How can you prevent identity theft in banking relationships?

1 Use strong passwords

One of the easiest ways to prevent identity theft is to use strong passwords for your online banking accounts and other financial services. A strong password is one that is long, complex, and unique. It should not contain any personal information, such as your name, date of birth, or address. It should also not be the same as any other password you use for other websites or apps. You can use a password manager to generate and store your passwords securely. You should also change your passwords regularly and never share them with anyone.

2 Monitor your accounts

Another way to prevent identity theft is to monitor your accounts regularly and report any suspicious activity or transactions. You should check your bank statements, credit reports, and online banking alerts frequently and look for any signs of unauthorized access, such as new accounts, charges, or withdrawals. If you notice anything unusual, you should contact your bank or credit card company immediately and freeze or cancel your accounts. You should also review your annual Social Security statement and make sure it matches your earnings and contributions.

3 Be careful with your information

A third way to prevent identity theft is to be careful with your information and avoid sharing it with anyone who does not need it. You should never give out your personal or financial information over the phone, email, or text message, unless you initiated the contact and verified the identity of the recipient. You should also shred any documents that contain your information, such as bills, receipts, or statements, before disposing of them. You should also opt out of pre-approved credit offers and limit the amount of information you share on social media.

4 Use secure networks and devices

A fourth way to prevent identity theft is to use secure networks and devices when accessing your online banking accounts and other financial services. You should avoid using public or unsecured Wi-Fi networks, such as those in coffee shops, hotels, or airports, as they can expose your data to hackers and cybercriminals. You should also use a firewall, antivirus software, and encryption software to protect your devices from malware and viruses. You should also lock your devices with a PIN, password, or biometric authentication and update them regularly.

5 Beware of phishing and scams

A fifth way to prevent identity theft is to beware of phishing and scams that try to trick you into revealing your information or sending money. Phishing is a type of fraud that uses fake emails, websites, or calls that pretend to be from legitimate organizations, such as your bank, the IRS, or a charity. They may ask you to verify your account details, update your information, or make a payment. You should never click on any links or attachments in these messages, as they may lead you to malicious sites or download malware. You should also never send money or gift cards to anyone you do not know or trust, as they may be scammers.

6 Consider identity theft protection services

A sixth way to prevent identity theft is to consider identity theft protection services that can help you monitor, detect, and resolve identity theft issues. These services may offer features such as credit monitoring, identity verification, fraud alerts, identity restoration, and insurance. They may also provide you with tips and resources to prevent identity theft and educate you on your rights and options. However, you should be aware that these services are not a guarantee of protection and that you still need to take precautions to safeguard your information and accounts.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?