How to Protect yourself from Financial Identity Theft!
Written By Pause, Pray & Simplicity
Hello Friends!
Have you or someone you know ever been a victim of financial identity theft?
Has your debit/credit card or banking account ever been compromised? What about your social security number?
If so, first I want to send my condolences.
I too know first hand the havoc it causes to our financial well being and lose of our peace. In the fourteen years working in finance, I saw the utter destruction occur due to stolen identity and financial fraud. With online shopping on the rise plus with Christmas shopping online I am here to share a few helpful tips to stay protected. Plus, what to do if you fall victim to financial identity theft. It is my hopes that fraud does not happen to you but it is good to be prepared in case it does. Today, I want to share with you about financial identity theft, what to do if you are victim and also prevention.
What is Financial Identity Theft?
Fraudulent use of an individuals financial information for someones else’s financial gain.
Charges to a credit/debit cards, bank or financial account that you did not charge or authorize.
Use of a person’s social security number to open new accounts or filing of tax returns.
Fraud with financial information and documents.
When Is Peak Times for Identity Theft?: Peak times for scamming and theft is higher during the week and especially on Tuesdays. Check fraud is higher on friday’s due to time delay with hitting bank accounts. Financial fraud and stolen identity is also higher around the Christmas holidays due to increased shopping. Did you know that fraud is higher around your birthday? That is due to scammers monitoring Social Media & Facebook accounts for individual’s birthday. Which is then use it to commit theft.
What To Do If You Are A Victim Of Financial Identity Theft
Contact the financial company or bank right away. You will need to share in detail any charges and transactions including dates and dollar amounts.
If you have been a victim of identity theft, file a dispute with the Federal Trade Commission. Here is the link to do that: https://www.identitytheft.gov/
In some cases you will be required to file a police report.
Contact the IRS right away if your social security number has been compromised, stolen or become aware of someone filing taxes under your name.
Contact the 3 credit Bureaus and pull your credit right away. Did you know that you can request a freeze on your credit? A credit freeze means that if anyone wants to open an account they would not be authorized unless with your permission.
Change passwords and request new pin numbers.
Sign up for Identity Theft Protection and Credit Monitoring. ***See below on how to do this.
Continue to review your financial statements and credit report often.
How to Get Identity Theft Protection and Credit Monitoring.
Here are the three credit bureaus and additional companies where you can sign up for credit monitoring and Identity Theft protection. Just click on the on hyperlink. Be sure to also check with your bank/credit union or financial company as some may offer free protection and monitoring.
TIPS TO PREVENT FINANCIAL IDENTITY THEFT:
Educate yourself: I suggest reading: Equifax Identity Theft Education & Prevention
Be safe with Cyber Identity- Here is a great article. Equifax Cyber identity and security awareness Checklist
Info on Taxes, Social Security Number and Tax ID:
IRS: IRS contacts people by MAIL ONLY. They will never contact you by email, text or social media to request personal or financial information. They will never call taxpayers with threats of lawsuits or arrest for tax. Also the IRS will not call, email or text to request taxpayers’ Identity Protection PINs.
IRS IP PIN: In some states you may be eligible for setting up an IP Pin. This helps to further secure your identity with the IRS. Unfortunately Oregon is not on that list yet but Washington is. Check out: IRS IDENTITY THEFT CENTRAL https://www.irs.gov/identity-theft-central
Security experts suggest doing taxes in January and February when identity thieves are less likely to be active. They also suggest being very cautious with mailing your tax returns especially in an unlocked mail box.
After filing your taxes, I suggest changing your passwords to your online filing system of choice for security. Examples: HR Block and Turbo Tax.
Keep your high risk documents, social Security card, passports and birth certificates in a safe and secured place. Purchase a safe if you don’t own one. It is wise to remove your social security card and high risk documents from wallet. Store these separately for safety in case you lose your wallet.
Banking/Credit Accounts:
Contact your bank or financial institution right away if you lose your credit, debit, checks or fall victim of fraud.
Shred all confidential information and statements.
It is a good idea to have separate banks for checking and savings accounts.
Passwords/Pins: Keep passwords and pins in a safe and secure place. Change passwords often. Remove password data from computer, phone, and even google save. Clear your cache often. Never give your passwords or bank pins to anyone you do not authorize.
Don’t log into your banking or financial accounts while logged into free WIFI. Examples: Starbucks, coffee shops, library and even grocery stores.
Use the CASH method instead of debit/credit cards.
Contact your bank if you know you will be traveling especially internationally.
Keep date of births private or removed off social media accounts.
I do hope you find these tips and resources useful.
Feel free to contact me if you have any questions or thoughts.
Blessings,
Lisa Hice
