Hold Onto Your Identity

The Federal Trade Commission (FTC) defines identity theft as when someone appropriates your personal identifying information to commit fraud or theft. There are multiple ways for thieves to acquire personal information, from low-tech methods like digging through garbage to more sophisticated tactics like computer hacking. No matter how the information is obtained, personal data is highly pursued. Individuals must take precautions to protect their information.

You may be wondering why someone would steal personal data. The collected information can be used in so many ways. Consumer.gov states that your details can be used to:

• Buy things with your credit cards.
• Get new credit cards.
• Open a phone, electricity, or gas account.
• Steal your tax refund.
• Get medical care.
• Pretend to be you if they are arrested.

The list above only cites a few actions that can be taken in your name. Once the thieves use the information, proving that you did not execute the forged activity can be very difficult. It can take a lot of time, energy, and effort to mend the damage caused by the criminals.

It is estimated that one out of three Americans will have become a victim of Identity Theft at some point in their life. According to FTC statistics, 804,954 of these crimes were reported within the first three quarters of 2023. Experts believe that the actual number of victims is much higher due to people underreporting.

Avoid Becoming a Target

Individuals cannot afford to ignore the realities of these crimes. Pitfalls are everywhere, waiting for unsuspecting targets. There are no age restrictions for victims. Even children are susceptible. Because of this, people should take steps, like the ones below, to protect themselves and their loved ones.

• Use Good Password Practices – There are some basic password guidelines that people should follow to protect their accounts. Using a password manager will remove some of the aggravation from following them.
  • Use unique passwords for each account.
  • Make them strong and hard to guess.
  • Do not share them.
  • Don’t leave written passwords around your devices.
• Do Not Put Sensitive Info on Public Networks –Did you know hackers can extract information or infect devices with malware through public connections, like Wi-Fi or public USB charging stations? Consider signing up for a private VPN Service for your devices.
• Examine Incoming Messages Carefully – Whether it is phishing (emails), smishing (texts), or vishing (phone calls), unsolicited communications that require you to part with personal info or funds are most likely scammers. Be sure who you are dealing with before acting. If unsure, immediately report and delete the message or hang up.
• Navigate the Web with Caution – Unfortunately, fraudsters can be masters at making the websites look legitimate. Scrutinize webpages before entering your information into online forms.
• Inspect Card Readers Before Using – Card readers can have a device called a skimmer attached. These are gadgets designed to look like legitimate card-reading machines, but they capture your information instead. It is a good practice to tug on the face of the reader before swiping your card. If you discover a skimmer, call local law enforcement immediately.
• Destroy Sensitive Documents – It can be in the best interest of individuals to demolish papers through shredding, burning, or soaking in water. If you are unsure if a document needs destroying, for example, junk mail, err on the side of caution and get rid of it.
• Promptly Remove Mail from the Box – Don’t leave your mail in the box overnight. If you go out of town, put the service on hold during your absence. Take advantage of the US Postal Service’s Informed Delivery program, whereby you receive a daily notification with photos of the expected mail, and you can report any piece missing.

Ongoing Stewardship

Even if a person is careful, becoming an identity theft victim is still possible. Because the theft rate is rising, you may decide to shop for identity theft insurance. Recently, US News released a list of ranked protection services for added protection.

Tools to Track Personal Data

Becoming a victim does not have to be overwhelming. Below are some valuable tools that can help individuals form good habits.

• Check Your Credit – Everyone should check their credit report annually for unusual activity and discrepancies. Members of FSU Credit Union can get free, daily credit monitoring from our trusted partner SavvyMoney. Click the Credit Sense tool in the banking portal to sign up. This tool makes staying on top of personal data simple.
• Check Your Financial Statements – Monthly, your credit union will email a notification that your E-Statements are ready. Look them over to make sure all transactions are familiar.
• Track and Review Your Bills – There are three main points to consider when reviewing your monthly notices. All of which can indicate identity theft if the activity surrounding it is strange.
  • Are all the charges recognizable?
  • Did a bill stop coming?
  • Did an unfamiliar bill arrive?
• Sign Up for Account Alerts – You can receive a text message or email when there is activity in your account(s). If you receive a communication showing mysterious activity, contact FSU-CU immediately.
• Report Lost or Stolen Cards – To make a report from 8 am to 6 pm Monday through Friday Eastern Time, call (877) 463-7828 as soon as possible. Outside of regular business hours or on holidays, please immediately call (800) 449-7728 for missing credit cards and call (888)-267-5256 for lost or stolen debit cards.

Reclaiming Your Identity

If you or someone you know has become a victim of identity theft, you know that it can be crushing. It is hard to know what to do first to mitigate the damage. The process can be lengthy, depending on how much destruction has occurred. A great place to start is to inform your identity theft protection company.

What if you are one of the 80% of Americans who do not have ID insurance? Visit IdentityTheft.gov, where they will take your report and develop a personal recovery plan. It is the federal government’s one-stop resource for identity theft victims. The site provides streamlined checklists and sample letters to guide you through the recovery process.

We must recognize the threat these criminals pose. The rising statistics highlight the need for good practices, protections, and continued cognizance. Stay proactive and be a good steward of your information. Share your knowledge with others. Keeping these habits is the best way to fight identity theft.