- The three most common types of identity theft are financial, medical and online
- Take precautions to prevent against identity theft and learn to recognize the red flags
- If you have been a victim of identity theft, report it to the authorities
If media reports have you thinking that cybercrime has evolved from isolated outbreaks to epidemic proportions, it can be hard to figure out where the sensationalism ends and the real threat begins. "It's true that attempted security breaches are on the rise," says Scott More, Vice President of Information Security at Ameriprise Financial. "That said, as hackers have become more sophisticated, federal agencies and financial institutions have evolved to stay abreast of their techniques."
Types of identity theft
The three most common types of identity theft are financial, medical and online. Learn how you can prevent them and what to do if they happen to you.
1. Financial identity theft
Most people associate identity theft with this type of crime, which involves the use of personal information to take over financial accounts.
If you notice suspicious activity on a credit card or bank statement
- Contact all financial institutions where you hold accounts and place a 90-day fraud alert on your credit reports by contacting all three credit reporting agencies individually (see resources at end of article). This prevents identity thieves from opening new accounts in your name, as most lenders need to review your credit report before approving an account.
Protect your Social Security number
- This is one of the most important steps you can take to safeguard your financial holdings — from bank to credit card accounts.
- Many are not aware that a Social Security number can also be used to gain access to your tax records — and refunds. Filing your tax return early can lessen the chances of someone else accessing your refund, as duplicative returns will raise red flags with the IRS.
2. Medical identity theft
Did you know that your health insurance information can be used by someone else to see a doctor, get prescription drugs or file claims to your insurance provider?
How you can protect yourself against medical identity theft
- Be sure to read all medical and insurance statements carefully, and if something looks unfamiliar to you, call your health insurance customer service number to cross-reference your information with theirs.
- If it appears someone used your information, alert your medical providers immediately. Be prepared to gather supporting documentation to send to all parties involved.
- Finally, follow up with both insurance and medical providers to make sure all errors have been amended.
1 in 3 Americans were a victim of medical identity theft in 2016.
3. Online identity theft
A sharp increase in social media use means greater opportunities than ever before to steal identities or perpetuate fraud online.
Tips to help you protect yourself when using social media
- It may seem harmless to post on your profile that you'll be out of town or bought a new car. But in the age of oversharing, seemingly innocent information can be dangerous if it gets into the wrong hands.
- When it comes to stalking or stealing an identity, use of photo- and video-sharing sites provides deeper insights into you and those you care about, your house and places you like to frequent.
- Each time you make a social media status update, think about whether it could be used to compromise your privacy or security in any way.
- Be selective when accepting network invites, and remember that it's not "unfriendly" to decline adding someone you don't know — it's common sense.
How Ameriprise protects your information
Ameriprise has deployed around-the-clock, increasingly sophisticated prevention and detection techniques to identify and stop security breaches. These include monitoring threat intelligence services, maintaining contact with local and federal law enforcement, and using third-party testers to make sure both internal and external environments are secure.
"Ameriprise has a comprehensive information security program with numerous levels of protection that include firewalls, intrusion detection and prevention capabilities," More says. "We also have a security operations center that monitors activity 24/7 in tandem with real-time incident response and recovery."
If you'd like to participate in the monitoring process yourself, you may wish to sign up for text and email alerts. "A whole series of alerts are available to monitor different types of account activity so that you don't have to keep constant watch over your accounts."
Tips for Ameriprise clients
- Review your accounts regularly.
- If you have not done so already, register for the secure site so you can check specific transactions and get more frequent information on your account.
- Enroll in text alerts. Once logged in to the secure site, select My Profile and on the Personal Info tab, scroll to the Text Alerts Set Up section.
Who to call if you have been a victim of cybercrime
If you are a victim of cybercrime, file a local police report and contact the Federal Trade Commission (FTC) to file an identity theft affidavit.
Federal Trade Commission
Identity Theft Hotline
Phone: 1.877.438.4338 (1.877.ID.THEFT)
These actions will create an official FTC Identity Theft Report and can help you access information about other breaches, stop creditors from collecting identity-theft-driven debt and erase false information from credit reports.
Credit bureau fraud alert hotlines