Identity Theft: How You Can Help Your Bank Reduce The Risk

Modern-day bank robbers may not carry guns or don a mask, and they definitely don’t ride in on a horse. Instead, they steal identities and drain accounts using sophisticated technology.

Credit card data theft rose 68 percent between 2020 and 2021, and hit an all-time high. How are banks trying to combat this type of fraud, and what can you do to protect yourself?

Staying a Step Ahead

Banks are trying to stay one step ahead of the latest identity theft techniques but identity theft cannot be controlled by the banks alone. Many people become victims through phishing scams and mail theft.

Here are some easy tips experts say can help keep you safe.

• Never share passwords with people
• Do not use the same password for everything 
• Only make online purchases over secure networks
• Use anti-virus protection software
• Never reply to emails or pop-up messages that ask for personal information
• Enable multi-factor authentication.

Prevent Identity Theft

Banks have a number of tips for consumers who want to protect themselves from identity theft. Of course, keep passwords private, and only create passwords that are not easy to guess. A birth date may be an easy password for an identity thief to guess, but a pet’s name may be more secure. Ideally, consumers should also select passwords that combine letters and numbers, and they should use a different password for each account.

Identity thieves have tools for stealing consumer’s information online. Consumers should never enter private information on a website that does not have a closed padlock on the upper corner of their browser, and they should be aware that identity thieves have been known to make copycat websites or pop-ups to steal information.