Identity theft typically affects about 1 in 20 Americans each year. The pandemic, however, accelerated things. Almost half (48%) of Americans experienced financial identity theft between 2019 and 2020. An alarming number of children, seniors, active military, repeated victims, and avid users of social media are among the victims. According to Consumer Affairs:
A child’s Social Security number can be used to establish a fraudulent “clean slate” that can be used without detection for years (until the individual starts establishing their own financial footprint).
Seniors tend to be trusting and are targeted most often over the telephone and through internet phishing scams.
Military consumers are most affected by fraud involving government documents, benefits, and credit cards.
Cybercriminals can piece together a person’s name, date of birth, phone number, hometown, and other sensitive information through social media and networking sites.
Sometimes it’s obvious when you’ve become a victim. Losing a credit card and seeing immediate charges on it is one example. But other forms of identity theft can go undetected for months or even years. That’s why it’s essential to take preventative steps and to be able to spot the signs when they appear.
Those signs include:
Suspicious activity on your credit card and bank statements. We know that regularly reviewing financial statements can be a drag, but it really is the best way to spot identity theft. Credit card theft exploded during the pandemic because most of us turned to online shopping, sometimes making purchases from very questionable sites out of desperation. ATM and other point-of-purchase skimming attacks remain rampant, too. If you feel that your account has become vulnerable, freeze your card (CPS IBEW FCU debit card users can do so through their mobile app), then report it to the card provider.
An inaccurate credit report. Checking your credit report isn’t just a helpful way to keep your credit score healthy, but it’s also a valuable tool for spotting identity theft. When accessing yours, look for accounts and debts that you don’t recognize, and report them immediately. Do the same for your children and remind or help your other family members to do the same. Consumers can access their credit reports for free annually. However, during the pandemic, the main credit bureaus have been offering free weekly reports, so there’s no reason to wait.
Calls, mail, emails, or texts regarding accounts you didn’t open. We’ve all learned to ignore telemarketing calls, spam, and junk mail that seem to have nothing to do with us. But repeated outreach could indicate that someone has opened or stolen an account in your name. The most obvious red flags include unexpected communication about credit card or loan statements; unemployment, medical or Social Security claims; IRS or tax-related issues; purchases; or debt collection. If this happens, do not respond directly. Look up the official number of the entity online and reach out to them separately. A scammer may be posing as the entity to initiate identity theft that hasn’t happened yet. In any case, you’ll want to work with the entity to determine what to do next. If the problem involves money already deducted from your account, alert the financial institution that holds that account as well.
Realizing you haven’t taken enough precautions online as you should. Have you ever shared your childhood street address as part of a Facebook game? Logged into unsecured public Wi-Fi to online shop? Ignored security updates for your phone, apps, or computer? Used the same password for multiple websites, not changed those passwords for years, or have neglected to adopt extra security measures like multi-factor authentication? The digital world is a minefield of scams and security risks. We’ve all been guilty of a few online security transgressions, but it’s essential to increase your savviness to protect your identity long-term.
If you have concerns about identity theft and how it can affect your financial health, feel free to contact us. If you suspect your CPS IBEW FCU debit card or checking account has been compromised, log into our mobile app to freeze your debit card account and give us a call at 210-353-2376 to alert us.
