ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

33% of Americans Face Some Form of Identity Theft; Here are Five Steps To Safeguard Your Finances

Identity Theft is when somebody tries to steal your personal information and uses it without your permission.
PUBLISHED DEC 5, 2023
Cover Image Source: Pixabay | Pexels
Cover Image Source: Pixabay | Pexels

It's been reported that almost 33% of Americans faced some form of identity theft in their lives and the number of identity thefts has been three times higher than in other countries, as per IdentityTheft.org. The growing number of cases is concerning, however, there are steps that you can take to ensure your safety and become less susceptible to these kinds of scams in the future. Before looking at the measures that will ensure your safety from identity theft here's a look at what is 'Identity Theft' in the first place.

Facial-recognition technology | Photo by Ian Waldie | Getty Images
Facial-recognition technology | Photo by Ian Waldie | Getty Images

Identity Theft is when somebody tries to steal your personal information and uses it without your permission. Different types of identity theft can affect you and harm you in many ways. It's a diligent practice to stay updated. Because of today's digital world, everyone's information is at risk and one has to go out of their way to safeguard their information. Here are 5 ways you can tighten up your security and keep your finances secured...



 

While it may sound like stating the obvious, you may be surprised to hear that even today, many people make the mistake of using the same password for all their accounts across all platforms. This makes hacking your accounts extremely simple for hackers, especially in today's day and age where technology seems to be achieving anything and everything. You also need to make sure that your two-factor authentication is turned on so that your devices are linked and you are alerted in case of any breach. If you are not sure where to start it's a good idea to rely on a password manager that can help you to secure your identity. 

Reach out to your bank stop all the mail that you get and go paperless instead. This will help you to not get any sensitive pieces of information in your mailbox which believe it or not makes you more susceptible to data breaches. There's a higher chance of misplacing the information when it exists in the physical world. Needless to say, there are many more pros to hoping paperless and therefore it's a good idea that you consider this measure. 

Cyber crime and identity theft bureau at Manhattan District Attorney in Lower Manhattan in New York City, on Friday, December 23, 2011 (Photo by Ramin Talaie/Corbis via Getty Images)
Cybercrime and Identity Theft Bureau at Manhattan District Attorney in Lower Manhattan in New York City | Photo by Ramin Talaie Corbis via Getty Images

While this is easier said than done, it's important to avoid connecting to public wifi when and where you can. Yes, it's bad news that anybody can access your personal information if you're logged into an unsecured internet network. Remember, that a hacker can always place themselves between you and the connecting point, this puts you in a particularly susceptible position. We are sorry to break it to you that even the hotel's wifi is not safe and it's better to stick to your service provider's internet when you are staying at any hotel.

Pexels | Markus Spiske
Pexels | Markus Spiske

It's important to keep a tab to avoid any misreporting by financial institutions. On the report make sure that the accounts listed are yours and not anybody else's. Always look for any suspicious thing in the report and if you notice anything unusual, reach out to your bank immediately. If you want to check your credit report today, head to AnnualCreditReport.com and check it instantly. Apart from this, keeping a tab will also help you to gradually improve your credit score. 

This is extremely important as it can avoid potential fraud. This step will also help to see if there's any unauthorized activity happening. Yes, keeping tabs on bank statements goes hand in hand with your cybersecurity. It's a great idea to set up alerts, that if your credit card is used, you will get a text message or a mail that will let you know the details. Remember, that your statement is a snapshot of any unauthorized activity.

MORE ON MARKET REALIST
The owner of the collection of Danny Lyon SNCC Civil Rights Posters was left astonished in the end.
13 hours ago
After Harrison bought a signed speed bag for $250, he happened to meet the star at a dinner.
16 hours ago
The contestant, Doug, had a hard time coming up with a sensible answer.
19 hours ago
While Jennings performed a half-baked trick, it still managed to thoroughly entertain the fans.
1 day ago
The player, Andy Schwartz registered the first loss of a car since Seacrest took over as host.
1 day ago
The guest kept his grandparents' antique instruments under his bed for years.
1 day ago
Harris wasn't the only one who came up with an answer that shocked everyone.
1 day ago
Despite getting a high auction estimate, the owner of the Meiji Period lamp chose to keep it.
2 days ago
The player, Gabriel Berkowitz pulled off a perfect night winning over $45,000 and a car.
2 days ago
Harvey showed no mercy after he found out that Sweet Lou Dunbar didn't know how apps work.
2 days ago
The founder of Plop Star made an unforgettable entry and a sad exit from the show.
3 days ago
The host is otherwise quick to reprimand families for backing absurd answers.
3 days ago
While the Marvel comic book fetched a $50,000 appraisal, Harrison felt it was too rich for him.
3 days ago
Jimmy Alexander became the first player to lose a brand-new car on season 43 of the show.
4 days ago
The contestant, Brianne Peterson got extremely unlucky with her letter picks for the final puzzle.
4 days ago
The guest was told that the Jasper Johns Flag Print wouldn't be valuable but it was worth thousands.
4 days ago
It didn’t help that Alvin Rosales was playfully scolded by the host just before losing the Bonus Round.
5 days ago
The photos featured some looks of the show's legendary former host, Alex Trebek, as well.
5 days ago
The player, Kate Stuntz, pulled off a miraculous win to take home over $68,000 and a trip to Iceland.
5 days ago
The owner couldn’t believe the value of Jane Peterson’s "The Floats" gouache painting.
6 days ago