Protect Your Personal Information

Nov 13, 2024


 

Understanding and Preventing Identity Theft

Identity theft is a serious crime that can have long-lasting effects on your financial health and personal well-being. At Rally Credit Union, we want to ensure our members are well-informed and protected. Here’s a comprehensive guide to understanding and preventing identity theft, along with steps to take if you become a victim.

How Identity Theft Occurs

Identity theft happens when someone uses your personal or financial information without your permission. This can include your name, address, credit card or bank account numbers, Social Security number, or medical insurance details. Thieves can use this information to make purchases, open new accounts, or even commit crimes in your name1.

Common methods of identity theft include:

  • Phishing: Fraudulent emails or messages that appear to be from legitimate sources, asking for personal information.
  • Skimming: Devices placed on ATMs or point-of-sale terminals to capture card information.
  • Data Breaches: Unauthorized access to databases containing personal information.
  • Mail Theft: Stealing mail to obtain sensitive information.

Steps to Protect Your Personal Information

  1. Secure Your Documents: Keep financial records, Social Security cards, and other sensitive documents in a safe place. Shred documents before disposing of them.
  2. Use Strong Passwords: Create complex passwords for your online accounts and change them regularly. Consider using a password manager.
  3. Enable Multi-Factor Authentication: Add an extra layer of security to your accounts by enabling multi-factor authentication (MFA) where available.
  4. Monitor Your Accounts: Regularly check your bank and credit card statements for any unauthorized transactions. Set up alerts for suspicious activity.
  5. Be Cautious Online: Avoid clicking on links or downloading attachments from unknown sources. Verify the legitimacy of websites before entering personal information.
  6. Protect Your Social Security Number: Only provide your Social Security number when absolutely necessary. Ask if other forms of identification can be used.

What to Do If You Become a Victim

If you suspect that your identity has been stolen, take the following steps immediately:

  1. Report the Theft: Visit IdentityTheft.gov to report the theft and create a recovery plan2.
  2. Contact Your Financial Institutions: Notify your credit union or bank and credit card companies about the theft. They can help you secure your accounts and prevent further unauthorized transactions.
  3. Place a Fraud Alert: Contact one of the major credit bureaus (Equifax, Experian, or TransUnion) to place a fraud alert on your credit report. This makes it harder for thieves to open new accounts in your name.
  4. Review Your Credit Reports: Obtain free copies of your credit reports from AnnualCreditReport.com and review them for any suspicious activity3.
  5. File a Police Report: Report the identity theft to your local police department. This can help you prove the theft to creditors and other entities.

Additional Resources

For more information on identity theft and how to protect yourself, visit the following resources:

By staying informed and taking proactive steps, you can protect yourself from identity theft and ensure your financial security. If you have any questions or need further assistance, don’t hesitate to reach out to us at Rally Credit Union.