Identity Theft 101

What is Identity Theft and How Do You Protect Yourself?

What is Identity Theft?

Identity theft – often referred to as identity fraud – is a malicious act where someone unlawfully uses your personal information, such as your Social Security Number (SSN) or birth date, to impersonate you. This deceit allows them to apply for credit cards and loans, open bank accounts to write bad checks, redirect mail, establish cell phone services, rent vehicles, equipment, or accommodations, and obtain new government documents like driver’s licenses and SSN cards.

Identity theft can have a devastating impact on victims. Individuals are often left accountable for debts they didn’t incur and must spend countless hours restoring their good names. However, by adopting a few preventative measures, you can significantly reduce the risk of your personal information falling into the wrong hands.

How to Protect Yourself from Identity Theft

Safeguarding Your Credit Cards

• Monitor Your Statements: Keep a close eye on your credit card statements and bank account activities. If your bills are late, contact the credit card company immediately.
• Review Regularly: Check your credit reports annually. Major credit reporting agencies offer one free report each year.
• Stay Alert: Immediately dispute any unauthorized charges you find on your statements.

Securing Your Mail

• Use a Locked Mailbox: Whenever possible, use a locked mailbox or one with a drop slot to prevent mail theft. If using a regular mailbox, retrieve your mail promptly.
• Shred Sensitive Documents: Destroy items containing your personal information, such as preapproved credit card offers, insurance and loan applications, bills, and receipts, before discarding them.
• Hold Your Mail: If you’re away, have a trusted neighbor collect your mail or request your Post Office to hold it.

Protecting Personal Information Over the Phone

• Verify Callers: Never disclose your credit card numbers or other personal information unless you initiated the call or are sure of the caller’s identity.
• Be Cautious with Offers: Avoid sharing personal information with callers offering exceptional deals or conducting surveys.
• Educate Your Family: Teach everyone in your household about the risks of identity theft and ensure they do not share personal information over the phone.

Managing Your Wallet

• Minimize Contents: Carry only essential items in your wallet. Leave your SSN card, passport, and birth certificate in a safe place, such as a locked cabinet at home or a safety deposit box at the bank.
• Keep It Close: Always keep your wallet in a secure place on your person, such as a front pocket or an inside jacket pocket, especially in crowded places.
• Secure It When Not in Use: At home or at work, store your wallet in a secure place. Avoid leaving it out in the open or in easily accessible areas.

Securing Your Computer

• Use Security Software: Install and regularly update firewalls, anti-virus, and anti-malware software.
• Set Automatic Updates: Ensure your operating system and browser are set to update automatically.
• Adjust Security Settings: Configure your browser’s security settings to avoid potential threats.
• Avoid Untrusted Sites: Avoid visiting untrusted websites and downloading unknown software.
• Secure Downloads: Scan discs and flash drives with security software before use.
• Avoid Illegal File Sharing: Illegal software can contain malware disguised as legitimate files.

Recognizing the Signs of Identity Theft

Awareness is key to preventing and addressing identity theft. Be vigilant for these warning signs:

• Missing Bills: Your bills and bank account statements do not arrive as expected.
• Unexpected Calls: Collection agencies or creditors contact you about accounts you don’t recognize.
• Unexplained Charges: Your credit card shows charges you didn’t make.
• New Credit Cards: You receive credit cards you didn’t apply for.
• Unauthorized Transactions: Your banking statements show transactions you didn’t authorize.
• Credit Denials: You are denied credit or receive poor terms for no apparent reason.
• Incorrect Credit Report Information: Your credit report contains unfamiliar information or debts.
• Unexpected Credit Decisions: A credit institution informs you of approval or denial for credit you didn’t request.

Actions to Take if You Become a Victim of Identity Theft

Swift action is crucial to minimize the damage caused by identity theft. Follow these steps if you suspect your identity has been stolen:

• Contact Local Police: File an Identity Theft Report and obtain a copy for your records.
• Report to the FTC: File a complaint with the Federal Trade Commission at 1-877-ID-THEFT.
• Notify Creditors: Contact every organization where fraudulent credit might have been obtained. Provide them with details of the fraud, request investigations, and ask for appropriate actions such as closing accounts or canceling cards.
• Alert Credit Reporting Agencies: Request a copy of your credit report from major agencies and place a fraud alert on your report to warn creditors to contact you before opening or changing accounts.
• Notify Government Offices: Inform any government offices that issued the stolen or misused documents.
• Document Everything: Keep a detailed log of all communications, including who you spoke to and what was discussed, and save any related expenses.
• Close Compromised Accounts: Shut down any accounts you know or suspect have been tampered with.
• Get New Identification: Obtain new bank machine and calling cards with new passwords or PINs and apply for a new driver’s license.
• Inform Utility Companies: Notify your telephone, cable, and utility companies about identity theft to prevent fraudulent accounts from being opened.
• Be Wary of “Credit Repair” Services: Be cautious about using credit-repair services, as they often cannot help and may propose fraudulent solutions.

Key Phrases to Remember

• Identity Theft Protection: Implement practices to safeguard your personal information.
• Suspicious Transactions: Monitor your accounts for unusual activities.
• Fraud Alerts: Use alerts to detect and prevent unauthorized account activity.
• Data Breach Awareness: Stay informed about data breaches that may affect you.
• Credit Card Information: Regularly check your credit card statements for accuracy.
• FTC Identity Theft Report: Report identity theft to the Federal Trade Commission.
• Personal Recovery Plan: Develop a plan to recover from identity theft.
• Credit Reports: Review your credit reports annually to identify any discrepancies.
• Sensitive Information Security: Protect your social security numbers and other personal information.
• Fraudulent Return Prevention: Be aware of tax-related identity theft and other fraud.

Sunwest Bank’s Commitment to Protecting You from Identity Theft

At Sunwest Bank, we are committed to safeguarding your financial information and well-being and providing the tools and information necessary to protect yourself against identity theft. We have implemented robust security measures to ensure the safety of your accounts and our online banking system. By staying vigilant and following the best practices outlined here, you can help us keep your online banking experience secure.

Link to https://newaccount.sunwestbank.com/commercial/swb/create-account/getstarted  [RM1]

Link to https://www.sunwestbank.com/what-is-malware-and-how-do-i-avoid-becoming-infected/ [RM2]

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