Identity Theft: Next Steps & Prevention
Sep 13, 2019
We hear it on the radio, we see it in the news, but it’s not until it hits home that Identify Theft becomes the two scariest words. Identity Theft is defined as deliberately using someone else’s identity to gain a financial advantage or obtain credit or benefits using another’s personal information and putting the real victim at a disadvantage or loss.
NO financial institution (banks or credits unions) or government agency (Social Security Administration, IRS, Department of Education) will contact you asking for your personal information. If you have receive a call or were left a voicemail, DO NOT REPLY; simply HANG UP.
If you’re a victim of identity theft, consider the following steps:
Place a fraud alert or active duty alert
A fraud alert informs credit card companies and others that you are or may have been a victim of fraud. This FREE service is good for 90 days.
IdentityTheft.gov can help and it’s simple:
(1) Visit the following website: https://www.identitytheft.gov/
(2) Let them know what happened
(3) Get a recovery plan and
(4) Put plan into action
Opt out of pre-screened offers
Want to opt out of pre-screen offers from credit card companies or insurance agencies? Visit www.optoutprescreen.com or call (888-567-8688). This will remove you from every pre-screen offer, but it will dramatically reduce the offers you may be receiving.
Has this effected your taxes?
File the IRS Form 14039 Identity theft Affidavit with the IRS. This will flag your account with the IRS and help prevent against fraudulent tax returns. It’s recommended checking Box 2 under Section B because each of us are “at risk” of identity theft.
Put a Credit Freeze on my credit report?
“A security freeze can prevent access to your credit report, with certain exceptions, by making it unavailable for the purposes of opening new credit in your name. Placing, temporarily lifting, or removing a freeze is free.” This added level of security means thieves can’t establish new credit in your name even if they are able to obtain your personal information. This has no impact to your credit score and they only way to lift the freeze is by using a PIN (in which you created when first putting the freeze. Equifax Credit Freeze / Transunion Credit Freeze / Experian Credit Freeze
There are several ways you can protect yourself from being a victim.
· Shred unnecessary documents that contain your personal information (name, social security number, date of birth, home address etc.)
· Use strong username and passwords for online accounts
· Regularly check your credit reports through www.annualcreditreport.com or www.creditkarma.com
· Safeguard your social security card and be cautious to whom you give the number to
· Don’t leave a paper trail – never leave ATM, credit card or gas station receipts behind
· Enroll in online services like online banking. Paper statements sent between your address and the bank invites the possibility of mail theft
· Set alerts through your financial intuitions, so when a deposit or withdrawal takes place you will receive an email or text alert
· Regularly review bank statements. Hackers and thieves will try small deposits/withdrawals several times to make sure you’re not paying attention before the big withdrawal
· Avoid ATMs in tourist-y areas, if you can
· Keep an eye out for things that look sketchy on ATMs. Often times thieves will install skimmers on ATM that will steal card information the moment you slide your card in the ATM
· Make sure your card has the chip-enabled feature on the card
· Always inform your bank about any suspicious activity
· Ask your bank about their security protection against theft, loss or fraudulent use for your accounts
· Use strong password for online banking
· Enroll in free identity theft protection services through services you might already be a part of (example Triple A offers ProtectMyID for free if you’re a member)