Protect Your Identity & Future

protect your identity May 06, 2022
Protect Your Identity & Future

Safety is always a good thing to keep in mind when you’re entering the real world. Identity theft is a serious problem. People now don’t have to steal tangible things, but rather, they can do so via the internet. Hence, it is always good to take precautions and be conscious about such problems.

As you invest in your education and future, remember to make sure your identity is protected, so you can have control over it! As a young adult starting out in life, you can borrow and make large purchases of your own once you reach the legal age.  If someone else has all of your personal information, without you knowing, things can get pretty complicated and messy.  

According to a study by the Insurance Information Institute (III), students are the least likely to know they have been a victim of identity fraud. Below is chart from III of the top five types of identity theft in 2020

 

Type of identity theft

Number of reports

Percent of total top five

Government benefits applied for/received

394,324

32.0%

Credit card fraud—new accounts

365,597

29.7

Miscellaneous identity theft (2)

281,434

22.9

Business/personal loan

99,667

8.1

Tax fraud

89,391

7.3

Total, top five

1,230,413

100.0%

(1) Consumers can report multiple types of identity theft. In 2020, 15 percent of identity theft reports included more than one type of identity theft.
(2) Includes online shopping and payment account fraud, email and social media fraud, and medical services, insurance and securities account fraud, and other identity theft. Source: Federal Trade Commission, Consumer Sentinel Network. https://www.iii.org/fact-statistic/facts-statistics-identity-theft-and-cybercrime

How can personal information be stolen? Listed are some common possibilities: 

  1. Your trash – if you don’t shred your important documents that contain your personal information including medical and financial.  (so SHRED info)
  2. Malware on your phone and/or computer – so be careful what you have install and the website you visit  (so watch out for apps/programs you install)
  3. Usage of ATM and credit/charge cards in public where others can see your PIN and card information. Beware too that your credit card can be skimmed with special devices that can copy your credit card information in seconds.   (so monitor your statements)
  4. Emails – be careful what emails you open as some are not from the actual sender asking you to verify your personal identity or login information, etc.  

Some ways to Protect yourself are:  

  1. Monitor your online activities, watch out for what information you’re giving

  2. Monitor all your credit cards and bank accounts

  3. Shred sensitive documents

  4. Filter your phone calls

  5. Think twice before sharing your information or downloading a free app.

  6. Report suspicious activities

Remember, as a young adults and/or college students, you’ll receive a lot of offers and promotions, so be careful how and to who you are sharing your personal information. Be critical whenever you’ll need to share your personal information or being ask to login to verify anything.

Be empowered, use the Financial Planning Checklist and Guide, it will help you organize your personal and financial information, as well as making sure you’re on top of your credit history.

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