Identity theft is a growing concern for everyone.
Your personal information can be compromised in many different ways, such as through impersonation scams, phishing scams, and data breaches. In this blog, featuring great information from the Federal Trade Commission (FTC), we will cover what identity theft is, how you can protect yourself against identity theft, and what to do if you learn that you've become a victim of identity theft.
What is Identity Theft?
Identity theft is when someone uses your personal or financial information without your permission. They may steal your name, address, credit card or bank account numbers, or Social Security number. And they could use them to:
- Buy things with your credit cards.
- Get new credit cards in your name.
- Open a phone, electricity, or gas account in your name.
How to Protect Yourself Against Identity Theft
Taking steps to protect your personal information can help you avoid identity theft. Here’s what you can do to stay ahead of identity thieves.
Protect documents that have personal information
Keep your financial records, Social Security and Medicare cards, and any other documents that have personal information in a safe place.
Ask questions before giving out your Social Security number
Some organizations need your Social Security number to identify you. Those organizations include the IRS, your bank, and your employer. Organizations like these that do need your Social Security will not call, email, or text you to ask for it.
In different scams, such as job or working from home opportunity scams, the fraudster may request this information as part of their recruiting process. You should never provide your Social Security number to an employer until you have thoroughly verified the legitimacy of the job offer.
Protect your information from scammers online and on your phone
When creating an account online, use a strong password. Preferably, a combination of uppercase and lowercase letters, numbers, and symbols.
Add multi-factor authentication for accounts that offer it. Multi-factor authentication offers extra security by requiring two or more credentials to log in to your account. The additional credentials you need to log in to your account fall into two categories: something you have — like a passcode you get via text message, or something you are — like a scan of your fingerprint, your retina, or your face.
I’m the Victim of Identity Theft – What Do I Do?
If you become aware that you are a victim of identity theft, you will need to:
- Contact any of the nationwide consumer reporting agencies to place fraud alerts on your file (Equifax, Experian, TransUnion).
- Report it to First Bank.
- Report it to the FTC.
- File a police report by visiting your local station.
The Fair Credit Reporting Act (FCRA) gives you specific rights when you are, or believe that you are, the victim of identity theft. Here is a brief summary of the rights designed to help you recover from identity theft: Remedying the Effects of Identity Theft.
