ID Theft | blog.firstffcu.com

6a0154366bdf49970c017d4230dc0a970c-800wi Like the thieves behind the crime, identity theft can take on many disguises depending on the information stolen. When identity theft goes undetected, these crimes can not only cost victims their money, but also their health and well-being.

It’s nearly impossible to avoid identity theft, but awareness and vigilance are key to fixing the problem if you do get hit. As each kind of identity theft could be more deadly than the next, here are three particularly dangerous types of identity theft.

Child ID Theft

What makes it dangerous: Thieves often go after children’s identities through stealing data from schools or even taking their relatives’ information. Children will likely not know they were victims until they grow older and are denied for their first loan, credit card or even housing – because of a poor credit history. This blemished credit report could cause them to be denied new lines of credit, which could stunt their financial wealth.
How to avoid this identity theft: Check your child’s credit by requesting a free credit report (you can get your own credit reports for free once a year) and dispute and close any unauthorized accounts that were opened.

Medical ID Theft

What makes it dangerous: Although consumers may think their medical information is not a target for cybercriminals, healthcare companies are becoming increasingly targeted. Data breaches in the healthcare sector could result in your information falling into the hands of thieves who could then use this data to take advantage of medical services. A report by the Ponemon Institute found medical identity theft has risen 22%, resulting in patients’ health information potentially being mixed up with thieves’, which could lead to potentially deadly medical mistakes.
How to avoid this identity theft: Always read the data privacy statement your healthcare provider gives you before agreeing to the terms and monitor your accounts in case of fraud.

Tax ID Theft

What makes it dangerous: Tax fraud through identity theft is an easy way for criminals to make money. The Internal Revenue Service has been known to give out billions in fraudulent tax refunds.
How to avoid this identity theft: File your income taxes early each tax season and shred any and all documents with your personal information on it.

While medical identity theft is dangerous in almost every aspect of your well-being – from a health to a financial standpoint – these other types of identity theft could also pose a threat to your or your loved ones’ futures. By protecting your personal information, you could help curb this crime and keep yourself from becoming a victim. Any large, unexpected changes in your score could signal new-account fraud and a sign that other serious forms of identity theft are on the way.

Be sure to enroll in our Identity Theft Protection Program from Sherpa – don’t wait until it’s too late! The best part? You can enroll right online, 24/7. You can trust in First Financial and Sherpa to help keep your personal information protected. Packages begin at just $5.99 per month – click here to enroll today!

*Original article source written by Patricia Oliver of USA Today.

Adults aren’t the only ones who can have their identity stolen. Tens of millions of American children had their Social Security Numbers, dates of birth and health care ID numbers stolen in the data breach at health insurance giant, Anthem Inc. Criminals can now use those stolen Social Security Numbers to open accounts, get medical treatment, commit tax fraud, and so on.

Because the children’s information was linked to their parents’ data, it can also make it much easier for cybercriminals to commit fraud against their parents as well, said Tim Rohrbaugh, chief experience officer at Identity Guard.

The Social Security Number was never supposed to be used as a national identifier, but it’s become that. For an identity thief, that nine-digit number is the key that unlocks your life. A child’s SSN is even more valuable. Here’s why: for most minors, their number is pristine – it’s never been used and is not yet associated with a credit file. That means there’s very little chance that the credit reporting agencies are monitoring it.

A criminal can take that stolen number, combine it with someone else’s name, address and birth date to create a fake ID that can be used for fraudulent purposes. All too often, this fraud is not detected until the child reaches legal age and applies for a student loan or tries to get a credit card. By that time, their credit history is ruined and it could take years to undo the damage.

Parents need to be on guard.

“Now it’s really all about detection,” said Eva Velasquez, president and CEO of the non-profit Identity Theft Resource Center (ITRC). “Parents need to keep an eye out for any red flags that signal their child’s stolen Social Security Number has been used by a thief.”

Those warning signs include:

Collection calls or notices for a debt incurred in your child’s name
Mailings that would generally be for someone over the age of 18, such as pre-approved credit card offers, jury duty notices, or parking tickets
An insurance bill or explanation of benefits from a doctor listing medical treatments or services that did not take place
A notice from the IRS that your child’s name and/or Social Security Number is already listed on another tax return

Fraud experts encourage all parents to check to see if their underage children have credit reports. All three of the major credit bureaus, Equifax, Experian and TransUnion, allow parents to do this at no cost.

“If they have [a credit report], it could be an indicator of fraud. If not, you probably don’t have anything to worry about,” said Experian spokesman Rod Griffin. “If your child has a credit history and you don’t know why, you should be very concerned.”

In that case, you should put a “freeze” on any fraudulent credit files – it’s free, so that those files cannot be used to commit more financial fraud using your child’s stolen identity. Then you’ll need to work with the credit bureaus to remove the false information from that account. The Identity Theft Resource Center can help guide you through the process. Be advised that once your child becomes an adult, you’ll need to contact the bureaus to get the freeze lifted or they won’t be able to get any credit cards or loans.

Parents should do this fraud check once a year until their children become adults and can then check their own credit history. Finally, don’t think you’re safe because you don’t have Anthem. Remember, there are many other ways a crook can snag your child’s Social Security Number.

Article Source: Herb Weisbaum for NBC News, http://www.nbcnews.com/business/personal-finance/millions-children-exposed-id-theft-through-anthem-breach-n308116