Do you know how priceless you are?
One of your most valuable and coveted possessions is your identity. It helps you to secure leases and loans, obtain healthcare and receive insurance coverage, file taxes and get refunds, obtain credit cards, access Social Security benefits, and so much more. Whoever controls your identity controls the digital, medical, financial, legal, and functional narrative of your life. Ideally, you should always maintain close control of your personal identifying information. By learning about identity theft and how to spot it, you can help protect your identity from those who want to exploit it.
What is identity theft?
Identity theft is the unauthorized use of your personal identifying information. Once identity theft occurs, damage can spiral quickly. Unfortunately, victims tend to discover it only when the time comes to take responsibility for its fraudulent use.
EXAMPLES OF PERSONAL IDENTIFYING INFORMATION
- Bank account number
- Credit card number
- Social Security Number
- Driver’s license
- Login credentials (email, passwords)
- Insurance or Medical IDs
- Name and date of birth
How can you spot identity theft early on?
The earliest signs tend to look like glitches. Strange as they seem, don’t ignore them.
- Credit card offers you never applied for
- Medical explanations of benefits for care you never received
- IRS letters you weren’t expecting, or employer letters about benefit changes you didn’t make
- “New device signed on” or “Reset your password” messages
- Small “test charges” or refunds appear on your credit statement
- Friends ask if you meant to send them a message requesting money
- Your password no longer works
- Security questions and answers don’t align with what you remember
- Your account locks for too many failed login attempts
What are 3 ways to lower your risk of identity theft?
There’s no need to be paranoid about identity theft—but it’s wise to be proactive and prepared. Here are 3 measures you can take today to lower your risk of becoming a victim:
Even if someone has your full identity, they will be unable to open utility accounts, loans, credit cards, or other financial accounts. Freezing your credit is easy at each of the 3 major credit bureaus:
A critical part of proper security protocol is securing your email account with a unique, strong password that you NEVER reuse elsewhere. Remember to include two-factor authentication and add a recovery email that is also protected for triple protection.
Scammers use algorithms to automate login attempts across unlimited accounts. Reused and varied passwords are easily compromised, but unique, single-use passwords offer better security.
Visit our online Banzai Financial Literacy Education resource page to learn more about Preventing Identity Theft, or read this message from the Federal Trade Commission for additional details about identity theft awareness.