Identity theft is the fraudulent acquisition and use of a person’s personal information, such as your name and social security number, typically for financial gain by the fraudster. Unfortunately, fraud is becoming more and more common, but there are various safeguards to help protect yourself and tips to take if you’ve fallen victim to fraud.
Types of Identity Theft
Anyone can become a victim of the various types of identity theft. Here are four financial-related types of identity theft to be aware of:
- Financial Identity Theft: Exploits your personal information, such as bank account numbers, credit card numbers, or your Social Security number, for financial gain.
- Tax Identity Theft: Utilizes your personal information to file a tax return and get your refund.
- Child Identity Theft: Steals the personal information of children under age 16 to open credit accounts in their name.
- Estate Identity Theft: Exploits a deceased individual’s personal information to steal money or open accounts.
How to Protect Yourself from Identity Theft
These leading tips can help keep your identity safe:
- Protect your Social Security number
- Regularly inspect your financial statements and credit report
- Be alert for phishing emails, which occurs when scammers pose as someone else to obtain your personal information
- Create strong passwords
- Enable multi-factor authentication
- Use caution on social media and when shopping online
- Implement security software on your computer and mobile devices
- Stay updated with consumer alerts: https://consumer.ftc.gov/consumer-alerts
What to Do if You are Scammed
If you think you have been scammed, the FTC has resources on what steps to take. For example, if you have been scammed for credit or debit card information, report it to the credit card company or bank that issued the card. If you provided any personal information to a scammer (date of birth, credit card number, account number, online banking user ID, password, etc.) contact your financial institution immediately.
You can also report a scam you’ve experienced to the FTC at ReportFraud.ftc.gov.