Blog Post

Reduce your risk of Identity Theft

Identity theft is a wide spread issue and has a huge impact on those affected. The good news…there are ways you can monitor your personal information and help safeguard against Identity Theft. During Identity Theft Awareness Week, which runs from January 30 through February 3, we are spreading the word to help equip our community to prevent Identity Theft.

Dennis Horton, director of the Rockford Regional Office of the BBB says, "Scammers have stepped up with new tricks, but so have we. Being proactive on all fronts can reduce one's risk."

ID Theft ranks #10 in the BBB Top Ten local Scams of 2022. The FTC received 5.8 million reports of Identity Theft in 2021, although the actual number is much higher. The reason is twofold: many people who experience ID Theft do not report it; and many others do not know they are impacted.

What is Identity Theft? When cyber criminals fraudulently acquire and use someone's personal identifiable information (PII) for financial or personal gain. Scammers have all kinds of techniques to collect the necessary information, often without you knowing or having done anything wrong. Some standard methods include email hacking, impersonation scams, phishing attempts, company data breaches, and accessing computers through unsecured Wi-Fi.

What do scammers do with your information once they have it? Scammers can effectively become you, using your identity to open accounts, apply for loans and credit cards in your name, file taxes, or obtain medical coverage. They may be able to withdraw money from your bank account. They can also sell your personal information, like your credit card account, medical history, and social security number, to others on the internet.

Detecting identity theft can be difficult. Statements for bills and new accounts are most likely sent to other addresses. You may not notice any suspicious activity until the scammer has already caused damage to your assets, credit, and reputation.

Three ways to help spot identity theft:

1. Changes to your credit report including unauthorized inquiries and accounts. In the U.S., you have the right to check your credit report with each of the three major credit bureaus once per year at AnnualCreditReport.com. This is the only free credit reporting service authorized by the Federal Trade Commission.
2. Debt collectors call you about debts that are not yours.
3. Check your accounts regularly and be suspicious if you stop receiving certain bills. Look for unexplained withdrawals, charges, and accounts. If bills do not arrive on time, follow up with the company or financial institution. You can also set up automatic alerts on your accounts, so you are notified every time a transaction is made.

What to do if you suspect identity theft:

It is essential to act quickly. Visit identitytheft.gov for information on how to stop and recover from identity theft.

Helpful tips to protect yourself against ID Theft:

• Be careful with your personal information. Your personal information is valuable. Shred documents containing your bank account information, Social Security number, or other personal information. These include credit card applications, insurance forms, financial statements, health forms and billing statements from utilities and phone service. Cut up expired credit and debit cards, and cut through the numbers before you dispose of them.

• Minimize personal information on checks. You don't need to include your Social Security number, driver's license or phone number.

• Watch out for phishing attempts. Be suspicious of any unsolicited communication asking you for personal information. Phishing may take the form of email, text, social media messages, or even phone calls. Whether it's a supposed tech support call, an offer for a free cruise, or a charity plea, they may really be after your personal details.

• Use strong passwords on your accounts. Change passwords often. Use different passwords for various accounts and enable multi-factor authentication when available. To avoid hackers, do not use your birth date, child's name or birth date, mother's maiden name, the last four digits of your Social Security number, or really obvious ones like "123456" or "password."

• Ensure any website is security-enabled when entering financial or credit card information (https).

• Connect with caution. Be cautious when using public Wi-Fi — these networks are not secure. It is best to avoid making any purchases or doing any banking on public Wi-Fi.

• Click with caution. Use a critical eye on the email address the mail is coming from. Beware of links in unsolicited emails, text messages, and those found in ads on social media sites. Never download or install files from unverified sources. If something looks strange, don't click it, and immediately report any phishing attempts.

• Own your online presence. When applicable, set the privacy and security settings on websites to your comfort level for information sharing. It is ok to limit how you share information.

• Regularly update computer and app software to keep the latest security improvements.

Identity theft protection service for members:

MembersAlliance offers special member rates for identity theft monitoring through IDShield. This service professionally monitors your personal information and is available 24/7 for any identity theft emergency. See more details.