Help protect your financial identity

 

April is Financial Literacy Month. This is the time each year consumers are reminded to reflect on their financial well-being and consider possible changes to their behavior. News headlines are continually filled with reports of financial data breaches. Typically, these invasions of privacy by thieves occur without our knowledge or consent.

Once stolen the names, addresses, social security numbers, and other personal data are sold on the dark web to criminals who ultimately rob us of our identity. Identity theft is defined as the fraudulent acquisition and use of a person's private identifying information, usually for financial gain.

Some reports estimate that over 8,000 data breaches containing over 10 billion user records have occurred. Examples of breached companies include Equifax, Target, Citigroup, CVS and Uber just to name a few.

Warning signs that your data may have been compromised include withdrawals from your bank account you did not initiate, charges on credit cards you did not authorize, and calls from debt collections inquiring about accounts that are not yours.

If you feel your personal financial data has been compromised, contact the three credit bureaus (Experian, Equifax, and TransUnion) to place a fraud alert on your credit report. Contact the institutions in question to start efforts to clear your record. File a police report with local law enforcement because stealing your financial information is a crime. Closely monitoring all account transactions can help with early detection of suspicious activity.

Dr. David Pecha is vice president for administration at Northwestern Oklahoma State University and teaches a night class in personal finance, a general education requirement at NWOSU.

 

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