American Investment Planners LLC is an independent financial planning firm that offers services such as retirement planning, estate planning, portfolio and asset management, and taxes and accounting. To learn more, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

Five Fast Facts About Identity Theft

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

By now you probably have a good understanding about identity theft (especially if you've been keeping up with our blog, where we've been sharing all kinds of information on this topic), but aside from tips on how to protect yourself and steps to take if you become a victim, we want to get more specific - by this, we mean it's time to share some statistics.

The following is a list of facts that we were able to compile after doing some research:

1. In 2015, identity theft complaints were the second most reported to the FTC, with tax or wage-related fraud being the most common form of identity theft at 45%. Credit card fraud came in second at 16%. 
2. In 2014, IBM reported that more than one billion records that contained personally identifiable information were leaked. 
3. 30% of identity theft victims are actually scammed by people who know them well - close friends of the family and even family members themselves. 
4. Every minute, 19 people find themselves to be a victim of identity theft.
5. Medical identity theft is also a huge issue and is one that is on the rise - in 2014 alone, 500,000 people experienced this.

As you can see through these numbers, identity theft is a serious issue that affects tons of people in various different ways. If you have questions about identity theft or are looking for more information on topics such as the types of attacks to be aware of as well as what you can do to stay safe, please continue to check out our blog, connect with us on social media, or contact us directly at (516) 932-5130. We can also be reached via email at info@americaninvestmentplanners.com.

When Is It Safe to Get Rid of Financial Documents?

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

After years of paying bills, filing taxes, receiving paychecks and the like, you're bound to wind up with folders and drawers filled with old financial documents - yes, even those of you who have gone paperless are likely to have some too. But as time goes on, are you really going to need to have every one of those documents saved? If you need some help organizing your financial statements and paperwork, here are some general guidelines you can follow:

Receipts
If you plan to itemize something on your tax return, you should keep the corresponding receipt for three years along with the appropriate tax records.

Paychecks
You should keep your paychecks until the end of the year in which you received them. However, don't be too quick to toss them on the first of the new year - you'll want to cross check with documents such as your W-2 and Social Security statement.

Utility Bills
Utility bills can typically be discarded after one year, but if you plan to claim a home office tax deduction, your timeline would be three years.

Credit Card Statements
Unless you anticipate needing them for tax purposes, you can get rid of credit card statements after you've had a chance to review all of the transactions and have proof that your payment was accepted.

Bank Statements
Aim to keep your bank statements for at least three years, as you'll need this period of time's worth of statements if you're ever audited by the IRS.

Loan Statements
You should keep any documents related to loans you are currently paying off handy, then, any records that you have regarding loans that have been payed off should be kept for seven years. 

Tax Returns
Tax files can get a bit tricky, since the length of time you should keep a document for will all depend on what that document is about. The IRS explains:

1. If you file a claim for credit or refund after filing your return, you should keep records for 3 years from the date you filed your original return OR 2 years from the date you pay the tax (whichever comes later).
2. If you file a claim for a loss from worthless securities or bad debt deduction, you should keep records for 7 years.
3. If you do not file a return, you should keep records indefinitely.

Other circumstances and their period of limitations can be found here, courtesy of the IRS.

Have questions about other financial documents you currently have on file? For more information about discarding sensitive information such as the above, contact one of our advisors at (516) 932-5130 or via email at info@americaninvestmentplanners.com. And remember, when it is safe to get rid of your paperwork, make sure you're shredding it!

How to Properly Get Rid of Financial Documents

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

When you receive junk mail or have paperwork that you no longer need, what do you usually do with it? If you answered "throw it out," you're likely not alone - tossing old papers or unwanted mail into the trash is common practice for most people. However, the same doesn't apply to financial documents or anything else that has confidential information on it. 

As your trusted financial planner, we want to share with you the best way to get rid of any paperwork that you don't want others to get a hold of - the answer is: shred it. From tax information to bank statements, canceled checks, mortgage paperwork, paychecks and more, anything that has your personal information on it belongs in the shredder. While yes, some documents may seem safe to throw in the trash, the fact of the matter is that anything you don't want people to get their hands on should be shredded. Let us remind you of why:

A common identity theft attack is known as dumpster diving, and the act is carried out exactly as it sounds - thieves literally go through trash cans and dumpsters in search of documents with people's personal information on them. Often these thieves will look for documents such as credit card bills, utility bills and bank statements, which is why it's so important to avoid throwing these in the trash (you should even shred things like personalized credit card offers). 

While you may feel confident that no one is going through your personal trash can, you don't know where your garbage actually winds up, which is why you should avoid the trash can altogether when it comes to your personal information.

Even if you've thrown out sensitive information like this in the past, what we ask is that from here on out, you start shredding everything that can give an identity thief clues about who you are! If you have any further questions about how to dispose of financial documents or would like more information about identity theft and how you can protect yourself, please call (516) 932-5130 or email info@americaninvestmentplanners.com today.

