Identity Theft Can Happen to Anyone - Money Tip Tuesday

Think identity thieves only target high income individuals, a bigger prize if you will? False. Identity thieves target anybody they think might fall for their scams. They’ll keep coming up with new ways for unsuspecting victims to hand over personal and financial information. Keep listening to learn a little more about how thieves work to steal your identity, and a few things you can do to stop them in their tracks.  

Links:

• FTC Consumer Sentinel Report
• Learn more about USPS Informed Delivery Service
• Monitor your Social Security account 
• Get identity theft protection with a Better Checking account
• Check out TCU University for financial education tips and resources!
• Follow us on Facebook, Instagram and Twitter!
• Learn more about Triangle Credit Union  

Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

Have you heard any of these following stories recently? 

An elderly woman was scammed for tens of thousands of dollars, including the purchase of a vehicle and applications for multiple loans. (KSAT) 

A young professional’s stolen wallet resulted in reports of bad checks, dozens of new credit cards, false criminal charges, and more. (LA Times)  

The NFL’s number one draft pick Cam Ward was targeted by identity thieves, resulting in high interest loans, liens on his home, and more, resulting in $250,000 in fraudulent debt. (The Guardian) 

These true stories are just a few examples of identity theft that could happen to anyone, regardless of your age, occupation, financial status, or where you live. In each case, the victims learned about the crime after their information was stolen and had already been used multiple times.  

Identity theft occurs when someone steals another person’s sensitive personal information and either uses it as their own or sells it on the black market for other perpetrators to use for financial gain or fraud. Identity theft has been making headlines for years; however, each and every year, thieves become more sophisticated. Staying in step with these criminal advances is a constant struggle for small business owners, corporations, and individual consumers alike. In spite of the work that is being done to keep our information safe, cases of identity theft continue to be reported at an alarming rate.  

According to the Federal Trade Commission's Consumer Sentinel Report covering the full year of 2024, reported cases of identity theft have increased by over 584% in the last 20 years. Here are some other highlights from this report: 

• Last year, more than 2.6 million cases of identity theft were reported, and more than 1 in 3 people who reported a scam also reported losing money. 

• The median loss to fraud victims is almost $500, with total reported losses of more than $12 billion, an increase of more than 25% compared to 2023. 

• The most common type of identity theft is credit card fraud, which includes using stolen information to open a line of credit as well as using a legitimate card fraudulently. 

• Experts estimate that there is a case of identity theft every 22 seconds and that 33% of Americans will face this issue in their lifetime. 

While safeguarding your personal information is key, so is knowing what to do if you find out that you have already become a victim of identity theft. First, you should know what red flags to watch out for, as time is of the essence when dealing with identity theft. The longer you wait to begin the recovery process, the more losses you risk facing. Early warning signs of identity theft can include:  

• Finding unknown charges on your credit card or bank statement.
• Receiving calls from collection agencies about debts you aren’t aware of.
• Seeing unfamiliar withdrawals from your financial accounts.
• Receiving bills for items you didn’t p