It’s a sinking feeling when you get the alert that someone has used your identity. Could I have noticed the signs earlier? you wonder. As a DEXSTA member, we take your security seriously. We’ve compiled ways to recognize the signs of identity theft for your protection below. 

What is identity theft? 

Identity theft can be relatively harmless—someone subscribing your email to a newsletter—or more malicious. Like someone running up charges on your hacked credit card. According to usa.gov, identity theft “happens when someone steals your personal information to commit fraud.” Once someone steals this information, they can use it to apply for credit cards in your name, use your social security, and make purchases. 

Recognizing the signs

Part of being financially secure is keeping track of your bank accounts regularly. It’s also important to bank with a financial institution that can issue alerts when your identity is stolen or compromised. If you’ve yet to receive an alert and think someone has stolen your information, here are some red flags:

You receive a bill/see charges for a purchase you didn’t make: If you regularly check your account (hint: easy to do with a mobile banking app), you might notice unusual charges, even small ones. Pay attention to where the charge is coming from, what it’s for, and how much. Fraudulent charges often hide amongst your normal charges.  

Your tax return is rejected: If you received a “rejection notice from the Internal Revenue Service,” this signifies that someone else is using your identity. Most often, identity thieves will use this information to claim your refund. Other ways to identify stolen tax information is if you can’t e-file because of a duplicate social security number and notice an online IRS account created in your name. Or the IRS indicates “you received wages or other income from an employer you didn’t work for.”

You no longer receive your household bills: If bills come like clockwork every month and suddenly are on pause, it could mean that “the identity thief has changed your billing address.” This indicates that someone changed the billing information through your bank account or credit card and now has bills and all pertaining account information routing directly to them. 

And types

Unfortunately, there isn’t just one type of identity theft. The main ones include: 

Existing account theft: When someone steals your current account information and uses it to make purchases and siphon money. 

New account theft: When someone “opens a completely new account in your name.” 

Criminal identity theft: This theft occurs when someone gives your information to a law enforcement officer, even for “something as simple as a minor traffic violation.” When this occurs, the motivation is typically for the thief to get out of paying the fine. However, if not addressed, the identity thief victim could be accountable for all fees and court dates associated with the violation. 

Financial security for the long run 

As a DEXSTA member, your security is always top of mind. We take steps to protect our members with automatic alerts and encourage them to be diligent and know the signs of theft before it occurs or goes too far.