Identity Theft

Have you ever been a victim of identity theft? If so, you’re not alone – identity theft is an unfortunate reality that is increasingly prevalent. In its 2018 Identity Theft Fraud Study, Javelin Strategy & Research reported that there were 16.7 million identity fraud victims in the U.S. in 2017, up by eight percent from 2016. Losses associated with identity theft rose from $16.2 to $16.8 billion. Losses associated with identity theft rose from $16.2 to $16.8 billion. The consequences can be long-lasting and have serious repercussions. While many victims are able to deal with it quickly, some are forced to spend a month or more resolving the issues caused by identity theft. Even if the problems are resolved, the financial loss can be severe. According to the Federal Trade Commission (FTC), two-thirds of victims lose money as a direct consequence of identity theft, and a small percentage of them can lose hundreds or even thousands of dollars.

Identity theft can take many forms. With financial identity theft, it’s often a case of bank accounts or credit cards being accessed and used illegally. For example, the thief may take out cash or max out a credit card. This can have a serious impact on your credit score. Another form of identity theft is when criminals gain access to your Social Security Number and use it illegally – to take out loans or open credit card accounts, for example.

Fortunately, there are steps you can take to avoid it. Learn what the signs of identity theft look like, how to best protect yourself from fraud and what to do if you become a victim.

Quick Quiz

To lower your chances of becoming a victim of identity theft, it’s important to understand how to best protect your finances and personal information. Take this quiz to learn how you can better secure your personal finances.

Security breaches are easier to address with which payment form?

Cash

Check

Credit card

Debit card

Correct!

With a credit card, consumers have plenty of time to notice unauthorized charges, notify their issuer and have them removed.

Not quite.

Security breaches are easier to address with a credit card. Consumers have plenty of time to notice unauthorized charges, notify their issuer and have them removed.

Which of the following is NOT an example of safe Internet use?

Delete spam emails that ask for personal information

Keep your antivirus and anti-spyware software up to date

Shop online only with secure web pages

Archive credit card information in your email

Correct!

Sending or saving credit card numbers, government ID numbers and other personal information via email puts your personal information at risk of theft.

Not quite.

Never send or save credit card numbers, Social Security numbers or other personal information via email.

How frequently can you request a free copy of your credit reports?

Once a week

Once every 3 months

Once every 12 months

Once every 18 months

Correct!

You are entitled to request a free copy of your credit reports every 12 months ensure the information is accurate. You can receive free copies from any of the three main credit bureaus or AnnualCreditReport.com.

Not quite.

You are entitled to a free copy of your credit reports every 12 months. You can receive free copies from any of the three main credit bureaus or AnnualCreditReport.com.

Which of the following is an appropriate agency to contact in the case of identity theft?

Federal Trade Commission (FTC)

Law enforcement

Credit bureaus

All of the above

Correct!

The Federal Trade Commission (FTC), law enforcement and credit bureaus are all appropriate agencies to contact in the case of identity theft.

Not quite.

The Federal Trade Commission (FTC), law enforcement and credit bureaus are all appropriate agencies to contact in the case of identity theft.

A minor may request a copy of his or her credit report after what age?

Correct!

After the age of 14, minors may request a copy of their credit report.

Not quite.

A credit history is established when a credit account is first opened, and minors may request a copy of their report after the age of 14.

Your Score

Nice job!

You’re your own identify theft security guard — check out these tips to stay successful.

Nice job!

You’re on the path to becoming your first line of defense against identify theft — check out these resources to become even better at protecting your personal information.

Too Bad!

You’re a newbie with lots of identity theft protection potential — check out these resources to learn how to be as safe from identity theft as possible.