The Power of Proactivity: Shielding Yourself from Identity Theft
Feb 13, 2024

Did you know?
In recent years, discussions about information security have become increasingly prevalent. This comes as no surprise, given that data from the Federal Trade Commission indicates a significant rise in fraud-related losses among Americans, surpassing $8.8 billion in 2022—a staggering 30% increase compared to 2021. To shield yourself from fraud and identity theft, consider incorporating these three crucial tips.
1. Know Your Credit Score
Many individuals only realize they've fallen victim to identity theft when faced with a rejected loan application. Instead of reacting after the fact, consider adopting a proactive approach by regularly scrutinizing your credit report and score for any irregularities or changes. Our members have the advantage of monitoring their credit scores, updates, and alterations using My Credit Score within our online banking and mobile app. This tool empowers members to set alerts for any unusual shifts in their credit score, offering a proactive means of safeguarding against identity theft.
2. Strengthen Your Passwords
It's common knowledge that using easily accessible personal information as a password is a bad idea. Juggling login details for multiple online accounts can be a complex task. Nevertheless, it's essential to steer clear of simplistic passwords and refrain from using the same ones across various websites. A suggested approach is to utilize a password manager, which can bolster the security of your credentials and minimize the risk of theft. Additionally, think about enabling two-factor authentication as an additional security measure. This method requires a distinctive one-time code sent to your smartphone, heightening the security of your accounts, even in the scenario of a compromised password.3. Scrutinize Your Statements
While attaining absolute protection against identity theft may not be feasible, keeping a close eye on your spending serves as a strong defense against fraud. By reviewing your monthly billing statements and setting account alerts/texts, you can spot any unfamiliar purchases and promptly report suspicious activities to IAA Credit Union.
Cybercriminals constantly change their tactics, but by taking these three proactive steps, you can help protect yourself from credit card fraud and keep your information—and your financial life—as secure as possible.
Posted By Discover Blog adapted by IAACU