Protect Yourself from Identity Theft
Jan 31, 2022
Identity Theft Awareness Week Offers Prevention Tips
The Federal Trade Commission (FTC) is launching a series of webinars, podcasts, and other online events to raise the public’s awareness of identity theft, which has increased dramatically. Experts will be sharing their insights daily from Monday, January 31, through Friday, February 4, on Facebook Live, Twitter, and other sites. Please check the FTC website for the topics and schedule.
Identity theft is a growing threat to the public’s financial security that has become more prevalent during the past few years as scammers obtain other people’s identifying information to file fraudulent claims for unemployment and other government benefits, to steal funds from people’s bank accounts, and falsely obtain credit cards. In 2020, the Federal Trade Commission (FTC) received nearly 1.4 million reports of identity theft through its IdentityTheft.gov website, about twice as many as in 2019. About 30 percent of complaints came from people who said their personal information was misused by fraudsters who applied in their name for a government document or benefit, such as unemployment insurance. (The fraudsters may have seen an opportunity to file fraudulent claims because of the big increase in legitimate unemployment claims filed by laid-off workers during the first year of the Covid-19 pandemic.)
The American Bankers Association (ABA) reports that identity theft is one of the most prevalent types of fraud. It’s one in which criminals assume individuals’ identities to apply for credit in their names, often running up huge bills and damaging victims’ credit histories. It is a federal crime punishable with a 15-year prison sentence. The ABA suggests taking these steps to avoid becoming an identity-theft victim:
- Review your accounts regularly and report any unauthorized charges through the internet, phone, or ATM statements.
- Never give out personal financial information in an email or over the phone unless you have initiated contact through a trusted channel.
- Choose to do business with companies you know are reputable, particularly online. Make sure your browser’s padlock or key icon is active, indicating a secure transaction.
- Order copies of your credit report at least once a year to ensure accuracy.
- Protect your PINs and passwords and don’t carry them in your wallet.
- Tear up receipts before discarding them, be alert for any missing mail, and do not include personal information such as birthdates, email or physical addresses, mother’s maiden name, or other sensitive information on social networking sites.
- Don’t give your Social Security number or personal credit information to anyone who contacts you.
- Report any suspected fraud to your bank and the fraud units of the three credit reporting agencies immediately. Consider filing a police report.
Remember that MFS will assist you if you suspect your identity has been stolen. If necessary, it will close your account and help you clear your name. You will not be liable for accounts you did not open. Click here for more helpful information on how to deal with identity theft and what MFS does to help protect you.
These are the fraud-unit phone numbers of the three credit-reporting agencies to contact:
TransUnion: (800) 680-7289
Experian: (888) 397-3742
Equifax: (800) 525-6285