Understanding Identity Theft to Help Protect & Prevent Potential Fraud

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Identity theft occurs when someone steals your personal information and uses it without permission. Most often, thieves steal information like your name, date of birth, and social security number to apply for credit, file for taxes, or open other types of accounts in your name.  

There are several forms of identity theft, including account takeover, debit and credit card fraud, mail identity fraud, and social security number theft. There are even schemes that target specific populations, like senior citizens or children. Most commonly, identity theft occurs through unsecure browsing, a data breach, or spam emails. Identity thieves may also obtain your personal information by going through your mail or trash to find documents with sensitive information, or by stealing your wallet or purse.

Unfortunately, it is impossible to completely eliminate the threat of identity theft but, if you educate yourself  about common telltale signs you will be equipped with tools to limit damage should it occur. 

Consider the following steps to help protect yourself from identity theft:
  • Create strong passwords and avoid using the same password on multiple accounts. Use two-factor authentication for online services when possible.
  • Review your financial and credit card statements carefully for unknown transactions. Money Management allows you to connect multiple accounts for a complete view of your spending across credit, debit, and savings accounts.
  • Shred important documents and consider limiting the personal information you carry on a daily basis, including your social security card and passport.  
While being proactive to prevent fraud is crucial, it is also important to monitor activity that may signal identity theft. Telltale signs of fraud include:
  • You receive a bill for items you didn’t order, or you notice unauthorized bank transactions or withdrawals. Card Control enables you to receive instant notifications whenever a debit card transaction or withdrawal occurs and allows you to turn off the card should you suspect suspicious activity. 
  • You are denied credit despite having an excellent credit score, or you receive calls from debt collectors.
  • You receive unauthorized texts or emails from unknown accounts. Of note, TowneBank will never contact you to ask for your personal information via text, phone, or email. When in doubt, call your banker.
If you suspect that you may be a victim of identity theft, it is important to limit the potential damage. Contact your banker immediately to discuss and review steps to Recover from Identity Theft.
Remember, the best protection against identity theft is knowledge.

By remaining proactive and using tools available through Online and Mobile Banking, you can limit the threat of identity theft impacting you or your loved ones.   
 

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The information provided is not intended to be legal, tax, or financial advice or recommendations for any specific individual, business, or circumstance. TowneBank cannot guarantee that it is accurate, up to date, or appropriate for your situation. You are encouraged to consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.

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FAQs

  • Identity (ID) theft happens when someone steals your personal information such as your social security number, date of birth, your name, etc to commit fraud. The identity thief may use your information to apply for credit, file taxes, or get medical services.
  • There are several things you can do to prevent identity theft:
    1. Monitor your credit report regularly. The Fair Credit Reporting Act(FCRA), enforced by the Federal Trade Commission, enables consumers to get a copy of their credit reports from each of the three agencies once a year.
    2. Review your bank account information regularly to any unauthorized purchases
    3. Carry as few credit cards with you as possible and use tools like Card Control so you can turn your card on or off in the event its stolen
    4. Identity theives will often steal mail to obtain personal information. It is recommended to go paperless to avoid having account sensitive data delivered to your mailbox.
    5. Use two-factor authentication for online services to reduce your risk of your password being compromised.
    6. Avoid using the same password on multiple accounts. A breach on a site shouldn't compromise your other accounts. For more tips like these visit our online security resource center.
  • If you feel you've been a victim of identity theft, you can contact the three credit bureaus to place a fraud alert or credit freeze on your file to prevent any new accounts from being opened for 90 days. You can also visit annualcreditreport.com to obtain a copy of your free credit report and be certain to check it for any accounts or charges you don't recognize.
    If your bank account information was compromised, contact your bank so you can close your account and open a new one. You will receive new cards so you'll need to make sure to update any payments you may scheduled using that card number. You'll also want to carefully monitor your accounts for any unusual activity.

    If your drivers license was stolen, you should also contact your local DMV. In some states, they will flag your license number in case someone else tries to use it. Again, it's important to check your credit report just in case someone has tried to open accounts in your name with your drivers license number and information.

    For more information and tips visit the security section of our resource center.
  • Identity thieves can obtain personal information in many different ways, some are:
    1. Going through your mail or trash to find documents with sensitive information
    2. Call you and pretend to be a representative from your bank. As a reminder, a TowneBank banker will never ask you for passwords, pin numbers, or one-time passcodes.
    3. Purchase your information online through major online breaches
    4. Steal your wallet or purse
    5. Contact you through social media to obtain personal information that may later be used to impersonate a trusted professional Criminals will find any means necessary to get your information. You can learn more here.
  • Here are 5 great online resources about identity theft that include steps on how to prevent it.
    1. Federal Trade Commission
    2. Consumer Financial Protection Bureau
    3. FBI CyberSecurity Dividsion
    4. How to Protect Yourself from Identity Theft
    5. Nerdwallet
    At TowneBank, we have a section of our resource center dedicated to articles to help you prevent becoming a victim of cyber-crime. Find the complete library here.