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Five Ways to Protect Yourself
Against Identity Fraud
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If you think you are safe from identity fraud, think again. A recent study revealed that, despite changes to credit card security and a focus on preventing theft, online criminal activity is still growing. Thieves are switching their methods to adjust to attempts to stop them. For example, instead of using stolen credit card information to make purchases, cyber criminals are using stolen information to open new credit accounts, which are more difficult to trace. Authorities are also seeing an increase in the number of stolen U.S. credit cards being used in foreign countries.
The AARP has issued five smart ways to help prevent data loss, or to mitigate the financial damage if you are hacked.
- Secure your mobile devices. Personal data kept on a smart phone or tablet can be vulnerable to theft. Use built-in security features such as passcode or biometric (fingerprint) protection, and programs that encrypt data and remotely wipe contents if the device is lost or stolen.
- Use strong passwords. This is still the first line of defense against cyber criminals. Find it difficult to remember all of your passwords? Don't write them down - they could easily be stolen or copied. Use a secure online password manager to help.
- Sign up for account alerts. Most banks, credit card companies, and brokerages offer free notifications via email or text message if suspicious activity occurs in your account. If you feel the activity is not yours, contact the account issuer immediately. Studies show that stolen information that is not acted upon is used 75 percent longer and results in nearly twice the loss as when the consumer acts quickly. Remember, you can request and check your free credit report annually from all three major reporting agencies (Experian, TransUnion and Equifax) for any unfamiliar accounts opened.
- Don't ignore data breaches. If you see a news report that a credit card issuer, retailer, government agency, health care organization or financial institution has experienced a data breach, don't think you are automatically safe. Of those names compromised in data breaches in 2015, 20 percent suffered a fraud attack.
- Freeze your credit. If you do suspect your personal information has been compromised, ask that a credit freeze be placed on your credit report. Creditors check your credit report before opening an account, and won't approve a new application if there is a freeze on the report. You must request the freeze from all three major credit reporting bureaus, and can lift the freeze if and when you are legitimately applying for credit.
Credit fraud tied to cyber theft continues to be a significant threat to consumers of all ages and economic status. Take these simple steps to help avoid becoming a victim.
For more information on steps you can take to protect yourself, please contact Gray, Gray & Gray at (781) 407-0300.
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Gray, Gray & Gray, LLP
781.407.0300
www.gggcpas.com
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