We may earn compensation from some providers. Learn More

How to Protect Your Wealth after You Become a Millionaire

All Security Reviews Staff · January 16, 2023

How to Protect Your Wealth after You Become a Millionaire

When you’re wealthy, you’re a target for thieves. Among Americans who make above $150,000 annually, 8.1 percent suffer identity theft, compared to 5.4 percent of the general population, says fraud and security analyst Al Pascual. Thieves target wealthy individuals because they know that’s where the money is. If you’re wealthy, this means you need to take heavier precautions to protect yourself from those who would steal your hard-earned money. Here’s a checklist to help you keep your wealth safe if you’ve recently become a new millionaire.

Be Vigilant against Identity Theft

Identity thieves can steal your information from various sources, including the Internet, your mail, your trash, medical records, and official paperwork like birth certificates and Social Security cards. To protect your information, it’s important to secure all potential points of vulnerability. To protect yourself online, the U.S. government recommends following Internet and mobile security best practices. These include:

Thieves can also try to steal your information from physical sources such as mail and trash. To protect these sources

To stop identity thieves, it’s also essential to monitor your bank and credit card accounts and your credit report to detect unauthorized purchases or other suspicious activity. The most efficient way to monitor your credit is to subscribe to a credit fraud protection service that can automatically track your accounts for you and alert you to any suspicious activity. If your identity does become compromised, a protection service can help you take steps to recover your losses and restore your identity. These steps include:

A fraud protection provider can also offer you packages to cover your losses and legal costs in the event you become a victim of thieves.

Be on Guard against Confidence Scams

Identity thieves also use scams to trick you out of your money. These schemes often seek out elderly victims, who thieves perceive as wealthier targets. Over one-third of Americans 60 or older file complaints against fraud annually, with one in five of these complaints involving identity theft, U.S. government data shows. Scam artists typically try to get you to divulge sensitive information by using a range of tactics that all usually involve impersonating a trusted source. These tactics include impersonating bank officials and government representatives, collecting money for phony charities, and offering get-rich-quick investment advice. To protect yourself against these and other common scams, here are some steps you can take:

Following these guidelines will help you avoid giving away unsolicited information to unknown sources.

Protect Your Physical Property with Home Security

Thieves also case wealthy properties for physical burglaries. For instance, some organized crime rings will drive through wealthy neighborhoods, knock to see which residences are occupied, and break into houses that look like no one’s home. To protect yourself against burglars, experts recommend following some home security best practices:

Taking these steps to secure your physical property will help keep your valuables and sensitive documents safe.

Keeping Your Wealth away from Identity Thieves, Scam Artists, and Burglars

Identity theft, scams, and burglary are three ways that thieves target your wealth. Following this checklist will help you guard against these tactics, protecting your identity, finances, and physical possessions against criminals so that your wealth stays yours.

All Security Reviews Staff avatar

All Security Reviews Staff

Our team at All Security Reviews (ASR) has extensive experience in the personal security industry. At ASR we bring this experience and expertise to you by reviewing security providers and grading each company through our proprietary Identity Protection Rating System.