According to the U.S. Department of Justice, roughly 16.6 million people were victims of some form of identity theft in 2012. That’s about 45,000 people per day that experienced theft of personal information, bank account access, or total identity loss. As business becomes increasingly automated online, the ability to protect one’s identity becomes much more important. Now, more than ever, is a strong password crucial to keeping assets secure.

Read below on how modern password practices can help keep you safe, and how Telemus Capital is working to keep your finances protected.

Password Protection

As a general rule, the most important elements for a secure password are length and uniqueness. A common misconception is that complexity is the key, as many passwords now need a mix of letters, numbers, and symbols. While this works in theory, it’s not necessarily bulletproof.

The more complex a password is, the harder it is to remember. Writing down a password just makes it easier for others to find, and constant resets are easy to exploit for anyone with access to your email. Add to that the sheer number of passwords that need to be memorized for everyday business and maintaining any level of security becomes difficult.

Luckily, password management services, such as LastPass and Dashlane, have sprouted up that will protect all your password and login information behind one master password. Individual accounts retain their security, and you only need to remember a single password to access all of them at once. Just make sure it’s a strong password, or all that extra security goes right out the window.

Beyond Passwords

Unfortunately, just as security practices become more vigilant, hackers are getting more creative. Even the longest and most complex passwords can be cracked; and, as the security catastrophe in 2014 known as heartbleed has shown, hackers are always finding new ways to get at your information.

In response to the growing need for online protection, new security firms have appeared that focus on protecting your online identity. Telemus has partnered with one such company, LifeLock, to ensure the present and future stability of their clients’ finances. LifeLock’s dedicated team of professionals proactively monitors credit and financial data for potential threats, and alerts you the moment any suspicious activity is found.

LifeLock also guarantees that, should the worst come to pass and your identity is stolen, they will spend up to $1 million to hire experts, lawyers, investigators, consultants and whatever else it takes to help your recovery.

Final Thoughts

Success in today’s economy is more than just hard work; it’s about protecting your identity as well. When next looking over the security of your business, make sure that you’re taking all the right steps towards smart and appropriate protection. Even seemingly miniscule precautions can mean all the difference between future security and financial disaster.


PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. This commentary is a matter of opinion and is for informational purposes only. It is not intended as investment advice and does not address or account for individual investor circumstances. Investment decisions should always be made based on the client's specific financial needs, goals and objectives, time horizon and risk tolerance. The statements contained herein are based solely upon the opinions of Telemus Capital, LLC. All opinions and views constitute our judgments as of the date of writing and are subject to change at any time without notice. Information was obtained from third party sources, which we believe to be reliable, but not guaranteed.

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