Identity Theft: What is it and How Does it Happen?
At Monson Savings Bank, one of our top priorities is protecting our customer’s personal information in order to prevent identity theft. Identity theft can cause the victim a slew of problems which is why prevention is a well-covered topic. Regardless, we think that it is important to bring awareness and review what identity theft is and how it can happen, so that you can protect yourself and avoid becoming a victim.
What is Identity Theft?
Identity theft occurs when someone uses your personal information—such as your Social Security number, bank account details, or credit card information—without your permission to commit fraud or other crimes. This can include opening new accounts in your name, making unauthorized purchases, or even filing false tax returns.
How Does Identity Theft Happen?
Identity thieves use a variety of tactics to steal your information, including:
- Phishing Scams: Fraudulent emails, texts, or phone calls that trick you into revealing sensitive information.
- Data Breaches: When hackers gain access to databases containing personal data from businesses or institutions.
- Mail Theft: Stealing bills, bank statements, or pre-approved credit offers from your mailbox.
- Skimming Devices: Hidden devices placed on ATMs or gas pumps that capture your card information.
- Trash Picking: Thieves are willing to go to any length to steal your information. They will even go through your trash can to find discarded documents, such as financial statements, that contain your information.
- Social Engineering: Manipulating people into giving up confidential information by pretending to be someone trustworthy.
Warning Signs of Identity Theft
Be alert for these red flags:
- Unfamiliar charges on your bank or credit card statements
- Bills or account statements that stop arriving
- Calls from debt collectors about accounts you didn’t open
- Denied credit applications without a clear reason
- Notifications of data breaches involving your information
How to Protect Yourself
- Monitor Your Accounts: Regularly review your bank and credit card statements for suspicious activity.
- Use Strong Passwords: Create complex passwords and avoid using the same one across multiple accounts.
- Shred Sensitive Documents: Don’t toss personal information in the trash without shredding it first.
- Be Cautious Online: Avoid clicking on suspicious links or downloading attachments from unknown sources.
- Protect Your Personal Information: Do not post personal information online. Do not share personal information via text message or email. Be very careful of who you share your personal information with. Keep physical copies of important documents and forms of identification in a locked file cabinet or a safe. Protect digital copies of important documents that contain your personal information by locking your computer or cell phone with a password.
- Check Your Credit Reports: Get a free copy of your credit report from each of the three major credit bureaus.
Identity theft is not something anyone truly wants to think about. However, the more you are familiar with what identity theft is and how to prevent it, the more likely your information with stay protected.
Monson Savings Bank Is Here to Help
At Monson Savings Bank, we’re here to help you stay one step ahead. We offer secure digital banking tools, fraud detection services, and personalized support to help protect your information. If you ever suspect fraud or need guidance, please contact us.
Visit our Personal Security Center or our Business Security Center for more information and check out more Safety and Security blog posts to stay informed.
This content is provided for informational purposes only and does not constitute legal, financial, or cybersecurity advice. Personal banking customers should consult with qualified professionals regarding their individual financial and security needs. Monson Savings Bank is not responsible for any losses or damages resulting from the use of this information.
