Identity theft - protect yourself

Photo:

Susan Graves

Question: I shred financial statements and monitor my bank and credit card accounts regularly. Am I doing enough to avoid identity theft?

Answer: What you are doing to prevent ID theft is good practice; unfortunately, thieves use a variety of tactics to assume your identity in order to open new bank accounts, establish new credit card accounts, write bad checks, obtain loans, or get cash advances, all in your name. Below are some ways in which ID Theft can occur and what you can do to help avoid it.

Your kids are at risk. According to the Federal Trade Commission, about eight percent of people under the age of 19 will have their identity stolen. Most parents won't know their kids have had their identities stolen until they're in their late teens and getting ready to apply for college loans or for a credit card. The best way to fight this is to get a credit report for your children. You get one free report per year so check that your child does not have a credit history – they shouldn't.

Smartphones. With the increased abilities of Smartphones, comes a built-in risk for exposure of personal information. Password-protect your phone to prevent your information from being accessed; only download apps through a service that monitors them such as iTunes; install a “phone finder” app, designed to help you find your phone if it becomes lost or stolen; enroll in a program that will wipe out information on your phone if it is lost or stolen so that no data remains on the device itself.

Watch your medical records. Medical ID theft can be as simple as someone copying your health insurance or Social Security number, assuming your identity at a doctor's office, then billing services and treatment to your policy.

Not only could you be stuck with a bill, but whatever treatment someone gets using your identity becomes part of your medical record. Guard your insurance card. If it's lost or stolen, contact your insurance company right away.

If you get a bill where you don't recognize a doctor, date, or treatment, report the error to your insurer. Check your credit report. Unpaid medical bills that have gone to collection are included in these reports.

Don’t put personal information on social media. You may think posting your birthday or where you went to college is harmless, but it could be just the amount of added personal information an ID thief needs to pretend to be you.

You wouldn’t think of posting your Social Security number or bank account information on a social network. Be careful about what you reveal about yourself and your family.

This information is provided by Oxford Federal Credit Union as general information, and is not intended as financial advice. If you have a financial question you would like answered email it to marketer@ofcu.org.