Identity Theft & Scams

Justin & I both recently received letters from South State Bank notifying us that our information in their system had been accessed. Neither of us have a current account with South State, but our data was still in their system from accounts we’ve had there in the past. According to the letter, our names, account numbers, and social security numbers were accessed. That’s always a scary thing to hear, but it seems to be happening more and more these days. Because of that, this month I thought I’d address a few of the most proactive things you can do to help protect yourself from identity theft and scams.

Credit Freezes
First and foremost, I think one of the best things you can do to protect yourself is to place a security freeze on your credit report at each of the three Credit Bureaus. I personally have had these in place for years, and just recently set Dad & Mom up with them as well. There is no charge to set up a security freeze. It basically stops anyone from trying to use your stolen data to open a new credit account, like a credit card or loan, which they could then use to rack up charges that you would be responsible for. In other words, freezes “lock” the ability for any new credit to be opened in your name. When you do want to actually apply for a new credit card, loan, or mortgage, you must contact each of the three credit bureaus to “lift” the freeze for a short period of time to allow the application to proceed. This may seem like a hassle, but considering this is only necessary every once in awhile, the protection is worth it. You can set up credit freezes online, by phone, or by mail:

• Equifax: https://www.equifax.com/freeze/ 1-888-378-4329
• Experian: https://www.experian.com/freeze/  1-888-397-3742
• Transunion: https://www.transunion.com/freeze 1-888-909-8872
  

Monitoring
Another important step to take in protecting yourself is monitoring your bank and credit card accounts regularly. I usually log into my bank and credit accounts every day, but if that’s too much, you should at least be sure to look over your monthly statements. The sooner you notify a company about an unauthorized charge, the better, as you’ll be able to stop further unauthorized charges and will have a better chance of getting your funds back. It’s also a good idea to look at your credit reports regularly. While this is somewhat less important when you have a freeze in place, it’s still a good practice. You can access these for free at https://www.annualcreditreport.com.

Go to the Source
Finally, always go to the source. Never click on a link from an email or text message that claims it is from your bank, the government, or some other authority. Instead, go directly to that company or organization’s official website and proceed from there. Likewise, do not call phone numbers listed in emails or text messages that are sent to you. Instead, use the phone number listed on the back of your card, or go to the official website to get the number to call. If someone calls you claiming to be from your bank or an organization and starts asking you for personal information, it is always okay to stop the call and follow the steps above to make sure you’re talking to the real company.

Further Resources
For more resources, or to report unauthorized accounts opened in your name, go to https://www.identitytheft.gov or call the FTC at 1-877-438-4338. SC also has great resources and information at https://www.consumer.sc.gov/identity-theft-unit.

Springtime Conclusions
I hope this information is helpful to some of you. It’s unfortunate that we have to be so vigilant, but it is the case these days. While there are many good people in our world, those good people will not be offended if you take extra steps to make sure they are trustworthy. They know, just as we do, that it’s a necessary part of our world today.

I hope you all are thoroughly enjoying this cicada filled spring. If we can help you in any way, give us a call or stop by.

Libby Anderson

P.S. We’ve enclosed a quick guide of important numbers for 2024 for your reference, which might be helpful to you in your financial planning.