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Responding to Identity Theft
What is Identity Theft?
Identity theft is a scam characterized by the fraudster's pursuit of their victim's intangible personal information to use for fraudulent gain without a victim’s knowledge or permission.
In the past, identity thieves would usually target the collection of personal data to use for access to financial staples like a victim’s credit card or banking information. However, modern identity thieves can find just as much success in using data combed from a victim's health insurance billing documents, or their online presence as they can from access to traditional bank accounts.
The Evolution of Identity Theft
Modern identity theft often occurs as a subset of this scam called “Synthetic Identity Theft”, where a fraudster uses stolen legitimate information as the basis of their fraudulent activity (such as a victim’s verifiable date of birth or their social security number). They then assume a victim’s persona online without their knowledge and to avoid any red flags being raised until it’s too late. Using this foundation of truthful information allows the scammer to quietly construct a fake identity using the data they’ve stolen as a base. Once this half-true identity has been crafted, the scammer can then link it to fake email addresses and phone numbers to avoid detection.
Because Synthetic Identity Theft is harder to identify at the onset, it can lead to fraudster’s having prolonged access to an immeasurable amount of their victim’s personal data, which can lead to catastrophic financial losses.
How do I lessen my risks?
Safely destroy documents by shredding them instead of throwing them away whole. Scammers can easily glean information from something like the discarded paper copy of a bill or an account statement. Make sure that any documents containing private information, such as your social security number, bank account number or medical information are thoroughly shredded before being thrown away.
Safeguard your data online. Keep your technology running on the most recent system updates when available, don't provide personal information to unverified online sources and invest in antivirus software to protect against any system breaches.
Carry only what you need. Keeping wallets and purses clear of extraneous cash, credit or gift cards not only reduces the amount of items for you to keep an eye on, it also limits your informational exposure in the event of a wallet getting lost or stolen.
Communicate with your bank when you travel. Give their verified contact number a call and let them know your anticipated travel plans ahead of time, that way they can monitor your account for activity outside of your itinerary locations should a scammer strike while you’re on the road.
- If you are a ConnectOne client, let us know you’re traveling without the hassle. Give us a call at 844-266-2548 or download the ConnectOne Bank MyCard Manager application to quickly set your travel itinerary right from your phone. Learn more about this feature here for peace of mind while you’re traveling.
For travel upwards of 10 days, consider investing in a secure mailbox solution to prevent any mail theft when you’re not home, or reach out to your local post office and ask that any incoming mail be held until your expected return date.
- Keep in mind that USPS mail hold requests can be made for a minimum of three days and a maximum of thirty days.
Help! My identity has been stolen! What should I do?
The following steps can be referenced here, directly from the ConnectOne Bank Security Center.
Report it:
File a police report with your local precinct in-person or online and reach out to the credit-reporting bureaus listed below to request a credit freeze.
Lock it:
As soon as you notice that physical banking cards have been lost or stolen, use any associated mobile apps on a smart device to instantly lock the cards, proactively preventing any scammer spending sprees. After locking the misplaced cards virtually, call your bank’s customer service line to inform them of the situation and to request card replacements.
Identify additional breaches:
If you feel that a scammer has managed to access additional personal data beyond immediate financial gain (such as your social security number), contact the FTC and the Internet Crime Complaint Center to file formal complaints and to get specific guidance on next steps.
Additionally, contact the Social Security Fraud Hotline at 1-800-269-0271 to advise them of any confirmed or suspected fraudulent use of your Social Security Number.
Further resources can be found at Identitytheft.gov, Consumer.ftc.gov and at FDIC.gov.