How to Protect Yourself From Identity Fraud

How to Protect Yourself From Identity Fraud

The Federal Trade Commission reported that more than 3.2 million cases of identity fraud occurred in 2019. The number is much higher than it was in previous years, and it continues to increase. Identity theft is a real thing, and every consumer and business owner must protect himself or herself from getting slammed by the aftermath of an occurrence if it happens. The following are some ways that you can avoid identity theft. It will be wise for you to take some of these measures.

Don't Give Personal Information Over the Phone

The most important tip for preventing identity theft is never giving your personal information out over the phone. The only time you should share your personal information is if you call a creditor, and they ask you to verify your identity. Even in that situation, they will usually only ask you for your social security number's last four digits. A lot of scammers use shady methods to get information out of random victims. They pretend to want to issue the victims prizes, or they masquerade as creditors or utility companies and call people to phish for their information. Stay on top of this. Make sure the person who's calling you is, indeed, affiliated with the organization they say they're affiliated with. Even then, you should only be giving up the last four digits of your social, not the entire thing.

Shred Identifying Documents

Ensure you destroy any documents that might have copies of your driver's license information or social security card. Avoid mailing such documents unless you have to. It might be necessary when you're trying to prove who you are to an entity that's investigating identity theft. Otherwise, you need to get rid of these documents as quickly as possible. The same is true if you run a business. You should have a shredder, and you should destroy unneeded documents of yours and your customers'. It's your duty to protect your customers from bad experiences. Identity theft is definitely one of those experiences.

Use Cyber Risk Management Software

A cyber risk management program might be just what you need if you run a business, as well. A risk management program can perform a lot of tasks that pinpoint vulnerability long before identity theft occurs. It can notify you of the estimated costs that you'll have to spend if you become exposed to identity theft. Furthermore, it will calculate your risks and tell you different steps you can take to reduce that risk. It might be well worth the software expense if it means that you get to escape victimhood.

Use a Credit Monitoring Service

Credit monitoring services can't stop someone from recording or stealing your personal information. However, they can stop the culprit from doing much damage with the information. For example, an individual who steals your social security number will not be able to open new credit accounts if you have credit monitoring services in place. Those services will notify you that someone is trying to open a new account. You can then take steps to prevent it from happening.

Don't Share Your Information With Family and Friends

You have to keep your personal information private from even those who you believe are close to you. A large portion of identity theft cases come from family members who grabbed hold of their loved one's social security number. Some of them are more naive than they are malicious acts. Nevertheless, you have to deal with them.

Remove Your Mail Daily

Make sure you collect your mail every day if you don't have a mailbox that locks. Some identity thieves look for victims by checking to see if their mailboxes are exposed. These persons will take your mail from the box and use your information to open accounts or order items on your credit card. Protect yourself by checking your mail at least once a day and taking it into your home. You should also rip mail into shreds before you throw it out if it has to identify information on it.

It's time to start using the above-mentioned methods to protect yourself or your business. You can avoid becoming a statistic on the next annual identity theft report you read with good practices.