Steps to Help You Avoid Identity Theft
We use our personal information, like passwords and account numbers, almost every day to access online accounts and perform other routine tasks. Unfortunately, there’s always a chance that someone could steal this data whenever we provide it. Identity theft occurs when someone uses your personal information to pose as you or steal from you. Identity thieves may drain your bank and investment accounts, open new lines of credit, steal your tax refund, or even use your insurance information to get medical treatments. It’s important to take precautionary steps in order to protect yourself and your information from being compromised. We’re here with preventative steps to help you avoid falling victim to identity theft.
Strong Passwords and Multi-Factor Authentication
We know it can be hard to try and keep up with multiple passwords for your different accounts and your first instinct is to resort to the same password that’s easiest to remember, but this will leave your accounts vulnerable and at risk of being compromised. The best practice is to vary your password for every site and account that you use. Establishing strong passwords and remembering to regularly update them is the first step in making sure your information stays secure. When creating your passwords, we recommend using combinations that are more complex so they won’t be as easy to crack. Try using a mix of uppercase and lowercase letters, numbers, and even special characters. You never want to use personal information that is easy to access within your passwords, such as a pet’s name or your birthday. The more complex your password is, the harder it will be for fraudsters to guess what it is. You can also add an extra layer of protection to your accounts by enabling multi-factor authentication. Multi-factor authentication usually requires you to enter a time-sensitive code before you are able to complete your login attempt that is sent to you via your choice of communication (i.e. email or text message). This one of the best and easiest ways you can protect the accounts you access online, such as your Robins Financial Digital Banking accounts.
Secure/Shred Sensitive Documents
Many people tend to think that identity theft is strictly a digital crime, but thieves are just as eager to get their hands on your physical paper documents as well. While you can protect your online accounts with strong passwords and multi-factor authentication, important paperwork is often left in a drawer or simply tossed in the trash where identity thieves can easily access them. If you have documents containing sensitive information that are no longer needed, you should shred them to avoid them ending up in the wrong hands. Local businesses or organizations in your community may host shred days to give people an opportunity to dispose of sensitive documents properly. Until you are ready to shred, keep your documents under lock and key to make access more difficult to prying eyes.
Review Financial Statements Regularly
Regularly reviewing your monthly financial statements is a good habit to get into. Not only will you be able to monitor your financial habits, but you can also monitor your accounts for suspicious charges.Enroll in e-Statements to ensure there is no delay in receiving your monthly statements so you can catch fraudulent transactions sooner. e-Statements are secure and convenient which means no more clutter and less risk of identity thieves getting their hands on your banking information. Robins Financial also offers free fraud monitoring through our Falcon Fraud Prevention Services and will contact members in the event of suspicious activity on your account. Falcon Fraud Prevention can contact you by phone call, email, and text message.
Watch Out for Phishing Scams
Phishing is when scammers send a message that appears to be from someone else, such as a reputable company or financial institution, to trick you into sharing personal identifying information like your financial account information, debit or credit card details, or Digital Banking login credentials. Phishing typically occurs via email or text messages, but there are also phishing scams that take place through social media messaging or phone calls. We have seen a major rise in phishing scams recently, so it’s crucial that you know how to protect your information. Never share personal information with someone you don’t know or trust, and if you receive a message instructing you to follow a link to “verify your information,” it’s imperative that you delete the message immediately. You can find steps to report fraudulent activity through our website.
Install Antivirus Software
Antivirus software is one of the most important weapons you can use to protect your devices and private information. Antivirus software usually work in one of two ways: either it scans programs and files as they enter your device and compares them to known viruses, or it scans programs already installed on your device, looking for any suspicious behavior. Some scammers will send emails containing malware – software designed to disrupt, damage, or gain unauthorized access to a computer system – in order to try and access your personal information stored on your devices. It’s important to take the extra step to protect your identity and sensitive information by installing antivirus software and keeping it up to date!
Check Your Credit Report
You should request a copy of your full credit report and carefully review it for any discrepancies. Check to be sure that your accounts are being reported properly and watch for signs of fraud, like accounts you don’t recognize or incorrectly reported balances. The three major credit reporting bureaus give consumers access to one free credit report every year through Annual Credit Report. If you notice any errors, it’s important to report it to the credit bureaus as soon as possible.
If you or someone you know has fallen victim to identity theft, it’s important to report it as soon as possible. At IdentityTheft.gov, you can report your case of identity theft and find assistance in creating a personal recovery plan. The security of our members is top priority, so we want to make sure you know how to protect yourself and keep your information from falling into the wrong hands. Learn more about protecting your identity online or head to our Scams and Fraud playlist on YouTube for more security tips.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.