Identity theft has been described in many ways over the years through different definitions, but Identity theft refers to when someone steals your personal identifying information for their own personal use. Thieves will use your information to do anything from draining accounts, opening trade lines, creating fake accounts and generally running amok under your name. Once someone acquires your credentials and has access to your accounts, it is quite difficult to re-secure everything and retake your identity.
In today’s blogs, we will be going over the best ways to keep thieves from stealing your identity and go over how you can spot fraudulent activity before it can get out of hand.
How Can My Identity Be Stolen?
The first step to protecting yourself from identity theft is to learn exactly how it happens. There are several ways that your identity can be stolen listed from most to least common and one way to protect against each of them.
A Data Breach
Sadly, in this day and age, your personal information is everywhere and it just takes one slip up for it to fall into the wrong hands. Banks, physical stores, online commerce and even the major credit reporting bureaus are not safe from those who are looking to steal your identity.
Solution: Credit Monitoring– With a credit monitoring account, you have access to many different tools to help notify you of fraudulent activity on your account. Some credit monitoring services like Credit Armor offer Identity Theft Insurance to help keep your finances safe from thieves!
Malware
Malware is essentially a virus/ software uploaded to your computer that gathers your information and allows thieves to access it with ease.
Solution: Anti-Virus Software- Having updated anti-virus software installed on your computer can be the first and last line of defense against Malware. Most anti-virus software will notify you of possible malware before it’s even installed on your computer!
Phishing
Phishing can happen to everyone. I know you have heard the story of the “overseas prince” that needs money to make it back to his country and for some reason believes that your grandmother is the person who can help him most. We know that is a dated reference and attempts have gotten more sophisticated as technology has become more advanced.
Solution: Have a Contact– Is someone from your bank asking for a payment? Getting emails from a company asking for money? The best way to stop phishing is to be informed. Hang up the call and call your bank to verify the information. Look up the business on Google or check their legitimacy on the BBB. There isn’t any shame in holding off on contacting the person right away until you find verification of legitimacy.
Unsecure browser
If you are using a public Wi-Fi connection or an unsecured website, your information can be at risk to potential hackers.
Solution- Use a VPN– A VPN essentially provides an encrypted connection to the internet, making finding your information nearly impossible.
Physical hacking
Physical isn’t as common as it used to be, but it is still seen occasionally. If you have physically written down a password or use the same log in credentials for every site, you may be at risk.
Solution: Password protection steps– Whether it be a text code to your phone or an email message, secondary precautions to keep your passwords secure are the best way to protect from physical hacks.
What to do if someone steals your identity
If the protective measures are not enough and you have had your identity stolen, there are a few steps you need to take to minimize the damage.
Step 1-Close Your Accounts- If fraudulent purchases start popping up on your report, close all of your accounts. Notify your bank, credit card providers and anyone one else your accounts may be associated with and alert them that your identity has been stolen. Closing your accounts will cut off the thief from making any additional purchases.
Step 2-Report it to the Federal Trade Commission (FTC). You will need to get an identity theft report through the FTC to state what has happened and you will need said report to file a police report over the matter as well.
Step 3 (optional)- If you have identity theft insurance, you will need to make a claim and provide the reports listed above. This will pay out a certain amount if false purchases have been verified.
In today’s age of technology, it is easier for your information to fall into the wrong hands. With the proper tools and knowledge, you can help protect yourself from thieves and scammers. Follow Credit Armor Blogs for more information, tips and tricks to help make the most out of your credit!