Identity theft can wreak havoc on your finances and personal information. There are several signs to watch out for that could indicate you’ve become a victim:
- Unfamiliar Charges or Purchases: Keep a close eye on your bank and credit card statements. If you notice transactions, you didn’t make or purchases you don’t recognize, it could be a sign that someone has gained unauthorized access to your accounts.
- Credit Report Changes: Regularly check your credit reports. Look for accounts that you didn’t open, inquiries from creditors that you didn’t initiate, or unfamiliar addresses associated with your name.
- Missing Bills or Statements: If your regular bills, statements, or other financial mail suddenly stop arriving, it could mean that an identity theft has changed your mailing address to intercept sensitive information.
- Change of Address You Didn’t Initiate: Similarly, if you receive notifications of change of address for your financial accounts that you didn’t authorize, it could indicate that someone is attempting to redirect your mail to gain access to your personal information.
- Denied Credit Application: If you receive notification of a denied credit application that you didn’t apply for this can be an indication that someone else was trying to create an account with your identification.
The most crucial signals of identification theft that people should look out for are suspicious emails. Such as receiving emails or mail about an account or job that you didn’t apply for. If you also notice missing mail, bills, or statements then immediately reach out to someone and get updates about the missing information. Also, be mindful of collection notices or calls for debt that you do not recognize. Always make sure to establish who you are talking to, what they are calling about, and where they are calling from.
Effects that can occur if your identity get stolen can be financial fraud, bank account takeover, tax fraud, medical identity theft, employment fraud, and identity cloning.
- Financial Fraud: Occurs when someone takes money or other assets from you through deception or criminal activity.
- Bank Account Takeover: Occurs when cybercriminals successfully gain access to your online bank account. From there they can access your personal information, change and reroute transfer details, and try to fraudulently remove your cash.
- Tax Fraud: Happens when someone steals your personal information to commit tax fraud.
- Medical Identity Theft: Occurs when someone uses another person's name or insurance information to get medical treatment, prescription drugs or surgery.
- Employment Fraud: Transpires when someone steals your Social Security Number and other personal identifiable information to apply for a job in your name.
- Identity Cloning: Takes place when someone uses another person’s identity to conceal their own.
Once your information is stolen, scammers can carry out several nefarious actions. If you believe that your identity has been compromised, you should contact the authorities right away, warn your financial institutions, freeze your credit, set up fraud and credit alerts, and check and question any charges that seem suspicious.
The best way to protect you identify digitally would be using strong passwords. Having strong passwords and variety of different passwords is key to avoiding identification theft. Also enabling two-factor authentication is a great way to keep all your information safe. Having two-factor authentication gives you notifications when someone is trying to login to an account of yours. If you get a notification and it is not you then you will be able to deny the user from gaining access. Also, making sure you’re monitoring your financial and credit reports as well as your personal information. As well as being cautious online. If a website doesn’t seem secure do not press on it and being cautious of purchasing things on specific websites. Furthermore, the most important improvement you can make to protect identification theft is educating yourself. The more you take time to learn about it the more you will be able to steer clear of it.
The best way to protect identification theft physically would be to be attentive with collect your mail promptly, ensuring that you get rid of any mail or documents that you will not be need but that contain your personal information. Simply shredding the paper that has your personal information on it and disposing of it, is step in the right direction to keep your identification safe.