How Can You Protect Yourself from Identity Theft?

Fighting Back Against an Increasingly Prevalent Crime

Identity theft is becoming a pervasively more serious problem in America. Government statistics show that this crime has increased exponentially over the past decade. When a criminal successfully targets an innocent individual, it can completely upend their lives. So, how can you protect yourself from identity theft as its prevalence increases?

Fortunately, you don’t need to take difficult and expensive steps to protect yourself. While paying for credit monitoring services certainly is an option — and a good one at that — there are also simple steps you can take in your everyday life to protect yourself. These steps will drastically reduce potential risk to your current and future financial security.

Secure Your Personal Information

Perhaps the most important step in protecting yourself from identity theft is to secure your personal information. Unfortunately, it seems like our data is everywhere in the modern world — but this doesn’t mean we have no control over it. For instance, using a cross-cut shredder to destroy sensitive documents (e.g., card offers, bills) can reduce potential exposure.

You should also limit information sharing. By avoiding sharing sensitive information (e.g., Social Security number) except when absolutely necessary, you’ll minimize how much of your data is even accessible by bad actors. You should also keep important documents — such as your birth certificate and Social Security card — in a secure location like a safe or lockbox.

Protect Your Online Presence

The internet has done great things for the world, but it has also given modern tools to criminals. Most of us have no choice but to be online, but there are ways to protect yourself from identity theft even in the digital world. For instance, creating complex passwords with a mix of letters, numbers, and symbols can make it difficult for hackers to access your accounts.

It’s also a wise idea to enable two-factor identification and avoid reusing passwords across multiple accounts. Of course, these websites aren’t your only exposure. Securing your home Wi-Fi and not clicking on suspicious links or attachments can add an essential layer of protection that reduces your risk of identity theft.

Monitor Financial Activity

Most of us expect that any activity on our financial accounts will come directly from us. However, this isn’t always the case. That’s why you should constantly review your financial statements and be on the lookout for unauthorized activity. Most financial institutions will also allow you to set up alerts when suspiciously high charges go through.

It is important to regularly review your credit reports regularly. There was a time not long ago when taking this step meant going to a specific bureau and paying money. This is no longer an issue. While there are paid credit report sites that monitor activity, you can access free credit reports yearly and sometimes even weekly. Your financial institution might also give you access to such data.It is important that you look at the report itself and not just the credit score!

Be Careful on Social Media

There was a time when consumer protection simply meant keeping the right documents out of the wrong people’s hands. Unfortunately, thanks to social media, the world is far more connected — and while this has its benefits, it has also opened the door for increased identity theft. Scammers, hackers, and other criminals can utilize the information you post on these sites.

This is why it’s highly advisable to limit the personal details you share on your profiles. By avoiding posting information such as your full name, address, phone number, and date of birth, you will have taken a critical step in protecting yourself from identity theft. You should also take a few minutes to review the privacy settings on your accounts. Adjust these settings to limit the visibility of your posts to just those you trust.

Additionally, it’s important to be wary of suspicious-looking links — even if they’re sent by trusted individuals — as the profiles of your friends and family may be hacked. Most importantly, make sure you think before you share. Consider how any shared information could be used to answer account security questions or target you in other ways.

Freeze Your Credit

Freezing one’s credit is an option for those who are extremely serious about protecting themselves from identity theft — or individuals who have already been targeted. Consumers can contact the major credit bureaus and place a freeze on their credit to prevent unauthorized credit inquiries or new accounts from being opened

Fortunately, a freeze on your credit will still allow you to make major purchases with credit. That’s because you can “thaw” your credit whenever you have a legitimate need to seek lending or open a new account. Thawing can be done on a temporary or permanent basis, and fortunately, the process of freezing and unfreezing your credit is simple and free.

What if You’ve Already Been Targeted?

All the safety measures in the world still cannot guarantee that a person won’t become a victim of identity theft. Criminals are becoming increasingly sophisticated, and it only takes one misstep for them to take advantage of a victim. Fortunately, you still have options to protect yourself even after being targeted.

For instance, many financial institutions will not hold their customers responsible for losses when a police report is filed. Sadly, not every company is this focused on protecting clients. However, you can take steps to immediately lock down your credit and prevent additional unauthorized access. More importantly, you may be able to seek financial compensation.

Identity theft lawyers can target criminals, negligent financial institutions, and other responsible parties with civil lawsuits. At Khosroabadi & Hill, APC, our legal team can review your case and help you understand all your options. We’re here to help, so contact us today at 858-240-2093
to schedule your free consultation.