Protect Yourself from Identity Theft

By Clarity Point on November 18, 2020

Now more than ever, people are transacting online. Internet banking and electronic payment options offer consumers unprecedented convenience and access to their financial accounts. However, unless this access is properly protected, identity thieves can use your personal information to open fraudulent accounts and steal your money through unauthorized purchases and withdrawals. Luckily, there are steps you can take to protect against identity theft and to reduce the damage it causes if it happens.

Check your credit report and account statements on a regular basis

If fraudulent banking or credit card transactions are draining your account balances or new accounts are being opened in your name, it’s important to know as soon as possible.

Set up safeguards with your bank

Your bank, credit union or credit card issuer likely offers its own fraud protection, such as notifications of suspicious activity or a system that disables your credit card after an unusual purchase. Familiarize yourself with what safeguards are available on your accounts and take advantage of them

Use privacy software

Install or upgrade the antivirus software on your computer to prevent hackers from retrieving personal data on your hard drive that could be used to access your accounts.

To make your passwords more difficult to guess:

• Update your passwords from time to time
• Assign a different password to each login
• When possible, choose longer passwords that are harder to guess and include numbers and special characters

Recognize phishing scams

All the encryption in the world won’t protect you if you unwittingly divulge your password to an identity thief. Learn how to identify and guard against phishing scams—messages designed to trick you into revealing your personal information by posing as a legitimate entity.

• Be careful not to open attachments that you can’t confirm are safe
• If you receive an email or phone call asking you for information, be very careful to confirm who is requesting the information, and whether or not they should be asking you for it

Be careful with the information you divulge on social media platforms

• Certain personal information, real-time location information, or future travel plans can all be problematic if shared online
• If you have children who are on social media, review their sharing habits as well for their safety

Report fraudulent activity immediately

• The sooner you inform your financial institutions of breached accounts or stolen information, the easier it will be to minimize any potential loss.

These are just some examples of steps you can take to help protect your identity from theft. It takes effort and vigilance to keep your personal information safe, but doing so can help minimize the potential of having your financial life upended by fraud or identity theft.

If you have concerns about your financial security online, we’d love to help. Feel free to reach out to me directly with any questions, or for our helpful checklist that can help you keep your information safe.