Securing Your Identity in the Digital Age: Top Strategies to Prevent Identity Theft

Written By Cyndie Taylor

Identity Theft

Do you remember the days when you could write a check without a second thought and give the cashier your social security number? Back then, we didn't worry about locking our doors or sharing personal information because our interactions were primarily with trusted friends and acquaintances. The bank teller knew us by name; most things were done face-to-face or at least with people we knew. But oh, how times have changed. With the rise of the internet and social media, our personal identities have become vulnerable. So, what exactly is identity theft? Let me break it down for you. Identity theft is a sinister act that involves the unlawful acquisition and use of someone else's personal information for financial gain or fraud. It's like someone sneaking into your life and stealing your name, Social Security number, Medicare Info, credit card details, or banking account numbers without your permission. It's a chilling reality in the digital age we live in.

In this article, you will learn:

  • Why Identity Theft is increasing

  • How to protect yourself from becoming a victim of identity theft

  • What items to protect

  • Annual Credit Report website

  • How to freeze your credit reports

  • How to protect a deceased loved one’s identity from being stolen

This blog will help identify and reduce your chances of becoming a victim of identity theft before resorting to using Protection Services. Protecting personal information and taking preventive measures are crucial to lowering identity theft risk. In the rapidly evolving digital landscape of 2023, the specter of identity theft continues to haunt individuals across the United States. Startling statistics reveal that Americans have already reported a staggering 560,000 cases of identity theft (FTC) in the first half of this year alone (2023), an ominous sign pointing towards a potential milestone of over 1 million complaints before the year's end. This unsettling figure surpasses any pre-pandemic year since 2020, catapulting identity theft into the spotlight as a grave concern for individuals from all walks of life.

While it may come as no surprise that tech-savvy individuals aged 30-39 are most frequently targeted due to their larger online presence, one startling fact exposes the vulnerability of a different demographic. Astonishingly, one in every ten seniors falls prey to identity theft annually, cementing the pervasive reach of this digital menace. Despite the lower reported cases amongst those aged 60 and older, victims from this age group experience more significant financial losses compared to any other age category. The relentless rise of elder fraud and identity theft in recent years demands immediate attention and proactive steps toward safeguarding personal information.

Once a crafty thief obtains access to your personal information, the possibilities for misuse are frighteningly diverse. From deceitful attempts at opening credit accounts and applying for loans to making unauthorized purchases and even filing fraudulent tax returns, identity theft threatens to wreak havoc in numerous aspects of victims' lives. Its repercussions are far-reaching, encompassing severe financial losses, damaged credit, legal entanglement, and overwhelming emotional distress.

While various means serve as entry points for identity theft, such as data breaches, searching for you on social media, phishing schemes, hacking attacks, or even the age-old method of stolen wallets or purses, the current landscape offers a glimmer of hope. With 4,905 Identity Theft Protection Services businesses operating in the United States, providing specialized assistance to shield against identity theft, individuals have an additional layer of defense at their disposal. However, this blog aims to empower readers with the knowledge and strategies vital to identifying and reducing the risk of falling victim to identity theft before resorting to third-party protection services. By adopting preventive measures and fortifying the security of personal information, individuals can play an active role in lowering their susceptibility to this ever-present threat.

In this digital era, where our lives intertwine with technology, the battle against identity theft demands proactive action. Let this blog serve as your guiding light, illuminating the path towards safeguarding your personal information and ensuring our identities are not stolen.

How to Protect Yourself from Becoming a Victim (What items to protect)

  • Safeguard your Social Security number: Avoid carrying your Social Security card in your wallet; never share it over the phone or online.

  • Monitor your financial accounts: Regularly review your bank and credit card statements for any suspicious activity or unauthorized charges. Report any discrepancies immediately.

  • Use strong and unique passwords: Create strong passwords using a combination of letters, numbers, and special characters. Additionally, avoid using the same password for multiple accounts.

  • Be cautious with personal information: Only provide personal information to trusted sources, and be cautious when sharing it online or in public.

  • Secure your devices: Ensure that your computer, smartphone, and other devices have strong security measures, such as up-to-date antivirus software and secure passwords or biometric authentication.

  • Keep an eye on your credit report: Regularly check your credit report for any suspicious or unauthorized accounts. You can request a free credit report annually from each major credit bureau.

  • Be careful with phishing attempts: Be cautious of emails, phone calls, or text messages asking for personal information or requiring urgent action. Always verify the source before providing any information.

  • Shred important documents: Dispose of any papers containing sensitive information, such as old bank statements or credit card offers, by shredding them before discarding them.

