Some of you might remember the movie “Gone in 60 Seconds” which was released in 2000 and was a remake of the 1974 original. It was an action packed, high-energy film where the main characters had to steal 50 luxury cars in 24 hours. The title of the movie refers to the idea that a car can be stolen in a very short amount of time, especially if it is not protected properly. A bit of trivia: In both the 1974 original and the 2000 remake there is a sign that appears at some point in the movie that states to “Lock your car or it may be GONE in 60 seconds.”
Why do I bring that up? Unfortunately, too many individuals are finding out just how easy it is for criminals to steal their assets and/or their identity today. Once funds are fraudulently taken, victims find it very hard, if not impossible, to recover. We all know someone who has fallen victim to fraud or identity theft, but we often don’t make it a priority to do the necessary things to protect ourselves and our loved ones.
According to a May 2025 article by Experian, the U.S. Federal Trade Commission (FTC) received more than 1.1 million complaints of identity thefts in 2024. The federal agency also received roughly 2.6 million cases of related fraud for the same period, with total losses of more than 12.7 billion. Experian noted that imposter scams, where criminals pose as trusted entities, made up the top-reported fraud category. Credit card abuse was the largest category of identity theft, and more victims reported being contacted by email than any other method.
So, what are some ways to protect yourself and your assets from identity theft?
· Use strong, unique passwords with multi-factor authentication and change them often.
· Use a Password Manager. A password manager can securely store your complex passwords.
· Install Security Software. Protect your devices with firewalls and reputable antivirus and anti-spyware software.
· Monitor your credit reports regularly. Placing a credit freeze on your credit report is also highly effective in preventing criminals from opening new accounts in your name.
· Don’t trust unsolicited messages trying to get you to act quickly. Be suspicious of texts and emails claiming that you need to click on an attached link or call an attached phone number right away. If you receive a suspicious message or fraud alert, call the vendor in question directly to check to see if there is an issue.
· Enroll in an identity theft protection service. It is relatively inexpensive and can help identify fraudulent activity. Baird has secured special pricing for our clients with an identity theft protection service called ID Watchdog. Call someone on our team if you are interested in finding out more about it.
With the rapid adoption of AI and other technology advancements there will undoubtedly be more creative ways that bad actors try to fool people into making themselves more vulnerable.
Stay safe and healthy and enjoy the beautiful weather!
Kurt