According to the Federal Trade Commission, consumer loss to fraud totaled $12.5 billion in 2024. When an individual’s identity is stolen, the thief wreaks major havoc on the victim’s emotional and financial health, which can take months, or even years, to recover from.

Fortunately, there are steps you can take to prevent yourself from becoming the next victim. Here are some tips to lessen your risk of identity theft.

1. Monitor your credit.

One of the best preventive measures you can take against identity theft is monitoring your credit. You can view your credit score anytime within MSGCU’s online banking or mobile app. You can also request weekly credit reports from each of the three credit reporting agencies at AnnualCreditreport.com for free. Check your credit score for any unexpected decreases and look through your credit report for suspicious activity, like new lines of credit you didn’t open or multiple, large purchases you didn’t make. It’s also a good idea to review your monthly credit card bills for any charges you don’t remember making.

2. Use multi-factor authentication.

Make it hard for a hacker to break into your accounts by:

• Setting up multi-factor authentication (MFA) when possible.
• Using a biometric, like your thumbprint or facial recognition, as a mean of identification.
• Using multiple strong and unique passwords (see below), PINs, or personal questions.

Learn more about MFA and why you should use it in our recent blog post.

3. Use strong unique passwords.

Never use the same passwords for multiple accounts because it makes you an easier target for identity thieves. Instead, create strong, unique passwords for every account you use. The strongest passwords use a variety of letters, symbols and numbers, and are never mock-ups or replicas of popular phrases or words.

Check out our blog post on how to create a strong password.

4. Only use Wi-Fi with a VPN.

Did you know you put your personal information at risk every time you use the free Wi-Fi at your neighborhood coffee shop or any other public establishment? When using public Wi-Fi, always choose a Virtual Private Network (VPN) instead of your default Wi-Fi settings to keep the sensitive information on your device secure.

5. Block robocalls.

Identity theft frequently occurs through robocalls in which the scammer impersonates a government official or the representative of a well-known company. Lower the number of robocalls reaching your home by adding your home number to the Federal Trade Commission’s No Call List at donotcall.gov.

It’s also a good practice to ignore all calls and texts from unfamiliar numbers, because each engagement encourages the scammers to try again. If you get a robocall or text that uses language to create a sense of urgency or panic, that’s a big red flag, and think twice before staying on the call or returning a text. Check out our post on text scams to learn more.

6. Upgrade your devices

Whenever possible, upgrade the operating system of your computer, tablet, and phone to the latest versions. Upgraded systems will keep you safer from the most recent security breaches and offer you the best protection against viruses and hacks.

7. Shred old documents.

While most modern-day identity theft is implemented over the internet or through phone calls, lots of criminals still use old-fashioned means to get the information they need. Dumpster-divers paw through trashed papers until they find something with personal information. It’s best to shred all documents containing sensitive information as soon as you don’t need them.

Check out this list of things to shred vs. things to keep and other ways to safely destroy documents.

8. Keep personal information personal.

Do not share sensitive data, like your Social Security number, banking credentials, or one-time PINs, with anyone. That includes strangers, friends, or even family members. It’s also a good idea to use the strongest, most private security settings on your social media accounts to keep hackers out.

Remember, MSGCU, or any reputable organization, will never ask for your online banking password. If someone is asking you to share your credentials with them, it’s a scam.

9. Invest in identity theft protection.

If you’re still nervous about being the next victim of identity theft, you may want to sign up for an identity-theft protection service. They don’t come cheap, but these services will monitor your personal information online and immediately alert you about any suspicious activity.

10. Check in with our security center.

For scam alerts, security and fraud education, tips to protect your identity and accounts, and more, visit MSGCU’s Security Center.

Identity theft can be an expensive nightmare. Be proactive about protecting your identity and keep your information and your money safe. If you believe you may have been a victim of identity theft, don’t wait to report it. Call, video bank, or stop by one of our 24 branches today and let us help keep your finances safe.

Category: Security