  • Be aware of public Wi-Fi risks: Avoid accessing sensitive accounts or providing personal information while connected to public Wi-Fi networks, as they may not be secure.

  • Remember, these steps will greatly enhance your protection against identity theft, but it's important to stay vigilant and regularly update your security measures.



Annual Credit Report

The first thing you should do is request a credit report.

  • By law, each of the three credit bureaus must give you a free annual credit report. This will help you ensure no one has opened a credit account you did not authorize.

  • To get all three for FREE, go to

Website: https://www.annualcreditreport.com/index.action

You can ask for all three credit bureaus reports: Transunion, Equifax & Experian. I found it a little awkward, so check all three bureaus. There are three major credit bureaus that track everything from your credit cards to real estate loans and installment loans and are reported to them by your creditors. They show the amounts you owe as well as your payment history. If you request a loan of any kind, the lender will check your credit report and will get a credit score. This information will then determine if they will loan you the money and sometimes will affect the interest rate they will charge you for the loan.

How to Freeze your Credit

You can request to have your credit frozen. Should someone try to take out a loan using your identity, the loan person will be notified that your credit is frozen. If it is you are trying to get a loan, you will need to unfreeze it so they can inquire about your credit. Then, you can freeze it once again.

There are three major credit bureaus, and this is where your credit score is derived. Each one will need to be individually accessed to freeze the account. PLEASE NOTE: It is a FREE service to freeze & unfreeze your accounts.

Again, each service will ask you to subscribe and pay for their services. You are NOT required to subscribe to these services to FREEZE/UNFREEZE an account. This is a FREE service. If you WANT to subscribe, please read about their services and determine which one you might want to have. There is a monthly fee for those services.

Deceased Loved One

It is suggested by all three bureaus to notify them in case of the death of a loved one. This will keep anyone else from trying to open credit in your deceased loved one’s name. I would recommend running the Annual Reports before contacting the Credit Bureaus. This may help you determine what debt they still owe and what accounts you want to close. They will freeze the account, and once a death certificate is sent to them by you, they will mark the account as deceased. Eventually, Social Security will notify the credit bureaus, but it may take them a while to send the notification. There is a lot that can happen before Social Security notifies them.

Here is a link to read about what you will need:

https://trustandwill.com/learn/how-to-notify-credit-bureaus-of-death, or you can visit https://www.equifax.com/personal/education/life-stages/articles/-/learn/credit-accounts-after-death/

Summary:

The article highlights the increased cases of identity theft in the US, with nearly 560,000 cases reported in the first half of 2023 alone. This puts 2023 on track to exceed one million identity theft complaints, surpassing any pre-pandemic year since 2001. The most commonly targeted age group is people between 30-39 due to their larger online presence, but statistics show that one in ten seniors fall victim to identity theft each year.

The consequences of identity theft range from financial losses and damaged credit to legal issues and emotional distress for the victims. Identity theft can occur through various means, including data breaches, phishing scams, hacking attacks, stolen wallets or purses, and social engineering tactics. Identity theft protection services are available, with fees charged for their protection.

To protect yourself from identity theft, the article recommends several steps:

  1. Safeguard your Social Security number, avoiding carrying it in your wallet and not sharing it over the phone or online.

  2. Monitor your financial accounts regularly, reviewing bank and credit card statements for any suspicious activity and reporting discrepancies immediately.

  3. Use strong and unique passwords, creating combinations of letters, numbers, and special characters while avoiding using the same password for multiple accounts.

  4. Be cautious with personal information, providing it only to trusted sources and exercising caution when sharing it online or in public.

  5. Secure your devices, ensuring they have up-to-date antivirus software and using secure passwords or biometric authentication.

  6. Encrypt sensitive information when sending it online, using encrypted platforms or secure messaging.

  7. Regularly check your credit report for any suspicious or unauthorized accounts, and request a free annual credit report from each central credit bureau.

  8. Be careful of phishing attempts, verifying the source before providing any information in response to emails, phone calls, or text messages.

  9. Shred important documents containing sensitive information before discarding them.

  10. Be cautious when accessing sensitive accounts or providing personal information over public Wi-Fi networks, as they may not be secure.

The article also mentions the importance of checking your credit reports annually and the option to freeze your credit, preventing unauthorized access. It provides instructions for accessing the credit reports from the major credit bureaus and freezing and unfreezing your credit accounts, emphasizing that these services are free.

In the case of a deceased loved one, it is recommended to notify the credit bureaus to prevent anyone from opening credit in their name.

Cyndie Taylor
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