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
Taylor never knew he had won because the slot machine had malfunctioned.
5 hours ago
Dwyane 'the Rock' Johnson said that his friend's actions changed the course of his life.
14 hours ago
The Texas inventor pitched a generator named after him on the third season of Shark Tank.
1 day ago
Despite putting the contestant in an awkward position the host did get the audience to laugh.
1 day ago
Although fans have admired his energy on the episode for years, Paul revealed why he wasn't too happy.
1 day ago
It took more than a decade and an amazing invention for Les Cookson to secure a deal on Shark Tank.
1 day ago
The contestant was also defended by some who said they would've made the same mistake.
2 days ago
While the item received a record-breaking appraisal, a flaw prevented its value from going higher.
2 days ago
She has starred in classic films such as "Sixteen Candles", "The Lost Boys", and "Twister".
3 days ago
What is Judy Sheindlin’s salary per episode? Here’s what we know about the TV judge and her new IMDb TV show, ‘Judy Justice.’
3 days ago
Sajak was criticized by fans on the internet but the contestant clarified that it was just for fun.
3 days ago
Danielle Perez had gone viral after talking about the awkward moment on "The Price is Right" on social media.
4 days ago
The singer also got Malone's number but is only focusing on sharing his work with him for now.
4 days ago
The incident did not bring down the woman's excitement as she kept jumping on stage.
4 days ago
The guest had no idea whose face was engraved on the top of the box and how much it cost.
5 days ago
The young entrepreneur saw a common problem kids his age faced and came up with an invention.
5 days ago
It was a gift from the father of his first client to whom he had sold a condo.
5 days ago
The singer wanted to celebrate his journey by sending fans to the place linked to his early days.
5 days ago
Wait till you hear the list of weird prizes that 'Price is Right' gave in the '50s.
6 days ago
The bottled water from the popular retailer has nanoplastic particles more than the firm's limits.
6 days ago