Identity theft is the unauthorized use of someone else’s personal identifying information for fraudulent purposes. Identity thieves may steal your name, address, credit card numbers, bank account numbers, Social Security number, and other pieces of information that identify you. Then, they use this information for various types of fraudulent acts such as draining your bank account, running up charges on your credit cards, opening new utility accounts, and even receiving medical treatment on your health insurance. In addition, an identity thief can file a tax refund in your name and receive your refund. These fraudulent acts can damage your credit status and cost you time and money to restore your good name.
Identity theft is a serious concern for individuals around the world and is the largest form of fraud in the United States. The number of Americans who have experienced identity theft has surpassed 27 million to date, with the rate increasing every year.
Financial institutions have privacy policy measures in place to help protect your personal and financial information. However, you can also take steps to protect yourself and stop these crimes before they happen. Here are some tips to maximize your security:
- Use password protection for online transactions to help assure online security.
- Don’t give out financial information to just anyone.
- Closely guard your debit/ATM card PIN (personal identification number). Do not write your PIN on your card.
- Notify your bank of suspicious email, phone, or text inquiries asking for your personal information. Your bank already has this information and will never contact you asking for it.
- Shred financial documents, personal information documents, and bank statements.
- Don’t leave mail with check payments in your home mailbox with the red flag up.
- Create complex passwords. Change them regularly or use a password manager.
- Be careful about clicking links or attachments sent to you in emails or texts.
- Get a free credit report every year to review. To freeze your credit and/or report fraud, contact one of the major credit bureaus: Equifax, Experian, or TransUnion.
If you have questions or concerns about protecting your financial identity, reach out to your financial institution. We are here to help.
For more information, check out these resources:
https://www.identitytheft.gov/#/
https://consumer.ftc.gov/features/identity-theft-awareness-week
