Protect Yourself from Identity Theft

What is identity theft and identity fraud?

Identity theft occurs when a fraudster illegally obtains your personal information to impersonate you to charge purchases, open credit cards and obtain loans in your name.

In contrast, identity fraud occurs when a fraudster creates a fake identity and uses it to fund various transactions. However, identity fraud is not a victimless crime – although criminals don’t steal someone else’s identity, they cost businesses millions of hard-to-recover dollars.

How to find out if your identity has been stolen

Identity thieves must act quickly to profit from their crime before the victim realizes what has happened. One of the main ways to find out if you have been a victim of identity theft is to regularly check your bank statements. If you notice charges on your account that you did not make yourself, your identity may have been stolen and you should contact your bank or credit union immediately to report it.

A sudden drop in your credit score may indicate strange activity. Identity thieves may make large purchases with your credit card or apply for things that can greatly affect your credit score. If you notice a decrease in your credit score, ask the credit reporting agency to verify your suspicions.

You may not have noticed a change in your credit score but were denied at the cash register. If your credit or debit cards are declined or your personal check is declined by a merchant, your identity may have been stolen and you will need to act urgently to regain use of your funds.

Tax problems may also indicate that your identity is at risk. Unfortunately, tax season is a common time frame during which many people learn their personal information has been compromised. You may be notified that someone else has attempted to file a tax return in your name or that you owe less than the expected amount.

Even if your bank statements and credit score look normal, merchants accept your payment methods as normal, and you can file your taxes without difficulty, you may not be safe. Watch your local news or Google recent news reports to make sure your favorite store hasn’t been hacked. Taxpayers aren’t the only ones who are exposed to private information exploitation, retailers do too. If you learn that the retailer you frequently deal with has been hacked, your identity may be at risk.

What to do if your identity is stolen

One of the most important things you can do if you suspect your identity has been stolen is to act quickly. This type of fraud thrives on time: the longer it takes you to realize that your information has been compromised, the more time the scammers have to manipulate your life and financial situation. Contact any bank you deal with to inform them of any transactions that have been fraudulently charged to your account. They will work with you to dispute the charges and resolve the issue.

Also contact the IRS as they can help you make sure your taxes are not further affected by the crime. bank rate Recommend that you place a fraud alert on your credit report. This will help creditors know that problems with your credit should be attributed to identity theft rather than mismanagement of funds on your part. The fraud alert will remain on your credit report for up to 3 months but can be extended if necessary.

In its quest to combat crimes against consumers, the Federal Trade Commission (FTC) has established a process for reporting identity theft. Uses their form to start submitting the report.

When most people think of identity theft and fraud, they don’t think of the police. After all, no one ever physically harmed you or directly threatened your safety, right? mistake. Contacting the local police ensures that you have a police report documenting the problem as well as additional information about your other personal accounts that may be affected. State laws may vary when it comes to obtaining a police report of identity theft, but it’s still important to inquire. For your convenience, the Federal Trade Commission (FTC) has done just that Posted a message Which you can take with you to the police station reminding them of the importance of getting the report.

How to prevent identity theft

Although identity theft has not been completely eradicated yet, there are ways to prevent it. First, secure any items containing your personal information. This includes shredding mail, such as bank statements and credit card offers, before disposal.

Do not give your personal information to lawyers. Be wary of people who contact you via phone, email, or social media messages and ask you to give them your Social Security number, PIN, or bank account number in exchange for a “special offer.” This could be a fraudster trying to get your information to impersonate you.

Monitor your checking and savings accounts. Glancing at it once a day (with a more thorough review once or twice a week) will help you prevent suspicious activity from continuing. If you notice unusual activity (i.e., purchases that you did not make), contact your bank immediately to dispute the charge and cancel your cards.

Finally, make sure you browse the web securely. Avoid unsecured websites as scammers may use them to intercept your passwords. You can tell if a website is secure if the web address begins with “https://” Or the padlock symbol is included in the URL bar. If you don’t see either or you get a message in your browser that access to the page is not secure, don’t proceed. Only access websites that have verifiable, up-to-date encryption.

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