How to Protect Yourself from #IdentityTheft

Tobechi Onwuhara led a multi-million-dollar home equity line of credit fraud scheme that involved hundreds of victims in the U.S. Often times, people didn’t even realize they had been victimized until they got calls from their financial institutions about a late payment on a home equity line of credit loan, until they applied for another kind of loan and were turned down, or until they checked their credit report.

Fortunately, these victims—because their financial institutions were insured—were reimbursed for their financial losses. But for all victims of identity theft, there are long-term challenges to face, including credit rating damage, the time and effort to repair damaged credit, and financial hardship. Here are a few tips to help you protect yourself and your loved ones from identity thieves:

• Review your credit report at least once a year.
• Monitor your bank accounts and credit card accounts routinely and report any unauthorized or suspicious activity to your financial institution immediately.
• Use strong passwords for your online financial accounts.
• Make sure you have up-to-date security software on your computer and other devices.
• Limit sharing of personal information on social networking sites.