Identity theft is reportedly a growing threat as fraudsters evolve to be savvier and more sophisticated. There have been more than 1,300 data breaches already in 2024, according to the Identity Theft Resource Center.
It’s no surprise an Experian survey found that many consumers are wising up to the risk, with over half the U.S. adult population saying they’re highly concerned about identity theft and fraud.
As fraudsters continue to become more sophisticated, it’s critical that you take matters into your own hands and protect your personal information.
To help you avoid becoming a victim of fraud, there are a few key tips you should follow:
Create strong passwords: Create strong passwords for every account you have and don’t repeat passwords. If you reuse the same password across multiple accounts and a criminal gets ahold of it, they can potentially wreak havoc on your personal and financial life. A password manager can help you create unique passwords and store them so you don’t need to remember them all on your own.
Protect personal documents: Keep all your personal documents out of the hands of fraudsters, especially your social security card, as it can quickly open the door to identity theft. Leave your social security card in a safe place at home–don’t carry it with you. Additionally, check your mail every day to prevent theft of potentially sensitive data. Shred paperwork with personal information on it before throwing it away. Also, consider having statements delivered electronically so there are fewer physical documents with your information on them.
Watch out for phishing scams: Phishing uses fake text messages, emails, phone calls or other types of communication that look like it comes from a reputable source. The fraudster’s goal is to make you click on a link or open an attachment and share your personal information. After clicking the fake link and using your login credentials, the scammer can gain access to your account. To protect yourself from these types of scams, never click on a link or open an attachment from someone or a company that you don’t recognize or that looks suspicious. Additionally, if you receive notice that your personal information was involved in a data breach, be cautious about hackers who may imitate the company you received the breach notice from. To verify the legitimacy of the communication, identify the correct phone number by looking at physical statements or by logging into your account through a verified portal and call or email the company separately.
Use caution when answering calls: Criminals may try to call you and pretend that they are with a company you are associated with in order to have you provide your personal information. Never provide information over the phone. Instead, ask for the person’s name and where they are calling from. Hang up and call the company back via the phone number listed on its website to verify if the call was legitimate.
Regularly check your credit reports: Regularly checking your credit reports is a good financial and security habit. Staying updated on what is in your reports will help you spot any suspicious activity, like new accounts you don’t recognize, and help you act quickly to combat further fraud.
Leverage tools to combat fraud: Experian data found that only 30% of people are currently using an identity theft protection product or service. This shows that too many people are missing an opportunity to keep themselves and their identity safe. Research free and paid identity protection products that can be an extra layer of protection.
Identity theft should be taken seriously by everyone. Being proactive and following key steps can help you stay ahead of fraud before it occurs.
By: Statepoint
