Hijacked Identity: 7 Tips for Your Personal Protection

How much damage can be done if your personal information falls into the wrong hands?

Quite a lot, as the 15 million US victims found out in 2016. If we look at money alone, this means $16B in losses – a staggering amount even before we consider the pain and suffering that the identity fraud victims have to undergo before they can get their lives back. This is a nightmare scenario for most people I know, and yet few are ready to live “off the grid” using cash to pay for everything just to minimize their risk exposure. What are some of the preventive measure you can take today to protect yourself from thieves and fraudsters?

Order your credit report every year.

This is the single best tool for conducting a comprehensive annual check of your credit history. My favorite credit reports come from Experian via http://www.AnnualCreditReport.com. The reports are completely free (you don’t even need to enter your credit card information), and take under 5 minutes to request.

Sign up for transaction alerts.

Most bank accounts and credit cards will allow you to request transaction alerts, so that every transaction automatically generates a text message or an email. This service can help you catch an unauthorized transaction within minutes. Real-time notification certainly beats uncovering a nasty surprise in your bank or credit card statement at the end of the month!

Create strong controls over your social media profiles.

Most people these days have one or more social media account. Facebook, Instagram, LinkedIn, and Google + make is easy to stay in touch with colleagues, family, and friends. Unfortunately, they are also a great source of personal information that can be used by fraudsters. A malicious lurker can learn just enough about you to guess your password, answer a security question, or impersonate you to gain access to your bank accounts. Be smart about what you share, consider setting your profiles to “private”, and be careful about accepting friend requests from people you don’t know.

Protect your tax filings.

Tax refund fraud is on the rise. Many filers learn they have been compromised only after the fact: they attempt to submit their tax return, and get an error message stating that a return for their Social Security number has already been filed. Filing early is one way to minimize your risk. Another way is to request that the IRS issue you a personal identification number (PIN). Your PIN will be required for filing any future returns, and will change every year. The IRS automatically issues PINs for past victims of fraud, but you can also request one if your personal data has been compromised. While getting a PIN is not guaranteed, it never hurts to ask!

Stay away from suspicious emails, attachments, and links.

Yes, even if they promise the funniest cat video you have ever seen! Attachments and links can conceal viruses and malware. Do not click on anything that does not come from a trustworthy source, and double-check links before following them.

On that note, double-check every website address for companies you do business with. Be sure that the address begins with “https” (not just “http”) – that extra “s” stands for “secure” and means that the company went through a certification process. Check the spelling of the website address: www.bankofamerica.com and www.bankofarnerica.com can look very similar at a quick glance, so read carefully. It is generally better to type the company’s website into your browser instead of following a link in an email or on social media. Finally, if you are new to a business website, sniff around a bit before you enter your order. Can you find the company’s physical address, phone number, return and shipping policy? None of those 100% guarantee that the business is real, but the due diligence will improve your odds.

Take charge of your medical records.

Medical records can be a source of personal information (SSN, driver’s license, etc.) Many hospitals and medical clinics have poor record security and keep records for too long. Consider not providing SSN and driver’s license number on forms unless they are absolutely required. Get a copy of existing records, ask to have personal identifying information scrubbed, and review your explanation of benefits statements to catch any unauthorized activity.

Don’t use public access networks.

Sure, the free WiFi at Starbucks looks good – until you learn that anyone in the coffee shop can break into your computer with a minimal investment and no tip-offs. If you like to use open access points, sign up for a VPN. The small investment will more than offset the cost of recovering damages and trying to get your life back.

Finally, consider paying for a service like LifeLock that will automatically monitor all activity associated with your personal and financial identity. Speed of detection and response is a big advantage if you should find yourself a victim of identity fraud! The quicker financial institutions are notified of suspected fraud, the sooner they can act to limit the damage.

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