The spookiest part of the year may be over, but as we gear up for the holidays, there’s one fright that we should all be on the lookout for: identity theft. During the holiday season, identity theft and fraud often see a massive spike, and in a chaotic year with a global pandemic, scammers are especially likely to prey on our sense of fear and distraction.
To keep our finances safe, we’re sharing our tips for avoiding identity theft, how to spot it and ways to protect yourself if your information is compromised.
But first: why should you care if your identity is stolen?
Identity theft occurs when someone fraudulently uses information about you without your permission. This information can be used to apply for credit in your name, access your bank accounts and even steal your tax refund. When your identity is stolen, you may become responsible for what that thief does while using your personal information. Your credit score can also be negatively affected by what that person does in your name. This can ultimately impact future loan applications and even prevent you from getting a job.
Preventing Identity Theft
While some forms of identity theft may be unavoidable, there are safeguards we can put in place to better protect ourselves.
- Keep your information safe. Do not give out your social security number unless absolutely necessary, and avoid posting too much personal information on social media. While sharing our hobbies and names of pets online may seem harmless, hackers can use this information to break through the security questions in our online banking or on other private accounts. Do not carry your social security card with you, and keep sensitive documents in a secure location.
- Shop only on secure websites. Do not provide your credit or debit card number on an unsecured website. Make sure you only shop on sites with the https:// designation, and avoid using public Wi-Fi when doing your online holiday shopping this season.
- Do not give out sensitive information over the phone. Your bank or credit union will never call you and ask for your account numbers or passwords. If you do receive a suspicious phone call, hang up, then call the institution back at the confirmed phone number you have on file with them.
- Be wary of charity scams. Some scammers will prey on our goodwill, especially around the holidays, by soliciting donations to fake charities or even impersonating an existing nonprofit. If you feel inclined to donate, look for the official website for the confirmed charity rather than responding directly to an email solicitation or clicking a link through there. If you haven’t heard of the organization before, a quick search on Charity Navigator or CharityWatch can help you determine its legitimacy.
For more tips on how to avoid identity theft and keep your information safe, check out Addition Financial’s helpful guide.
Spotting Identity Theft
The best way to stop identity theft in its tracks is to spot it early. It’s important to pull your credit report regularly from each of the three credit bureaus to ensure that the information is correct and that all accounts listed belong to you. Traditionally, consumers could pull one free credit report per year per credit bureau. However, because of the uptick in fraud during COVID-19, you can now pull one free credit report per week from Experian, Equifax and TransUnion.
Make sure all personal information on the report is accurate, especially if you have a common name or share a name with a family member, and make sure you recognize all accounts and inquiries on the report. This will help you ensure that nothing new has been opened in your name without your knowledge.
Protecting Yourself
If you have discovered that you were a victim of identity theft, there are ways to protect yourself and mitigate any damage caused. Once you have identified the fraudulent activity, be sure to call any companies with affected accounts to correct the information or close out accounts. If your own bank or credit union account has been compromised, reach out to your financial institution right away. They can also put a password on your accounts for added security moving forward.
Placing a fraud alert is a helpful way to prevent future damages. This free service lets lenders know that you have been a victim of identity theft, and lasts for one year with the option to renew. To set up a fraud alert, you can contact any one of the three credit bureaus, and that reporting agency must in turn notify the other two.
You can also place a freeze on your credit for added security. If you are not planning on applying for new credit for a while, this is a helpful way to prevent anyone from being able to pull your credit and open new accounts in your name. Credit freezes are now a free service as well, and you can remove the freeze at any time.
The Sum Up
While identity theft and fraud can be a major headache, there are ways to protect ourselves and keep our information safe. For more information on preventing identity theft, check out Episode 3 of the Making It Count Podcast on Apple Podcasts, Spotify, or Google Podcasts.
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust, along with her podcast of the same name.
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