What is Identity Theft?

Identity (ID) Theft is a fraud committed or attempted using the identifying information of another person without authority. ID Theft impacts 1 out of 5 people, occurs every 2 seconds, takes 9 minutes for fraudsters to access hacked information, and can now be committed electronically (via email or a smartphone) to gain access to personal information.

The smart device age has made our lives easier, but it’s also made us more vulnerable. Identity theft, once a distant threat requiring break-ins and dumpster dives, has become an ever-present concern thanks to digital ubiquity. With the prevalence of e-filing, that holds especially true during tax season. Last year, the IRS reported identifying 1.1 million potentially fraudulent filings by early March.

Cornerstone is proud of the work we do to keep your data safe and the additional layers of protection and support we offer through our association with Raymond James. However, taking individual steps to protect yourself and your data is critical.

Know the signs.

Whether it’s a letter concerning information you never requested or an alert that an online account was created in your name, getting unexpected communications from the IRS is usually the first warning sign of tax-related identity theft.

• The IRS does not routinely email, make phone calls or communicate with individuals through social media.
• Explore more red flags at irs.gov/newsroom/taxpayer-guide-to-identity-theft.

Keep safe.

Taking a more defensive approach to your online life is simpler than you might think.

• Password managers, such as those built into browsers or dedicated apps like Bitwardenand 1Password, can help you generate stronger passwords, update them regularly, and keep them secure and encrypted in a single location.
• Enable multifactor authentication across your accounts.
• Stay current with software and operating system updates.
• Audit your online footprint: Make a list of all the sites you’ve created a username and password for and deactivate unused social, shopping and nonessential accounts.

Take action.

• File your taxes as early as possible – as soon as all the necessary forms arrive. This can help ensure a return is on its way before a bad actor even has the chance to attempt theft.
• Enroll in the IRS’s identity protection PIN (IP PIN) program. The IP PIN is a unique six-digit number generated each year to protect the use of your Social Security number.  

If you have a reason to suspect you are the victim of tax-related identity theft, we encourage you to respond immediately to any IRS notices and visit IdentityTheft.gov for guidance on protecting yourself and securing accounts. If an e-filing is rejected because taxes have already been filed using your information, you may need to complete IRS Form 14309, Identity Theft Affidavit, and include it with a paper filing.

If you’d like to discuss additional security – or savings – get in touch any time.

Learn More

Identity theft resources from usa.gov

Recovering from identity theft (from ftc.gov)

Don’t miss our Education Event:

Beyong the Firewall: Privacy, Security, and Account Protection

Feb. 11 | 6:15pm | Hilton Garden Inn Sioux Falls South Or via Zoom

Hilton Garden Inn Sioux Falls South – 5300 S Grand Cir, Sioux Falls 57108

Not a Cornerstone client? 

Contact us today at 605-351-8553 or cfsteam@mycfsgroup.com if you’d like to learn more about the unparalleled service you can expect from the Cornerstone team.

CSP #695994 Exp. 1.14.26

Sources: raymondjames.com, irs.gov, cnbc.com

Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional. Material created by Raymond James for use by its advisors. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

If you think about family wealth, you might focus on tangible assets like investments or property. However, some of the most valuable aspects of a family’s legacy are intangible— things like traditions, shared values, and family history. These intangible elements, combined with material wealth, help define the legacy you’ll pass on to future generations. Ensuring that this legacy aligns with your personal goals and wishes is essential.

Preparing your children or other heirs for a successful financial future is key to ensuring that wealth continues to grow and benefit your family for generations. Equally important is creating a space for open, transparent conversations with your heirs, beneficiaries, or Power of Attorney, so they are equipped to make informed decisions should you become incapacitated. Estate planning isn’t just about preparing for what happens after you’re gone; it’s also about ensuring your affairs are managed according to your wishes if you can no longer do so yourself.

Holding a family meeting that includes your financial advisors can be a powerful way to help safeguard your family’s future. These meetings help ensure that your loved ones avoid unnecessary confusion and stress when it comes to managing the financial affairs of an incapacitated or deceased family member. While these conversations can be difficult, the alternative—leaving beneficiaries to navigate complex plans and assets without clear guidance—can be far more painful.

At Cornerstone Financial Solutions, we facilitate many family meetings for clients each year and have extensive experience in ensuring they are productive and meaningful. Introducing your heirs to your advisors also helps put faces to names and provides comfort, knowing there will be support in managing your estate when the time comes. With multiple generations of advisors on our team, we’ll be here for your family today and in the future.

We can host these meetings in our office, or we can arrange secure virtual sessions for families spread across the country. Whether or not you choose to include us in the conversation, we’re happy to provide the resources and space you need. There is no cost or obligation involved—only the confidence that comes with planning for the future.

Not a Cornerstone client?

If you’re ready to take the next step, we can help guide you through every step of the process. Contact us to plan a conversation that ensures clarity, confidence, and peace of mind for generations to come.

Contact us today at 605-351-8553 or cfsteam@mycfsgroup.com if you’d like to schedule an introductory strategy session.

CSP #635767 Exp.10.28.25

Any opinions are those of Cornerstone Financial Solutions, Inc. and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions, or forecasts provided herin will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification. Past performance is not indicative of future results.