Immediate Steps to Take if Your Identity Has Been Stolen

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Finding out that your personal information has been stolen can be pretty surprising and overwhelming, and in a state of shock, it's not unusual to freeze up and forget what you should do next. But since identity theft is an issue that needs to be addressed immediately, it's important that you know how to act so that you stop your attacker before things get out of hand.

Below, learn five crucial steps to take if you suspect that your identity has been stolen:

1. Contact your bank and/or creditors.
Ultimately, you must contact any financial institution that you have ties to. If it's your credit card that has been affected by the attack, contact that specific creditor to have your account frozen or shut down completely. Similarly, if it's your bank account that has been compromised, contact the bank for information about unauthorized withdrawals and what steps can be taken next to prevent future suspicious acts, such as closing the account altogether.

2. Request that a fraud alert be placed on your credit report.
There are three credit reporting companies that have information about your credit history - Equifax, Experian and TransUnion. To place a fraud alert on your credit report, contact one of these companies with your request - they should let the other two companies know on your behalf, but confirm that they will relay the message just in case. This is extremely important to do because it can make it much more difficult for your attacker to open additional accounts using your name. Note: it does not cost anything to put a fraud alert on your credit report, and it will last for 90 days.

3. Review your credit reports.
By placing a request for a fraud alert, you are entitled to receive a free copy of your credit report from each of the three credit reporting companies. Once you have it, check it over for any remarks that look unusual, such as hard inquires you did not authorize or accounts that you did not open. Should you notice any of these, your next step is to reach out to the appropriate company/organization based on the information you see.

4. Freeze your credit reports.
When the credit reporting companies place a credit freeze on your file, it means that creditors cannot pull your credit report. This is helpful because, similar to what we mentioned in point #2, it prevents your attacker from opening any accounts in your name that require a credit pull. 

5. Make an identity theft report.
To file an identity theft report, the first step is to submit the theft to the FTC. The copy that you print out for yourself will serve as your Identity Theft Affidavit. Next, contact your local police department to file a police report - make sure to bring your Identity Theft Affidavit with you, and don't forget to ask the police for a copy of your report. Your final identity theft report is complete once you attach your Identity Theft Affidavit to the police report you obtained/filed.

For more information about the steps to take after learning you are a victim of identity theft, check out this guideline from the Federal Trade Commission.

American Investment Planners LLC is an independent financial planning firm that offers services such as retirement planning, estate planning, portfolio and asset management, and taxes and accounting. To learn more, please call (516) 932-5130 or email info@americaninvestmentplanners.com.

How to Protect Yourself From Identity Theft

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Imagine how it would feel to find out that someone has stolen your personal information - credit card numbers, bank account numbers, social security numbers, even passwords - and is using it for their own personal gain? Identity theft is a serious issue for a number of reasons, but one of the major reasons you need to protect yourself is because having your identity stolen can hurt you financially. For example, someone could rack up your credit card bills, leaving you financially responsible and potentially damaging your credit at the same time.

We're certainly not trying to scare you, but we do want to stress as much as possible how important it is to be careful with your information. That said, here are some ways that you can work on protecting yourself from identity theft:

Update your passwords regularly.
And while you're at it, make sure that you aren't using the same password for multiple websites and accounts. Someone trying to guess your password will start with the obvious such as your name, your birthday, your pet's name, or your parents' name, so stay away from using these. Safe passwords are those that are strong and hard to figure out - include a mix of numbers, letters (lowercase AND capital) and special characters.

Keep your information to yourself.
Never post personal information about yourself online for everyone to access - especially not on social media. At the same time, you should also never share passwords with anyone, even if you're confident that they won't tell. 

Don't open suspicious communications.
Sending emails is one way that hackers try to get your information, so if you notice something suspicious in your inbox, don't open it and delete it. If you do open an email that looks safe at first, but then the contents make you think twice, don't click on any links or respond with information if asked for it.

Make sure your documents are secure.
With technology so readily available, many people choose to store important information on their computers. However, this should only be done when using a secured network, and if this is something you do, you should also have the right firewall and anti-spyware software installed. 

Check your credit report.
If you are not receiving a copy of your credit report once a year, you need to start now. This is because requesting a copy of your report gives you the opportunity to look over it for any potential errors or marks that seem suspicious. If something does seem wrong, this is your chance to correct it and let institutions know that someone is using your information.

Last, but certainly not least, shred all confidential documents. If you plan to discard any paperwork that has your personal information on it (even information as basic as your name and birthday), it must be shredded to prevent anyone from accessing it - remember, identity thieves will look in trash cans for information.

To learn more about how you can protect yourself from identity theft, feel free to give us a call at (516) 932-5130 or send an email to info@americaninvestmentplanners.com. Our advisors would be happy to work with you on keeping your information secure!

Warning Signs That Your Identity Has Been Stolen

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Would you be able to tell if your identity has been compromised? Considering just how damaging an identity theft attack can be to your current personal and financial situations, being able to recognize if your identity has been stolen is key.

