Identity Theft Prevention

Identity theft happens when someone takes another person’s personal or financial details, such as their name, date of birth, Social Security Number, passwords, or bank account information. Thieves can steal this information through mail, data breaches, lost wallets or purses, or by recording card numbers and PINs during transactions.

If your identity is stolen, you could face ongoing problems like losing money, damage to your reputation, or a decreased credit score. To help protect yourself, keep these tips in mind each day.

Strengthen Digital Security

Create strong, unique passwords and enable multi-factor authentication (MFA) to protect your accounts. Keep your software and devices updated to fix security gaps and avoid public Wi-Fi for sensitive activities. At Drake Bank, we work hard to keep your data safe. We use strong security tools and offer a secure way for you to upload important documents with confidence.

Protect Physical Documents

While online theft is common, physical theft still happens often. Losing your wallet, having mail stolen, or tossing personal documents in the trash can cause big financial issues. To stay safe, store important papers like Social Security cards, birth certificates, passports, bank statements, and tax documents in a locked safe or another secure spot. Always shred sensitive documents such as insurance forms, medical statements, checks, and bills before you throw them out. Otherwise, thieves could take them from your trash.

Also try to collect your mail every day. If someone is willing to take sensitive information from the trash, they might also take it from your mailbox. If you plan to be away for a while, put a hold on your mail or ask someone you trust to collect it for you.

Monitor Financial Information

Get in the habit of checking your bank and credit card statements so you can spot any unauthorized charges quickly. Also, look over your credit report from Experian, Equifax, and TransUnion to make sure no one has opened fake accounts in your name. For extra safety, turn on purchase notifications on your phone. For example, Drake Bank sends debit card fraud alerts via text, allowing you to act fast if something looks suspicious.

Avoid Oversharing on Social Media

Social media makes it easy for identity thieves to find helpful clues without you realizing it. Sharing things like your full name, birthday, location, family details, or travel plans can make it easier for someone to guess your passwords or answer your security questions. Limit what you share publicly and adjust your privacy settings to lower your risk. It’s also smart not to post anything that can give away answers to common security questions.

 

Making a few small changes, like using MFA or checking your bank statements each month, can save you a lot of trouble later. Don’t wait until it’s too late—take charge of your information now.