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
Both the contestant and fans believed he stood no real chance of solving the Bonus Round puzzle.
15 hours ago
The spooky item was a great find for the pawn shop, but the asking price was too high for Corey Harrison to cut a deal.
1 day ago
Despite saying that the item was worth a small fortune, the expert was confident about its future.
1 day ago
Harrison almost blew the deal for the gold & diamond encrusted ring over $3,000.
2 days ago
Insulted by her refusal to partner up, Kevin O'Leary told Lori Greiner, 'Do not screw with Mr Wonderful...'
2 days ago
The witty host reminded everyone that he’s never afraid to deliver the perfect clap back.
3 days ago
TikToker Madilynn Cameron alleged she was asked her to get a membership to use the self checkout facility at Walmart.
3 days ago
The toy train set from the Lionel company turned out to be a invaluable treasure.
3 days ago
The pawn shop boss, Rick Harrison wasted no time to get the mummy authenticated.
3 days ago
The elderly guest was visibly shaken to learn the value of her prized family heirloom.
3 days ago
In an Instagram post, Drew Goldfarb got candid about his big win, friends he made along the way, and things he learnt.
3 days ago
Ken Jennings accidentally let a curse slip and spoiled a clue — and the goof-up made it to air unedited.
4 days ago
The expert admitted that the item wasn't the most appealing thing to appraise.
4 days ago
'Dad had a good day digging,' expert Christian Beadman told the guest after revealing the value of the sculpture.
4 days ago
The guest brought in a rare Alexander Calder sculpture, but she wasn't prepared for the jaw-dropping appraisal.
4 days ago
Cuban, who initially refused to make an offer, jumped back into the competition.
5 days ago
'I've been begging her for this picture ever since I've seen it,' the guest said, recalling how she fell in love it.
5 days ago
With a $1 million prize on the line, Cindy Koenig fell short on a puzzle that many fans felt was quite solvable.
6 days ago
'You blow me away, you're so impressive,' Lori Greiner told the founders, but still lost to Mark Cuban in a bidding war.
6 days ago
Harris still walked away with a good amount of money and a vacation after the game.
6 days ago