The Importance of Identity Theft Awareness

In today's digital age, protecting your personal information is more important than ever. In 2023 alone, more than 1 million identity theft reports were filed, with losses surpassing $10.3 billion. The most common type of identity theft involved the theft or fraudulent opening of credit card accounts. At South Carolina Federal Credit Union, we remain committed to keeping you informed about current scams and how to safeguard your financial information.

Identity theft occurs when someone uses your personal information, such as your name, Social Security number, or credit card information, without your permission to commit fraud. This can entail someone making unauthorized purchases with your card, opening new accounts in your name, or even filing fake tax returns to claim your refund.

Identity thieves often look for any opportunity to gain access to your information, whether through phishing emails, data breaches, or even stealing your mail.

Recognizing the warning signs of identity theft can help you catch it early. Here are some common red flags:

• Unfamiliar charges on your accounts. If you notice purchases or withdrawals that you don't recall making, it could be a sign that someone else is using your account.
• Credit report changes. If you see new accounts or credit inquiries on your credit report that you didn't authorize, it's a strong indicator of identity theft.
• Denied credit. If your application for a credit card or loan is denied despite having good credit, someone might have damaged your credit score by opening fraudulent accounts in your name.
• Calls from debt collectors. If you start receiving calls or letters about debts you don't owe, it's possible that someone has taken out loans or opened accounts in your name.

If you suspect that you are a victim of identity theft, it's important to act quickly. Here's what you should do:

• Contact your financial institution. Notify your bank, credit card companies, and any other financial institutions you have an account with as soon as you can. They can help you freeze or close accounts that may have been compromised.
• Review your credit reports. Obtain a free copy of your credit report from each of the three major credit bureaus and review them for any authorized activity. You can access your credit reports once a week for free at annualcreditreport.com.
• Place a fraud alert on your credit report. Contact one of the three major credit bureaus (Experian, Equifax, or TransUnion) to place a fraud alert on your credit report. Once you have placed an alert with one of the bureaus, they will send a request to the other two to do the same, so you do not need to contact all three. Having an alert placed on your report will make it harder for scammers to open new accounts in your name.
• Consider a credit freeze. A credit freeze prevents access to your credit report without your permission, making it more difficult for scammers to open new accounts in your name.
• Report identity theft to the Federal Trade Commission (FTC). Go to the FTC website to report the theft, create a recovery plan, and learn how to put that plan into action.

Preventing identity theft is time well spent. Here are some tips to protect yourself:

• Secure your personal information. Keep sensitive documents, such as your bank and credit card statements, Social Security card, and passport in a safe place. Shred any documents that contain personal information before disposing of them.
• Be cautious online. Use unique usernames and strong passwords for each of your online accounts, and enable two-factor authentication where possible. Be wary of phishing scams and avoid clicking on suspicious links or attachments in emails you receive.
• Monitor your accounts. Regularly check your bank statements, credit card statements, and credit reports for any unusual activity.
• Limit what you share on social media. Be mindful of the personal information you share online, as scammers may use it to piece together your identity.
• Consider an identity theft monitoring service. These services monitor your credit reports, bank accounts, and even the dark web for signs of suspicious activity. If the monitoring service detects anything unusual, you'll be alerted immediately, allowing you to take action to limit or prevent further damage. IdentityForce*, an affordable member benefit, delivers ongoing monitoring, rapid alerts, and recovery services to help protect you and your family against ID theft.

By staying vigilant and taking these precautions, you can significantly reduce your risk of falling victim to identity theft. If you do become a victim, knowing the steps to take can help you regain control and protect your financial future. As always, South Carolina Federal is here to help.

*Coverage is not provided by South Carolina Federal Credit Union or South Carolina Federal Insurance Solutions, but is offered as a benefit for our members.