To help you out with this, below we're sharing some of the most common warning signs that suggest someone has taken off with your identity:

1. Your bank account is/was compromised. If you notice a withdrawal that you know you didn't make, or if there are remarks on your bank statement that you can't explain, someone is likely using your account. Since you'll want to report unusual findings on bank statements immediately, it's important that you check in on actions taken (checks cashed, withdrawals, payments made, etc) regularly.
2. Your credit report has errors on it. When we say errors here, we are referring to remarks that you know don't apply to you - for example, a credit check or an added account that you know you did not authorize. The good news here is that you can request a copy of your credit report once per year or use websites like Credit Karma to keep an eye on things.
3. Suspicious charges are applied to your credit card. Suspicious transactions on your credit card are an obvious sign that someone has specifically stolen your credit card information. If this happens on one of your credit cards, check your other credit card's activity to see if your information was taken for all of your current accounts. Should you notice transactions being posted that you did not make, contact your credit card company immediately to dispute the charge.
4. You're being held responsible for unusual debts. Receiving phone calls or notices from debt collectors about debts that are not yours are also surefire signs that someone has used your personal information to make purchases, take out a loan or perform a similar act.
5. You aren't receiving your mail. Unless you have signed up to go paperless or are in another program where you won't receive paper bills, statements and notices, you should be receiving documents like these in the mail for any applicable accounts - credit cards, bank accounts, etc. If you suddenly stop receiving these out of the blue, chances are someone has messed with your information. 

Should you ever experience any of the above, the most important thing to do is to notify the appropriate person/institution right away - for example, if it's your credit card that has suspicious transactions, get in touch with the company immediately to let them know of your concern. Communication in situations like this is critical, and you always want to be sure that you reach out to someone about your concerns sooner rather than later.

For more information about identity theft, be sure to check out our other blog posts and connect with us on Facebook, Twitter, LinkedIn and Google+. More information is also available by contacting our advisors at (516) 932-5130 or via email at info@americaninvestmentplanners.com.

Different Types of Identity Theft Attacks

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

According to myFICO, someone becomes a victim of identity theft every 2 seconds - pretty alarming, isn't it? Identity theft refers to when someone steals your personal information and uses it without having been granted permission by you, and it can seriously hurt your current financial state. That said, we feel it is extremely important to provide you with the tips and information you need to keep yourself from becoming a victim of identity theft, starting by sharing insight into the different types of identity theft attacks:

Dumpster Diving
Dumpster diving refers to the act of going through both your trash cans and maybe even public dumpsters in search of documents that include your personal information. Common documents that these people seek are bills (credit card bills, utility bills, etc) and bank statements. 

Shoulder Surfing
Shoulder surfing refers to the act of someone watching you while you complete certain tasks that offer up your personal information. For example, they may watch you put in your PIN number at the ATM or listen to phone conversations where you give your credit card information. If you ever feel that someone is standing too close to you while you're at the bank, paying for something via credit card or when talking on the phone in public, either walk away, ask them to move back, or ask them to go first (if you're both at the ATM, for example).

Hacking
Technology may have changed our lives for the better, but it also makes it easier for people to access our information - specifically hackers. These kinds of people can install certain programs and softwares on your computers, smartphones and tablets in order to get the information you store. That said, you must be careful if you bank or shop online.

Phishing
Sending emails that seem legitimate is a common strategy used by identity thieves - they'll send you an email pretending to be someone else (such as a business or institute that you already trust) and ask for more information. Email isn't the only way people do this, though - they may also call, text or send mail that encourages you to share personal information.

Stealing
Stealing your wallet and/or purse for the purpose of getting your credit cards, driver's license and other personal documents is one way of getting your information, but there's something else people may steal - your mail. If you haven't gone paperless, you need to be checking your mail every day to make sure important paperwork isn't left outside for anyone to grab. Additionally, be smart about what you keep in your wallet/purse - no social security cards!

As you can see, there are multiple ways that people go about stealing identities, so you must be extremely cautious with how you handle your personal information. One of the best tips we can offer? Shred everything. When you're ready to discard financial documents you no longer need, your best bet is to shred it so that the information is no longer legible.

For more tips and information on identity theft, please give us a call at (516) 932-5130 or email info@americaninvestmentplanners.com.

Join Us for Our Shred Fest Event!

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

In case you missed it, we are excited to announce that we will be hosting a shred fest on Saturday, September 24, 2016! Held from 9:00 AM - 11:30 AM in our building (500 N. Broadway, Jericho, NY 11753), this event was designed to help you get rid of your financial documents the right way and protect your identity!

Identity fraud is an extremely serious situation, and one that we never want you to experience. And since it can be so simple for people to obtain your information through documents that are not disposed of properly, we encourage you to always shred any financial paperwork that you no longer need.

If you attend our shred fest this month, you are permitted to shred these items and more:

• Financial records
• Credit information
• Legal records
• Medical records
• Staples and paper clips

Note that 3-ring binders, plastic sheet protectors and credit cards may not be shredded.

As part of this event, we will also be providing a continental breakfast! To reserve your spot, all you have to do is give us a call at (516) 932-5130. We look forward to hearing from you and hope to see you there!