Tag Archives: Identity Theft

Identity Theft Awareness Week: What to Do If Your Identity is Stolen

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This week is Identity Theft Awareness Week, the perfect time to refresh your knowledge of what to do if your identity is stolen – since fraudsters are getting so creative these days. While it may seem like time to panic, there are plenty of stops in place to not only report the theft – but also return anything that’s been stolen. Here’s a step-by-step guide to help you act quickly, should you ever need to.

Know the scope

Not every security breach classifies as identity theft. Identity theft is specifically when someone uses your personal information to file a tax return, open a bank account, or make fabricated medical claims.

There is no one correct way to verify if you’ve been a victim of identity theft. There are both paid and free credit monitoring programs that can scan your history and alert you to any signs of theft. These sites monitor the dark web and credit reports to look for suspicious activity involving your personal information.

Notify agencies

Once you’ve confirmed your identity has in fact been stolen, you should report it to the Federal Trade Commission (FTC). You can report over the phone at 1-877-438-4338, or online through IdentityTheft.gov. However, you should know that in the case that you need to go to the police for stolen property or report charges to your credit card, they may request an official report. You will only receive an ID Theft Report if you file your case online, not by phone.

Ensure that you also notify any additional agencies such as Medicare’s fraud office if they are your provider and medical fraud has occurred, the IRS if a false tax return has been filed under your identity, or your state’s labor department if your information was used to file a fake unemployment claim.

Alert other relevant companies or agencies

Outside of government entities, you’ll want to alert any relevant companies that could be affected by this event. Notify your health insurance provider if your identity was used for a false medical claim. Contact the fraud department at companies where the thief tried to open an account or apply for a job. In the event that you know the person behind the crime, your name was used in a police interaction, or another company such as a credit agency requires it – file a report through your local police.

It’s also a good idea to notify your credit card company to shut down affected accounts and freeze your credit report too. This means that anyone attempting to access your credit report will be blocked, and credit bureaus won’t share it with anyone who requests it. Additionally, you’ll want to put a fraud alert on your credit reports with the main three credit reporting agencies: Experian, Equifax, and TransUnion.

Take steps to prevent future theft

Now that you know your information is accessible, you’ll want to take extra precautions to prevent repeated ID theft.

Sign up for your free annual free credit report and if you are a First Financial member, you can also register your debit and credit cards within our mobile app to receive purchase alerts for all transactions or easily turn off one of you cards in an instant if you need to. You may be offered a free account with a credit monitoring service when you report a stolen identity, which you should definitely utilize. If that’s not the case, both free and paid accounts are available through various companies like Credit Karma or CreditWise.

You’ll also want to keep a tighter lock on any accounts with personal information stored. Start using a password manager to ensure your passwords are difficult to crack and enable two-factor authorization whenever it’s offered. Additionally, begin monitoring your identity more closely by making a habit of reviewing your credit report and bank statements.

Identity theft is not a joke! Stolen information gives criminals the ability to strap you with long-term damage, if not taken care of quickly. This Identity Theft  Awareness Week and every week, stay on top of your security, be alert for phishing scams, shred documents with sensitive information, and be smart about where you share your personal details. For more information on what to look out for or if you suspect your identity has been stolen, contact Member Services at 732-312-1500 or visit one of our branches.

Take further identity theft precautions and stay in the know about ID theft scams by subscribing to First Financial’s monthly newsletter.

How to Spot Identity Theft and Ways it Can be Used Against You

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ID theft is unfortunately very commonplace today, and sometimes it can be unavoidable. Keep reading to find out a few ways you can safeguard your personal and financial information, how to spot if identity theft might be happening to you, and ways that having your identity stolen can be used against you.

3 Main Signs Your Identity Has Been Stolen:

  • There are accounts you don’t recognize on your credit report.
  • There are unfamiliar transactions on your credit card or bank statements.
  • The IRS informs you that more than one tax return has come in under your name.

Ways ID Theft Can Be Used Against You:

  • The identity thief may use your information to get credit, a loan, or another service in your name. This will ultimately affect your credit score, and potentially your credit usage and how much you’ll be approved for – if not spotted in time.
  • Your own money could be stolen right out of your bank account. If the identity thief uses your personal information to login to your bank accounts, your money could be stolen right out from under you.
  • Your tax refund could get stolen. If you go to file your taxes and are notified by the IRS that they already have a return filed under you, this is a very good indicator that an identity thief has already gained access to your tax refund.
  • Your Social Security Number could be used to work at a job you don’t actually have. An identity thief who has access to your SSN may use it for their own employment purposes. This could also directly affect your tax return, as it would add extra income you will be taxed on.
  • Your health insurance could be used to provide medical care or prescriptions to an identity thief.
  • Your personal and financial information could be used to file a false unemployment claim. This would mean unemployment benefits are being issued in your name to someone else.

There are a few things you can put in place to spot ID theft right away, and to help thwart it off:

  • Be sure you are reviewing an annual free credit report. At least once a year, go to annualcreditreport.com and review your credit report for accounts you didn’t open yourself, or to see if there were any credit inquiries that are not yours. You’ll want to check for credit cards you didn’t open, and car or personal loans you did not apply for. Utility services will also appear on your credit report, so you’ll also want to make sure you actually have the ones listed on it.
  • Check your bank statements often. At least once a month, review your bank and credit card statements to check for accuracy. Be sure the purchases listed were ones made by you. If not, call your financial institution to dispute any incorrect charges right away.
  • Sign up for email or text alerts. Most banks and credit cards offer purchase alerts that you can setup for your accounts. Check your mobile app or online banking settings to see what your alert options are. Here at First Financial, our members have access to First Financial Wallet. If you haven’t already, get started today!
  • Review your health insurance statements. Take note of any medical bills or explanation of benefits statements that arrive in the mail. If you don’t recognize a medical procedure or expense listed, call your health insurance provider immediately.

