Unfortunately, identity theft crime is increasing. Any person with a Social Security number can become a victim of identity theft. Unfortunately, the most common victims are children, seniors, deployed active-duty military and social media users. It is projected as many as 1 in 4 people will experience identity theft in their lifetime. Data breaches at large companies in recent years, such as Anthem and Experian, will have impact several years after the initial news breaks.
· Unauthorized use of an existing account - such as banking, credit card, retirement, or investment accounts and more.
· Unauthorized use of personal information to open new accounts - such as financial accounts, utility and streaming services, credit cards and more.
· Misuse of personal information for fraudulent purposes - such as receiving government benefits or medical services, renting an apartment, submitting tax returns and more.
· Damage your good name and reputation
· Damage your good credit history
· Delay your income tax refund
· Increase your auto insurance rates
· Creation of a false criminal record
· Delay start of your government benefits: retirement, unemployment, and healthcare
· Prevent you from leasing an apartment or business space
· Prevent you from obtaining a mortgage
Interfaith Federal Credit Union is here to help you and your family. The sooner identity theft is detected the faster it can be resolved. Registering for monitoring services is key to early detection. Professional resolution services ensure you have support and are not alone should something occur. This is why Interfaith Federal Credit Union offers Secure Checking with IDProtect® identity theft monitoring and resolution service. For the single low price of $5.99 per month the primary AND joint account owners are covered. Additional Secure Checking benefits save your family money with health discounts, cell phone protection, shopping benefits, AD&D insurance and more.
Knowledge and mindful practices are key to protecting yourself and your family from fraud. Interfaith FCU is committed to providing ongoing education to our members through social media content, articles, emails and webinars.
How to Spot Identity Theft -- Consumer Financial Protection Bureau
Consumer Protection -- Federal Trade Commission
How tax fraud scams work:
So you go to collect your tax refund only to discover it’s already been paid. Did the dog eat your refund? Most likely not. Instead, you are probably the victim of tax fraud.
So how do you protect yourself? Here are some tips:
Protect yourself against phishers.
One of the most common ways criminals gather your personal information is through phishing. Often, they will pose as the IRS or an employer and send you emails or make phone calls to gather sensitive information such as W-2 forms or other information. The fraudster may offer large refunds, threaten penalties or convince you to pay money to avoid legal trouble.
This type of crime has increased by nearly 60% in recent years according to the IRS. The solution? Ignore all email and phone solicitations. The IRS does not operate through these channels to gather personal data. If you suspect an attempt, contact the IRS at phishing@irs.gov.
Be careful when sharing information.
How you share information is just as important as the information you share. Never share personal information over public wifi or through email. Only send data through encrypted and trusted websites.
Make sure you know your tax preparer.
Tax preparers everywhere have increasingly become prime targets for cybercriminals. Before you hand over your tax information, be sure you ask about how they protect client information, what they use the data for, and what their policies on data retention are. You should also ask if they have insurance against cybercriminals.
Be careful on computers.
Online tax filing is on the rise with as many as 87% of tax returns being filed online. Before filing online or using tax-related software online, make sure you use a firewall that keeps computers secure, updated security software and utilize strong passwords.
If you suspect tax fraud, call the Tax Fraud Hotline at 1-800-829-0433 or fill out a 3949-A form available on IRS.gov.
Source: IRS.gov, CNBC.com
“Phishing” is usually an email purportedly from your bank, your internet provider, eBay or any other institution to which you’ve given personal information. It looks legitimate, but its sole purpose is to defraud you of your account information.
Avoid being a victim:
Source: Fast Company magazine, August 2004 issue, page 32.
Seniors are prime targets for scam artists, through the mail, the telephone, or the internet and electronic mail. Following are some precautionary steps you can take to safeguard against fraud:
The United States Postal Service has produced a digital video disc (DVD) on the different types of fraud and precautionary steps to take to prevent fraud. The DVD is entitled “Dialing for Dollars” and is free. You can order this DVD by contacting the United States Postal Service at (877) 987-3728.
