December is Identity Theft Prevention and Awareness Month. While we should be fraud aware all the time, December is set aside to bring special attention to identity theft. With the chaos of holiday shopping both online and in stores, this month is among the most common times for identity theft to occur. Consumers should take extra precaution to safeguard personal information this time of year. Businesses need to focus even more on keeping customer information private and secure. Let’s take these next few Fraud Fridays and learn about different types of identity theft and the part you can play in prevention.
The definition of identity theft is the fraudulent acquisition and use of a person’s private identifying information usually for financial gain. Anytime someone uses your personal or financial information without your permission, that is identity theft. A scammer can use your name, address, SSN, credit card number, bank account number, or even medical insurance account numbers to make fraudulent purchases or open accounts in your name. You may not know you have been a victim right away. Sometimes it can take a while to realize. The FTC reports that stolen IDs are used an average of 30 times before the victim finds out. Here are some common warning signs to look for:
- Bills for items you did not buy
- Debt collection calls for accounts you did not open
- Information on your credit report for accounts you did not open
- Loan application denial
- Mail stops coming to or is missing from your mailbox
If you are a victim of ID theft, you could face fraud that has a direct impact on your entire life. It could make it difficult for you to obtain loans, credit cards, or mortgages. It could lead to financial hardship, health insurance coverage loss, suspension of government benefit payments, could get you sued, and it could even land you in jail for something that isn’t even your fault. Over the next few weeks, we will take a look at the types of ID theft and what to do if you are a victim. The attached flyer has a lot of good information, too. There are several things you can do to aid in prevention and protection of your sensitive information, such as: Shred documents with your name, address, or financial info, don’t just throw them away. Never give out personal information over the phone to anyone you don’t know. Check your bank and credit card accounts regularly and if you see anything suspicious contact your bank.
Let’s stay fraud aware, especially this time of year. The holidays are stressful enough without the added pressure of dealing with ID theft.
Tara Montgomery
Exchange Bank of Alabama
Fraud Specialist
(256) 691-0328
