A security freeze is the “nuclear option” of credit protection and should help close the door on anyone trying to set up a fraudulent account in your name. But Consumer Reports says there are several other things you could be doing to put a wall up around your money.
People’s finances may be vulnerable for years after the Equifax breach. Fortunately, Consumer Reports said there are additional steps that can be taken right now, to help lock down your money.
Consumer Reports first recommended setting up and activating two-factor authentication on any financial accounts that offer it -- including mobile banking, credit cards and a home equity line of credit.
"It's an important, extra layer of protection,” Consumer Reports money editor Margot Gilman said. “So it's your password, plus a code, that's texted to your cell phone that only you have, or it's your password plus, say, a scan of your fingerprint."
Next, it’s recommended people secure any mutual funds because investment firms aren't required to restore assets stolen by hackers.
Two big investment firms, Fidelity and Vanguard, have reimbursement policies for online hacking cases, but it’s recommended people check the coverage details with their own investment manager.
"If your investment company doesn't explicitly say that it reimburses stolen funds, consider moving your money elsewhere," Gilman said.
Finally, Consumer Reports said people shouldn't forget the simple move of placing a fraud alert with the three major credit bureaus. It's free and provides a first-step warning to potential lenders not to open accounts in someone’s name without taking extra steps to verify it's actually them applying for the credit.