I recently logged into my bank account after being alerted to suspicious activity. Reviewing my statement, I was alarmed by some substantial transactions I had never made.
I never thought I'd be a victim of identity theft, having always taken special precautions to protect myself — and yet here we were. If you've never had your identity stolen, I hope you never do. The experience left me with sweeping emotions, from fear to anger to feeling completely violated.
I'm grateful I was lucky to have recognized the criminal activity before things got out of hand. However, not everyone is as fortunate as me. Here's what I learned from the experience and how I'm preventing it from happening again.
How Often Does Identity Theft Occur?
Once the shock subsides, you may feel somewhat embarrassed that someone was able to steal your identity — but it happens more often than you think. According to the Federal Trade Commission, there were 1,108,609 identity theft reported in 2022 — accounting for 21.52% of all scams.
People ages 30-39 are most affected by fraud loss, followed by those 40-49. However, those in their 20s are just as likely to be victimized. Fraud occurs in each generation for different reasons. Social media is the most common contact mode among younger generations, with credit cards being the most popular payment method.
A strong password with 12 unique characters is ideal for protecting your login credentials, but not if you regularly post identifiable information. This makes it easy for scammers to piece together personal details and steal your identity.
How Do Thieves Get Hold of Your Identity?
Of course, social media isn't the only place criminals can get a hold of your identity. Thieves use numerous tactics to steal personal information. For instance, mine may have been obtained from a card skimmer at a gas station. Other common strategies include the following:
- Phishing and fraudulent emails
- Hacking Wi-Fi or unsecured home networks
- Stealing change-of-address forms
- Tracking logins on public networks using key hacking software
- Tampering with ATMs
- Searching dumpsters and public trash cans
- Stealing lost purses and wallets
- Taking mail from mailboxes
- Data breaches
Adults aren't the only ones susceptible to identity theft. Surprisingly, nearly 1 million children were targets of synthetic identity theft in the U.S. in 2017 — in which thieves use your personal information to create a believable persona. Incarcerated individuals and older adults are also typically targeted.
Are You a Victim of Identity Theft?
Your bank should notify you of credit card charges unlike ones you usually make — that's how I found out thieves stole my identity. Other ways to tell if you're a victim include:
- You notice a dip in your credit score
- New accounts are opened in your name
- Your loan and credit card applications are denied
- Debt collectors call you
- You receive bills for unused services
- Merchants refuse your checks
- IRS notifies you of more than one tax return
- Mail arrives in someone else's name
- Mail no longer comes
- A company informs you of a data breach
There were 1,774 data breaches in 2022, with 18 data exposures affecting 7,146,425 victims. Twitter, Neopets and AT&T Data were the top compromises. Meanwhile, people's names and Social Security numbers were the most commonly exposed details.
What to Do If Someone Steals Your Identity
Thieves can cause significant damage when they steal your information. As soon as you recognize fraud, you must report it. File a claim with your insurance company and report the scam to the Federal Trade Commission. You should also contact your local police.
One of the first things I did when my identity was stolen was ramp up the security on my accounts. I logged into my bank account, froze my debit and credit cards, and highlighted unauthorized transactions on my statement.
Then, I changed all my passwords, from online banking to email to social media — just to be safe. Of course, the more detailed your password, the better. Try combining letters, numbers and special characters to make it harder for thieves to crack.
Companies may offer credit monitoring services if you're a data breach victim. If not, you can sign up for third-party checks for free. These companies will alert you if someone opens an account using your name.
How to Avoid Identity Theft in the Future
Since my identity was stolen, I've tried beating thieves at their own games. Now, there are several things I do differently to protect myself, including the following:
- Keep up to date with antivirus software updates
- Regularly change my passwords
- Enable multifactor authentication on my mobile device
- Use paperless billing and communications
- Collect the mail every day
- Never use public Wi-Fi
- Hide my PIN when inputting it into an ATM, gas station or point-of-sale terminal
- Avoid posting identifiable information on social media
- Request annual free credit reports to monitor my score
- Secure personal information and important paper documents in a safe
- Invest in a secure online password keeper
- Shred papers with identifiable information before throwing them away
- Cover personal details on prescription bottles before tossing them in the trash
You can never be too careful when preventing identity theft. The more you do to keep your information secure, the safer you will be from thieves.
Protect Yourself and Your Assets From Identity Theft
Having your identity stolen is traumatic and could lead to lifelong financial ruin. Don't let thieves get the best of you. Implement stringent security measures to protect your identity, reputation and assets.
