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.  

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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: 

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:  

If any of the above signs apply to you, they should be addressed immediately. For those of you who have a Triangle Better Checking account, you have access to dedicated Identity Theft Recovery Advocates who can help you assess what information has been compromised and assist in quickly taking steps to stop the damage and recover your identity, regardless of the type of identity theft or how it happened. 

Once you have addressed the immediate issues surrounding the theft of your personal information, there are a few things you can do to help protect your identity in the future.  

Identity theft can happen to anyone, and its effects can range from a small annoyance to financial devastation. The best protection is prevention, but if your information is used without your knowledge, we are standing by to help. If you are a Better Checking account holder and you think that you might be a victim of identity theft, contact the friendly staff at Triangle and we will put you in touch with a professional Identity Theft Recovery Advocate. 

If there are any other tips or topics, you’d like us to cover, let us know at [email protected].  Like and follow our Making Money Personal FB and IG page and look for our sponsor, Triangle Credit Union on social media to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and check out our other tips and episodes on the Making Money Personal podcast.  

Have a great day!