For more ways to protect your identity, check out our identity theft prevention guide.

Article Source: consumer.ftc.gov

Phishing Scam Alert: Fake Invoices

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Scammers have been relentless lately – here they are, back at it with a new twist on an old phishing scam.

Recently, scammers have been posing as well known tech companies and emailing phony invoices which show that you purchased music or apps from them. Check out our recent blog on these types of scams here. The scam emails tell you to click on a link if you did not authorize the purchase. If you get one of these emails, do NOT click on the link! This is a phishing attempt scheme.

What is phishing? When a scammer uses fraudulent emails, copycat websites, or texts to get you to share valuable information. The fraudsters then use this information to commit identity theft or other fraud in your name.

Scammers are also using phishing emails to get access to your computer or network – then they install programs like ransomware that can lock you out of important files on your computer.

Here are some tips to help keep your information secure:

  • Be suspicious if a business, government agency, or organization asks you to click on a link that then asks for your username or password or other personal data. Instead, type in the web address for the organization or call them. The link in the email may look right, but if you click on it you may go to a copycat website run by a scammer.
  • Be cautious about opening attachments. A scammer could even pretend to be a friend or family member, sending messages with malware from a spoofed account.
  • Set your security software to update automatically, and back up your files to an external hard drive or cloud storage. Back up your files regularly and use security software you trust to protect your data.

Lastly, report phishing emails and texts by forwarding them to spam@uce.gov and file a report with the FTC.

If you feel that any of your First Financial accounts may have been compromised as a result of a scam, please contact Member Services at 732-312-1500 Monday through Friday 8am-6pm EST, or Saturday 8:30am-1pm.

Article Source: Ari Lazarus for FTC.gov

What’s the Most Dangerous Kind of Identity Theft?

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6a0154366bdf49970c017d4230dc0a970c-800wiLike 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.

3 Reasons Your Tax Refund Might Not Be As Big As You’re Expecting

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09ba4dd1-bbe3-4f1f-9400-940dc6df347fEveryone tells you not to plan on having a tax refund. If you’re living paycheck-to-paycheck, though, you know where every dollar is going. You might be counting on that money to give you the breathing space you need.

Even if you’re a little further ahead than that, you may still have made plans for your tax refund. You might be planning to pay off a credit card from the holidays or hoping to put a down payment on a car. You might just be hoping to take a little vacation over spring break!

Whatever your plans for the money, it’s a good idea to temper your expectations. Unfortunately, you can’t count on the same tax refund you got last year. Here’s why.

1. Student loan garnishments. 

If you’re behind on your student loans, you might not see much of your refund. If you don’t have much of an income, it’s easy to get behind and it’s hard to catch up. Student loan companies know that, for people with minimal income, tax refunds are a source of a big chunk of money. Also, since it’s not a regular source of income, the rules regarding garnishment are more lenient. Ordinarily, creditors are only allowed to take 15% of your discretionary income if you have one loan, or 25% if you have multiple loans. For a tax refund, the Department of Education can instruct the IRS to apply the full amount of any tax refund you’re due to the balance of your loan.

Even if you’re paid off in full, it might be wise to check with your spouse. This process can also apply to your refund for his or her defaulted student loans. As far as the IRS is concerned, you’re one taxpayer with one set of obligations.

This process can apply to federal student loans, federally subsidized loans and some private loans. You’ll receive a notice of proposed offset from the IRS. You have 65 days from receipt of the notice to object to the offset. Deferments can be provided for up to 3 years for economic hardship and unemployment. They may be provided indefinitely for individuals seeking an advanced degree or for people with disabilities.

It’s also possible the “loan” may just be a paperwork error. If you’ve unenrolled from classes but haven’t yet received a repayment from the school, for instance, you might get your refund back with a short letter. The notice of referral will provide you instructions to request a review.

2. You made more money.

Usually, getting a raise is something to celebrate. If you got one this year, that’s good news for your career future. It’s less good news for your refund. The refund is the difference between what you paid in taxes and what you ended up owing. Your taxes are withheld from your paychecks assuming they stay the same all year. If you got a raise in June, then you were effectively under-withholding for the first half of the year.

Beyond the difference in payment, you may find your raise puts you just above the threshold for credit programs. Credits like the Earned Income Tax Credit (EITC) have income eligibility requirements. If you made more money this year than you did last year, you may not qualify. The same is true for subsidized insurance premiums through the Affordable Care Act (Obamacare). If your income changed after you obtained coverage, you may have to hand back a part of that subsidy.

The EITC is fairly significant, particularly if you have kids. It may be worth your time to look for other deductions you can take to get your gross income under the threshold. Consider working with a professional tax preparer, too.

3. You were the victim of identity theft.

The past few years have seen an increase in tax returns filed fraudulently on behalf of victims of identity theft. A crook uses your Social Security Number and fabricates financial information to get a hefty tax refund, then cashes the check. You’re not only out your tax refund, but also may be facing criminal charges for the phony info on “your” return.

With cuts to the IRS budget this year, its enforcement and investigation of these crimes has dropped. You should contact the IRS immediately if you receive notice that more than one tax return was filed using your Social Security number or if you are issued a W-2 (an income statement report from your employer) by an employer you don’t recognize. These are red flags that someone is fraudulently using your identity.

The FTC recommends you contact the IRS’s Specialized Protection Unit at 1-800-908-4490. You should also prepare proof of your identity, like a copy of your drivers’ license, Social Security card, or passport. The IRS has a form, IRS ID Theft Affidavit Form 14039, that will start the investigative process. Recovering from this crime will take time, but you will get the refund you’re due.

Article source courtesy of CUContent.com.