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Identity Theft Awareness Week is a timely reminder of the importance of protecting your personal information and staying vigilant against scams. In a world where cyber threats are increasingly sophisticated, taking proactive steps to safeguard your identity is more critical than ever.
What is Identity Theft?
Identity theft is the fraudulent acquisition and use of a person’s private identifying information, for financial gain. Identity theft can happen to anyone and can take many forms. Scammers can steal your name and address, credit card or credit union account numbers, Social Security number, or medical insurance account number.
With the stolen personal information, scammers can:
• Open a credit card or utility account in someone else’s name• Get a loan, job, or medical care
• Purchase items on stolen credit cards
• File taxes in someone else’s name and receive a refund
Here are some essential tips to keep your identity safe.
1. Monitor Your Accounts Regulary
Stay on top of your finances by regularly reviewing your credit union statements. Look out for any unfamiliar transactions, no matter how small. Many fraudsters test accounts with minor charges before making larger ones. Sign up for account alerts through our mobile app to receive instant notifications of any unusual activity.
2. Protect Your Personal Information
Your personal information is valuable. Be cautious about sharing details like your Social Security number, account numbers, or passwords. Always verify the legitimacy of any request for sensitive information, especially if it comes via email or phone. Remember, Power Financial Credit Union will NEVER ask for your password or PIN.
3. Use Strong Passwords and Update Them Regularly
Create strong, unique passwords for your online accounts. A good rule of thumb is to use a combination of letters, numbers, and symbols. Avoid using easily guessed information, such as birthdays or common words.
4. Be Wary of Vishing and Phishing Scams
Vishing and Phishing scams are designed to trick you into giving away personal information. Be cautious of unsolicited emails, text messages, or phone calls asking for sensitive details. Look out for red flags like generic greetings, spelling errors, or urgent requests for action.
5. Secure Your Devices
Ensure your devices are protected with up-to-date antivirus software and operating system updates. Use secure Wi-Fi networks and avoid conducting financial transactions on public Wi-Fi. Enable two-factor authentication (2FA) whenever possible for an added layer of security.
6. Shred Sensitive Documents
Paper documents containing personal information, such as credit union statements or credit card offers, should be shredded before disposal. Dumpster diving is a common tactic for identity thieves, so don’t leave your sensitive information accessible.
7. Monitor Your Credit Report
Regularly checking your credit report is a crucial step in detecting identity theft early. You're entitled to a free credit report annually from each of the three major credit bureaus: Experian, Equifax, and TransUnion. You can request a report by visiting AnnualCreditReport.com. Look for unfamiliar accounts or inquiries and report discrepancies immediately.
8. Stay Educated
Cybercriminals are constantly evolving their tactics. Stay informed about the latest scams and identity theft trends by following trusted sources like the Federal Trade Commission (FTC) or Power Financial Credit Union’s blog. Awareness is your first line of defense.
What to Do If You Suspect Identity Theft
If you believe your identity has been compromised, act quickly. Contact us immediately to place a fraud alert on your account. File a report with the FTC by visiting IdentityTheft.gov and consider freezing your credit to prevent new accounts from being opened in your name. Our team at Power Financial Credit Union is here to support you every step of the way.
We're Here to Help
Protecting your financial well-being is our priority. If you have any questions about safeguarding your identity or need assistance with secure banking tools, don’t hesitate to reach out to us. Together, we can keep your information safe and secure. If you suspect you might be a victim of identity theft or account fraud, or that your account/profile has been compromised, please call us at 800-548-5465.