Identity theft is a multi-billion dollar business for criminals.
Scammers could be profiting by selling your personal information, including your name and address, Social Security number, birthday, credit card numbers and more on the “Dark Web.”
What’s worse is that you might not even know it’s happening. Fortunately, if you pay attention, you can pick up on small signs and subtle clues that your identity has been compromised, and you can act quickly to restore your personal security.
Here are 7 signs that someone may be using your identity:
1. Unfamiliar Charges on Your Accounts
You might see transactions you don’t recognize on your monthly statement from your bank or credit card company. Sometimes, these are small “test” charges or inexpensive purchases that thieves hope you won’t notice! Be sure you have alerts set up for all of your credit cards, debit cards and accounts so you know immediately when a fraudulent charge occurs.
2. Bills or Statements Stop Arriving
If your regular mail stops arriving, such as credit card statements or privacy notices, bank statements or utility bills, it may be due to a thief changing your address or mail preferences in your account. Log into your accounts and make sure everything is arriving as it should. (It may be safer to opt out of paper statements and have these companies email your bills and statements, instead.)
3. Unexpected Credit Report Changes
It’s important to check your credit report every year! You can do this through annualcreditreport.com and get reports from all three major credit bureaus. You can also set up free accounts with each bureau that alerts you when there are changes to your credit score. This way, you’ll know when accounts, loans or credit inquiries show up that you didn’t authorize, which is a strong indicator of identity theft. In addition, you can lock your credit report with each agency to prevent unauthorized inquiries in the future.
4. Debt Collection Calls for Unknown Debts
Are you getting calls from a collections agency for a loan or purchase you never made? That’s a sure sign that someone is using your identity. Never pay a debt over the phone that you don’t recognize.
5. Denied Credit or Loan Applications
If you thought your credit score was strong but you get declined for credit, it might be because someone is also using your credit score. Be sure to check your credit report and try to get specific information from the bank or financial institution about why you were declined.
6. Notifications of Data Breaches or Password Changes
You might receive an alert in your email about password resets or account changes you didn’t request. Pay attention to those and make sure you can still log in to the account in question. But don’t log in by clicking on any link in those alert emails, because sometimes those are scams, too!
7. IRS or Tax Issues
Especially at this time of year, you should be watchful for returns filed in your name (you’ll know because when you go to file your taxes, the IRS will tell you that you already filed). Also, be sure you don’t get tax forms that don’t actually apply to you, like an income statement from an employer you don’t recognize or an interest statement that you didn’t earn. If this happens to you, contact the IRS or your accountant immediately. We truly hope this never, ever happens to you, but the sooner you know, the easier the issue will be to correct.
Remember to head over to CommonWealth One’s online banking and set up those account alerts to help keep you and your family safe from identity theft.
