DES MOINES, IA (August 21, 2014) -- According to a recent survey by the Iowa Credit Union League (ICUL), only about half of Iowans are currently monitoring their credit reports as a means of fraud protection, and more than three quarters of respondents feel their financial information is secure.
But identity fraud is on the rise meaning Iowans may be feeling a false sense of financial security.
In fact, the 2014 Identity Fraud Study recently released by Javelin Strategy & Research noted someone falls victim to identity fraud every two seconds. The study revealed an increase of more than 500,000 victims of identity fraud to 13.1 million people in 2013, the second highest number since the study began 11 years ago.
The ICUL Mid-Year 2014 Consumer Survey revealed:
- 53.2 percent of respondents said they had checked their credit report for inaccuracies over the past year, with 47.5 percent noting it was accurate and 5.7 percent noting it was inaccurate.
- 46.8 percent of respondents had not checked their credit at all or indicated they did not know how to check.
- Only 19.9 percent of respondents had fraud protection set up on their accounts, while 55.1 percent did not and 25 percent did not know if they had it or not.
- 83.5 percent of respondents felt their financial information was secure, somewhat secure or very secure.
Patrick S. Jury, CEO/President, Iowa Credit Union League said these numbers signify that more needs to be done to educate consumers on how to protect themselves from identity fraud.
Karen Postma, AVP, Fraud Operations and Asset Management, The Members Group, agrees and recommends a few easy steps consumers can take.
“Consumers must pay attention to their accounts,” she said. “Being able to log into your account any time to check your balance and see what items have cleared makes keeping an eye on your money much easier. In addition, consumers can and should get a free copy of their credit report once a year, directly from the reporting agencies. I also encourage consumers to find and evaluate credit monitoring services to see if one fits your budget and your needs.”
“Secondly, consumers should ensure they are being secure on the Internet,” Postma warns. “Keep your access information safe with robust, multi-character passwords, and don’t over-share information. Dispose of personal information appropriately by shredding documents containing personal information.”
Postma is scheduled to participate in a public education event focused on cyber security at the Iowa State University (ISU) campus in Ames on Sept. 4, 2014. A part of the National Cyber Security Alliance “Two Steps Ahead: Protect Your Digital Life” tour, the event is designed to educate consumers and businesses about adding layers of security to their everyday online activities.
To lessen your vulnerability to identity theft:
- Monitor accounts and check your credit report. Check your account activity daily and request a free credit report annually.
- Register for a credit monitoring service. Shop for one that provides the level and kind of protection that will best meet your individual needs.
- Keep online information secure. Keep your passwords robust, and don’t share access information or personal details.
- Limit the items you carry in your wallet or purse. This minimizes your exposure to losses if these are lost or stolen.
- Avoid carrying your PINs or other private, security safeguards in your wallet or purse. Don’t keep your PINs in the same place you keep your cards.
- Don’t assume a criminal will look like a criminal. Be aware of anyone trying to look over your shoulder or steal your wallet.
Should your information become compromised, there are three main steps the Federal Trade Commission (FTC) offers to consumers:
- Place a fraud alert on account. If you have fallen victim to ID theft, immediately place a fraud alert on your account by calling one of the three national credit reporting companies (Equifax: 1.800.525.6285; Experian: 1.888.397.3742; TransUnion: 1.800.680.7289). This will make it more difficult for an identity thief to open accounts in your name. The alert will remain on your report for at least 90 days.
- Order your credit reports. Once you’ve placed the initial fraud alert, you’ll be entitled to a free credit report from each of the three reporting companies. The company you call will explain your rights and how you can obtain your free copy. Order the report and ask the company to show only the last four digits of your SSN on your report. If you know which accounts have been tampered with, contact the related businesses, talk to someone in the fraud department and follow up in writing. Send your letters by certified mail and ask for a return receipt so you have record of your communications.
- Create an Identity Theft Report. To create a report, file a complaint with the FTC and print your Identity Theft Affidavit. Use that to file a police report and create your Identity Theft Report. You’ll be able to use this report to get fraudulent information removed from your credit report, stop a company from collecting debts that result from identity theft or selling the debt to another company for collection, place an extended fraud alert on your report and get information from companies about the accounts the identity thief opened or misused.
About the Iowa Credit Union League
The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their more than one million members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information on ICUL and Iowa credit unions, visit www.IowaCreditUnions.com. Follow ICUL on Twitter at www.twitter.com/icul or on Facebook at www.facebook.com/iowacreditunions.To learn more about credit unions, visit www.ASmarterChoice.org.