Identity theft occurs when an individual’s personal information is stolen and/or used to commit an act of fraudulent behavior. The most common instances of stolen information are:

• Personal information to attain credit card information
• State and federal tax information
• Medical information

Acts such as these can lead victims to suffer from financial ramifications, alongside damaged credit scores.

Of late, personal information is continually in danger due to technology’s interconnectedness. It’s likely individuals will run into potential warning signs of identity theft—receiving bills or statements of items you did not purchase, debt collection calls for unopened accounts, denials for loan applications and more.

How to Stop it: 7 Preventative Measures

With constant formation of online accounts and logins, it’s imperative to be wary of inputting personal information anywhere online. However, there are a handful of ways to reduce your risk.

1. Sign up for a protection service

Likely the best way to prevent identity theft is to sign up for an identity theft protection service. These services alert users promptly when there appears to be fraudulent behavior to help limit damage and allow for a quick recovery. Identity theft protection can assist in monitoring credit reports, financial accounts, medical information, social media activity and more for a monthly or yearly subscription fee.

2. Freeze your credit

When freezing a credit file, credit agencies allow you to restrict access to your credit report, permitting you to limit who can view and obtain your information. No one can open an account, apply for a loan or receive a new credit card while your credit is frozen. 

3. Review credit and bank statements regularly

It is essential to review and assess credit and bank statements regularly. If someone has access to your credit card number or bank account information, they could make changes without you or your financial institution noticing until it’s too late.

4. Collect mail daily

Keeping a close eye on what is coming in and out of your mailbox is more important than you think. It’s common for individuals to receive their credit card statements, banking information, utility bills, health care, and tax forms or other personal belongings in their mailbox. This creates an easy target for fraudsters to attain and use this information without your knowledge. 

5. Pay attention to billing cycles

Knowing precisely when you are charged—and finding if you are overcharged—limits the possibility of identity theft. Follow up with your credit card company or financial institution to receive monthly statements, and your risk will diminish. 

6. Use security features

Security features like MFA verifies if a user’s credentials match what is stored in an account and allows a system administrator to control access of all information stored in the account, from backups to recoveries. Keeping information safeguarded can minimize financial loss, reputation damage, consumer confidence disintegration and brand erosion.  

7. Store personal information safely

Secure physical personal belongings and information like birth certificates, Social Security numbers (SSN) and other identification documents in a safe, impenetrable place. Shredding other documents like receipts, account statements, and expired credit cards is highly recommended to ensure riddance and safety.

Do you have information to share with Identity Review? Email us at press@identityreview.com.