More than 13 million consumers in the U.S. become victims of identity theft every year, according to Javelin Strategy and Research, with over $15 billion stolen. Fortunately for consumers, many of these crimes are preventable.
“Being a victim of identity theft can be financially devastating for many consumers, a consequence that further underscores the importance of protecting your personal information,” says Guy Abramo, president of Experian Consumer Services.
Experian’s identity protection experts recommend the following tips to better protect yourself.
• Protect your home: Your home is your castle, and identity thieves know that’s where your most valuable possessions are likely stored. Reduce your vulnerability by using a safe to store sensitive information, such as birth certificates, social security cards, and passports. You should also use a paper shredder to reduce your paper trail. Pay bills and immediately destroy utility receipts, credit card statements, and other documents that contain your personal information.
• Be cautious at work: “Family fraud” is common and occurs when a victim’s identity is stolen by someone they know. At work, keep personal items like wallets and smartphones in a locked cabinet. Do not copy or scan sensitive documents, as memory functions can save your data. At night, turn off your computer and log out of sensitive sites. Change passwords frequently. If you have concerns about how your company stores personnel records, talk to your employer or human resources department about their protocols.
• Be smart with your smartphone: Smartphones and other devices can be a goldmine of data for identity thieves. Use lock features on all your devices, including your laptop. Do not use auto-login features and always log out when finished. Keep your computer’s antivirus software up to date and be cautious when using public wi-fi. Finally, when upgrading your mobile device to the latest model, be sure to wipe all data from the old device before passing it on to the new phone.
• Monitor your credit: Consider signing up for a credit monitoring service like Experian CreditWorks, which offers additional peace of mind through real-time notifications of any changes to your Experian Credit Report. Changes to your report are important to review, as they can be signs of fraud. The new feature of CreditWorks, Experian CreditLock, can be especially helpful for taking greater control over your credit information. This feature allows you to easily lock and unlock your Experian Credit Report in real time, without having to formally freeze the credit report, which can be a complicated process.
By locking your Experian Credit Report, creditors will no longer have access to it (except for soft inquiries from creditors with whom you already have a financial relationship), meaning criminals cannot apply for credit in your name. This should help deter identity thieves, as well as block unwanted inquiries that result in credit grants, which can affect your credit scores. Additionally, if a creditor or lender tries to access your report, you will receive a real-time alert via email and notification in the app to act immediately.
By protecting your information and monitoring your credit, you can better fend off the threat of identity theft.
Source: StatePoint