Identity Theft

06-22-2016Debt & Credit

Approximately 13 million Americans were identity fraud victims in 2015— and identity thieves have stolen $112 billion during that same time.  This is according to Javelin Strategy and Research.

How can you avoid identity theft?

  1. Check your credit report three times per year. The only free site is annualcreditreport.com, so if you get a report from each credit bureau—TransUnion, Equifax and Experian—you can get one every four months, then start over the next year.
  2. Make sure your computer has updated anti-virus software. This also includes anti-keylogging software, so no one can hack into your computer.  Also, on a mobile device, never input your banking or any other personal account and password information while on a public Wi-Fi.
  3. Change your passwords every 90 days. This includes your bank accounts, email, and social media.
  4. Check your online bank account every day.  It is important for you to log on every day and make sure there aren’t any weird charges connected to your account.
  5. Don’t send bills from your personal mailbox. People are concerned with digital fraud; they forget the easiest type of identity theft—just stealing mail out of your mailbox.  Use a post office or a postal service mailbox to send bills. Grab any mail out of your mailbox as soon as possible.
  6. Don’t forget about your kids’ information. Kids are easy identity theft targets because thieves correctly assume it will probably be a long time before the theft is detected.
  7. Check your medical Explanation of Benefits. Identity theft can also result in Medical fraud.
  8. Don’t keep your Social Security Number (or card) in your wallet or purse. Nor your children’s social security numbers.

When It Happens You

In today’s world, there’s simply no way to fully protect yourself against identity theft. So what do you do in that situation?

  1. Place a fraud alert on your credit reports. Make sure you notify all three credit bureaus. Initially, you’ll get a 90-day fraud alert, but once you’ve proven you’re a victim of identity theft it will extend to seven years.
  2. Notify your banks and credit card companies and close all your accounts. Consider opening a new account at a different bank and transferring the money over to be extra safe.
  3. Wipe your phone remotely and change your phone number. If your phone gets stolen, remotely wipe it immediately.  Talk to your provider. You might need to change your cell phone number as well.
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