Reports of both consumer fraud and identity theft filed with the Federal Trade Commission and tracked by the Consumer Sentinel Network have grown substantially, with 5.5 million complaints in 2023. The top three complaints filed were identity theft, imposter scams, and fraudulent government benefits applied for or received.
The Insurance Information Institute (III) defines identity theft as the act of taking personal information like Social Security numbers or bank account information and using it to “impersonate” someone for the purpose of stealing. Thieves will not only take a victim’s personal information, but they could take money from bank accounts, open unauthorized credit cards or obtain unauthorized bank loans.
There are also cases where thieves will use someone else’s information to take out a mortgage, rent a home or apartment, take out an insurance policy or even apply for a job.
What kind of identity fraud protection can MAPFRE offer?
For an extra layer of financial protection, you could add MAPFRE’s Identity Fraud Expense coverage for legal fees, lost time for work, and direct financial losses resulting from cybercrimes. Contact your independent agent for details on how to add this coverage.
When customers enroll in Identity Fraud Expense Coverage, they’re also enrolled Identity Theft Resolution Service, powered by CyberScout™, a TransUnion brand. The service is free of charge – courtesy of MAPFRE. With CyberScout, you are provided 24/7 expert cyber threat assistance from a team of expert fraud specialists who deliver personalized guidance and one-on-one support should fraud occur.
So, what other things can you do to protect yourself against identity fraud? The Insurance Information Institute has these recommendations:
Keep personal information in your purse or wallet to the bare minimum
When you are out, do not carry your Social Security card or passport unless necessary. You should also avoid carrying too many credit cards.
Guard your credit card when making purchases
Keep your credit card in your wallet or in your hand until you must complete the transaction at the point-of-sale terminal. If you must give it to a clerk, keep an eye on the card until you are handed the card back then put it in your wallet immediately. When you are at an ATM, make sure no one is standing close by you and always shield your hand when entering your PIN.
Take credit card or ATM receipts
Don’t throw receipts into public trash containers or leave them on the store counter.
Never give out personal information
Don’t give out any personal information to anyone over the phone, through the mail or via the internet unless you know for sure who you are dealing with.
Use caution when shopping online
When shopping online, use only secure, authenticated websites to conduct business. A legitimate and secure website will have a locked padlock image on your browser’s status bar and https:// rather than http:// in your browser window.
Be aware of phishing and pharming scams
When opening emails, make sure you use caution and do not click on links or attachments from unknown sources. Even if an email appears to be from someone you know, check the address as criminals use fake emails and websites to impersonate legitimate organizations.
Keep security on your computer updated
Make sure your computer is regularly updated with firewall, anti-spyware, and anti-virus programs.
Monitor your accounts
Always monitor your bank accounts and credit card statements to make sure there are no suspicious transactions. If something does not look right, contact your bank or credit card company immediately.
Review your credit report
By law, you are entitled to at least one free credit report a year. This report can come from one of the three major credit reporting bureaus: Equifax, Experian, or TransUnion. The information in the report not only includes your credit history but identifying information like address and date of birth so you should check it often for any inaccuracies and make sure the information is accurate and up to date.
Make sure you have the right coverage for your home by talking to an independent agent in your state. If you’re not already insured with MAPFRE and live in Massachusetts, get a fast, free home insurance quote today to see how much you could save!
