7 Credit Safety Tips for Identity Protection

7 Credit Safety Tips for Identity Protection

Identity theft and fraud cases have been steadily increasing over the past decade. These cases are at an all-time high largely because of a wider range of methods to trick consumers, including phishing/vishing (emails or calls to obtain private info); contests or lottery scams; online and mobile shopping fraud; and debit or credit card fraud.

For an interactive lesson on keeping your identity safe, check out this Identity Protection Module from KEYS^® Online. Here are seven ways to keep yourself and your information safe.

1. Keep confidential information private
   Safeguard your personal information by following these guidelines:

   • Only share sensitive details with trusted sources when necessary.
   • Be skeptical of requests for large sums of money from unknown individuals.
   • Stay vigilant in protecting your identity.

2. Watch for phishing and vishing
   Phishing and vishing (that’s voice phishing) are deceptive attacks that aim to trick individuals into sharing sensitive information. Protect yourself by following these tips:

   • Be cautious of emails, text messages or phone calls requesting personal or financial information.
   • Verify the source and avoid clicking on suspicious links or downloading attachments from unknown sources.

3. Enable spending alerts
   Set an alert for purchases over a set amount (e.g., $50) on your debit and credit cards to easily detect fraudulent purchases. Any expense above that amount will be flagged and you’ll receive a text. Quickly approve the purchase if it’s legitimate or initiate a fraud alert if it appears suspicious.

4. Monitor statements and credit reports
   Keep a close eye on your digital financial statements (credit cards, bank, brokerage, etc.) to detect suspicious activity. If your identity is compromised, take immediate action:

   • Initiate a fraud alert with a credit reporting agency and inform your financial institution.
   • Change your online banking and shopping passwords.
   • Monitor your financial accounts and statements for fraud.
   • Freeze or lock your accounts to prevent further harm. Consider freezing your credit report, too.

   Take advantage of free identity protection services offered by breached companies. While waiting for new cards, change your online passwords. Stay proactive and visit annualcreditreport.com for a free yearly credit report.

5. Safeguard your virtual data
   Just like you wouldn’t use an easy-to-guess combination for your safe, it’s important to be vigilant when setting your PIN and passwords. Here’s how to protect your digital and virtual accounts:

   • Create strong, unique passwords for each financial account. Avoid using the same password for multiple accounts. Consider using a password manager for added security.
   • Choose a memorable but nonobvious number for your PIN. And remember, never write it down.
   • Secure your smartphones, tablets and computers with strong passwords or biometric authentication. Keep your operating systems, antivirus software and apps up to date to prevent vulnerabilities.
   • Enable two-factor authentication whenever possible for financial accounts. This adds an extra layer of security by requiring a second form of verification, such as a unique code sent to your phone.

6. Safely store and dispose of financial documents
   Unless you go paperless, financial statements can pile up. Dispose of financial statements, credit card offers and other documents having personal information by shredding them to prevent dumpster diving. If you don’t have a shredder, many financial institutions and public libraries offer the service for free.

7. Choose trustworthy Wi-Fi
   Online risks are everywhere and using wireless connections can amplify those dangers. Protect yourself by following these tips:

   • Use secure Wi-Fi networks whenever possible.
   • Avoid accessing sensitive financial information or making online transactions on public Wi-Fi networks.
   • When connecting to the internet on public networks, use a virtual private network (VPN) for added security.

   You can never be too safe when it comes to protecting yourself and your assets. To learn more, check out these 10 tips for online identity protection.

By Josh Foster, GM Financial

Josh Foster takes pride in his three orange cats and the ability to connect people with meaningful experiences. He’s a U.S. Army veteran and volunteers at the Detroit Zoo, where he’s able to educate guests with bad jokes about good animals.