Identity Theft: What To Know and How to Protect Yourself

In today's digital era, taps and clicks are part of everyday conveniences that help us shop, pay bills, and order food. Websites and apps allow quick and easy communication, money movement and other sensitive tasks. While convenient, this accessibility can expose personal information to cybercriminals. As online services grow, so does identity theft by fraudsters.

Data breaches have exposed hundreds of millions of consumers to hackers. In 2023, the Federal Trade Commission reported over one million identity theft complaints, with thieves stealing more than $10.3 billion. Many scammers pretend to be government officials, fraud departments, distressed relatives, well-known businesses, or tech support experts.

Cyber thieves who access personal data, such as birthdates, social security numbers, addresses, or financial information can use the information to open accounts in your name, convince you to send money to money to a fraudulent person and file bogus tax returns in your name. Victims often remain unaware until weeks or months later, typically realizing the issue when verifying account balances or viewing statements. Damage may include financial loss, adverse effects on your credit score and the time and cost associated with having to restore your name.

Here are a few valuable tips to protect your personal information:
  1. Secure your devices and accounts with strong, unique passwords, and turn on multi-factor authentication. Also, don't reuse passwords for different accounts, especially bank accounts.
  2. Use an encrypted password wallet to store your passwords. This way you can create complex passwords without having to remember them.
  3. Request to freeze your credit from the three primary credit bureaus – Experian, Equifax and TransUnion. A credit freeze prevents loans from being opened in your name. You can request to ‘unfreeze’ the account when you want to apply for a loan. This service is free.
  4. Regularly update your software and operating systems to stay current with the latest upgrades.
  5. Enable alerts on your financial accounts to receive notifications for every transaction or for transactions that exceed a specified dollar amount.
  6. Don't open emails, click on links, or answer calls from suspicious addresses or numbers.
  7. Avoid using public Wi-Fi for financial transactions, such as online banking or shopping, as well as for checking email or browsing social media.
  8. Invest in an identity theft protection service, such as ID Navigator Powered by NortonLifeLock, ID Watchdog or Experian Identity Works to monitor, detect and alert you about attacks on your identity or finances.

By following these best practices, you can help protect yourself from fraud and identity theft.