With a majority of our daily financial transactions occurring digitally, your personal and financial information are more at risk than ever before. Identify theft occurs when a criminal obtains your personal information to get access to your funds, borrow money in your name, or make purchases. And since you might not notice exactly when your information has been compromised, it’s possible that you won’t know identity theft has occurred until money is missing, or an unauthorized transaction has been made.

The good news is that there are simple safeguards that will help you recognize and protect yourself against identity theft. If you are unlucky enough to have had your identity stolen already, a few simple steps can restore the safety of your personal information and prevent future occurrences.

What are the Signs of Identity Theft?

In order to know how to prevent identity theft, it’s important to know what it looks like. Below are some common indicators that someone has gained unlawful access to your personal information.

Unauthorized Transactions

While scrolling through your account history, you see a credit or debit transaction that you don’t think you made. Maybe it’s a purchase made in a different geographical location, or for an unknown purchase, or you don’t recognize the vendor. These could be signs that somebody has your bank account information and is using it to make purchases in your name.

Credit Inquiries

Hard credit inquiries not only show up in your credit history but will result in a temporary drop in credit score. Credit inquiries are not common—the average person has around two a year. If one is made that you don’t recognize, it may signal that a bad actor is attempting to open a line of credit in your name.

A Drop in Credit Score

Credit scores fluctuate based on a number of factors: debt-to-credit ratio, opening and closing accounts, and hard inquiries are just a few. An unexpected drop in your credit score might indicate that someone is attempting to open credit in your name or is using existing credit to make large purchases. In any case, a drop in credit score is a red flag and should be looked into immediately.

Your Information is Stolen in a Data Breach

You’ve probably received a notice from a financial institution or other company that your information has been compromised in a data breach. While this doesn’t necessarily mean your identity was stolen, it’s important to react as if it has been, and take the further precautions described below.

Other Unusual Activity

The above signs of identity theft might be the most common, but you should be mindful of any other unusual activity. It may be calls from bill collectors, tax return issues, missing mail, or unexpected bills that tip you off. Some people have even had unemployment, social security, or medical benefits collected in their name. The important thing is to always monitor your financial transactions and credit to spot the unusual.

And it’s equally important to take proactive, preventative measures.

How Can I Protect Myself Against Identity Theft?

If you haven’t yet been the victim of identity theft, that’s great! But you should still take steps to minimize your risk.

Use a Password Manager

By now, we are all using passwords to lock not only our accounts but our physical devices. The problem is that nobody wants to remember a unique password for every account. In fact, according to a survey done in 2023, 52% of people reuse their passwords on more than one account, and 13% have the same password for everything. Even if the password registers as “strong,” it only needs to be hacked once. Password managers allow you to have unique passwords for every account without having to remember them all, and act as a firewall against identity thieves.

Properly Dispose of Important Documents

Criminals know that most people just place their bank statements, credit card statements, bills, and other financial correspondence in the trash. Stealing somebody’s information this way might be unappetizing, but it’s also easy. Investing in a home paper shredder ensures that this information won’t fall into the wrong hands before trash day.

Know Phishing Scams

While privacy technology has improved, many criminals and scammers still rely on human error to get their information. Phishing scams try to trick people into sharing personal information online, usually by pretending to be a legitimate company asking for account information or convincing you to click a link. If someone asks for information via text or email, don’t give it to them until you contact the company directly. Most financial institutions, including Vision Bank, will never contact you for account information. We are committed to your ensuring your privacy and online security.

Monitor Your Transactions and Credit Regularly

Checking your credit and debit card transactions is the last line of defense against identity theft. This won’t necessarily prevent it, but it will let you catch it in time to head off further damage. Likewise, setting up credit alerts on all three major credit bureaus will let you know when something changes that might need your attention.

Be Careful with Public Wi-Fi

Hooking up to the Wi-Fi in a coffee shop, library, or other public space is convenient, but it’s also a risky place to make online purchases or enter your financial information. Public Wi-Fi is much more accessible to hackers than private or at home Wi-Fi, and your information is far more vulnerable.

What Do I Do if My Identity has been Compromised?

If you had have had your identity stolen or your data compromised in a data breach, the following steps can help to restore your online security.

Change Passwords

Changing your password or passwords is the first thing you should do. If you’re employing a password manager, this task is much simpler. In addition, add multi-factor authentication to any account that offers it, as it provides an additional layer of protection.

Review Your Other Accounts

Access to one doesn’t necessarily imply access to all, but it’s best to comb through all your financial accounts and credit reports and look for anomalies. This doesn’t just mean your financial information. Check your frequent online retailers for new orders and address changes and your social media accounts for unauthorized friend requests and profile updates. If you regularly review these accounts, chances are you’ll find fraud early and mitigate the damage.

Reach Out to Your Bank’s Support Team

Vision Bank has many resources available to help you in the event of identity theft. Timeout features for online banking and encryption technology protect your sensitive information. Multi-factor authentication, deposit holds, and required identification to process in-person transactions all help to keep your and your hard-earned money safe.

Additionally, Vision Bank provides robust digital security on our banking platform, as well as resources you can use if you’ve had your identity stolen. You and your financial future are secure with Vision Bank. If you think you’ve been the victim of identity theft, contact us or visit us at one of our many south central Oklahoma locations and speak to a representative that can help you restore your financial security!