Phishing attacks are always evolving and trying to force us into ignoring our own good sense. A common attack is the infamous technical support scam. Historically, this involved a phone call from someone claiming you need help with your computer, an email message that directed users to fake sites where malware was installed, or a fake tech support popup message requesting payment card numbers. While those are still common, Microsoft researchers have discovered a new play on this scam.
According to the Identity Theft Assistance Center, one in 40 (2.5%) households in the U.S. have a child under 18 who have had personal information compromised by identity theft criminals. Unfortunately, much of the identity theft from children doesn't get discovered until after they are 18 and try to get a loan for school or to buy a home.
Children in lower income households and foster children are disproportionately susceptible to child identity theft. Those victims sometimes have their information used for such things as getting employment or having utilities set up, indicating that a significant number of these are committed by family members or friends of the child. This is referred to as "friendly fraud" and accounts for 27% of the cases.
Here are some tips to help protect the sought after information of children, particularly the social security number and birth date:
- As you check your own credit report annually, check children's as well with the same detail as your own and work with the reporting agencies to correct information as needed.
- Regularly review any financial account statements for children and address discrepancies immediately.
- Shred all documents with personally identifiable information of children before tossing them. Use a criss-cross shredder at a minimum. These can be purchased online or at any office supply store and are only marginally more expensive than the basic shredders and well worth it.
- Do not carry any social security cards with you, including those of your children. Keep them locked away in a cabinet at home. While you're at it, put the birth certificates in that locked file as well.
- If you allow your children to create online accounts, do not let them include their birth date on the forms if possible, but always leave off the date if it's required. Read the privacy policies of any site that will have access to your children's information thoroughly. If it's too invasive, don't allow access.
- Whenever filling out forms and asked if a child's information can be shared, opt out, even in school directories. These are often posted online and available to the public.
- Ask questions of the requestor when providing information about your child. Ask what the information will be used for, if there is some other way to identify your child other than date of birth and social security number, and verify how they protect any information once it is provided to them, including how they discard documents.
- Place a credit fraud alert on your child's credit report with the three major credit reporting agencies; Experian, TransUnion, and Equifax. Re-place that alert each time it expires. There are companies who do this for you, if that is preferred.
Maryland allows parents to freeze credit of their children until they are of legal age and soon it is expected other states will follow. Some states are looking into legislation allowing parents to enter a child's information into a database for high risk candidates.
If your child's identity is compromised, document everything including names of people you talk to, dates of conversations, and any contact information for them. Continue doing this for the duration of time it takes to fix the credit or resolve the identity theft issue. Be sure to file a police report with your local law enforcement agency. Also, do the same with the Federal Trade Commission (FTC). Instructions for filing there are on its website.
Teach your children how to protect their identity, especially online. Kids are able to have access to the internet from the time they can hold a smart phone, so start early with discussions on protecting themselves and the risks.
Given that most of us rely on our computers and mobile devices for everything, including storing our personal information, it's safe to say we want to keep them safe and secure from those with malicious intent. Sadly, our personal electronic devices are constantly under attack by bad guys across the world whose primary goal is to steal our private information. We are bombarded with endless spam emails, scam phone calls, texts, and computer pop-ups attempting to con us into giving out our own card numbers, social security numbers, and passwords just to name a few. If that happens, they can sell it to other criminals, steal our identities, and open fraudulent loans or even extort us for money to get it back.
Fraudsters don’t take vacations for the holidays. In fact, they only have happy holidays if they are successful in ruining yours! There are three important steps in preventing holiday fraud – let’s call them Ho Ho Ho:
Ready to win? It's you vs. the bad guys, and we like you much better. So for the next 6 weeks, we'll be taking money out of their pockets and putting it back into yours.
Each instance of card fraud costs Logix about $366.85. That's $366.85 we can't use to fund loans, reduce fees, increase deposit rates, hire contact center staff, or add to dividends. Every time card fraud is successfully committed, it directly impacts our ability to help our members. Worse yet, it is $366.85 to help fraudsters stay in business.
Let's take money out of their pockets and get it back in member pockets where it belongs!
For the next 6 weeks, Logix will be selecting a member who is helping us fight fraud by using the Logix Card Manager app to win DOUBLE the $366.85 we lose with each instance of card fraud. That's $733.70 every week until August 28th. PLUS, every new Logix Card manager registrant will automatically get a $5 payout.
If you're ready to register and win, all while helping support a healthy credit union and put fraudsters out of business, simply click the links below to download the app or learn more about it.
To set up Card Alerts in seconds, simply click one of these icons to get started.
NO PURCHASE OR PAYMENT OF ANY KIND IS NECESSARY TO ENTER OR WIN THIS SWEEPSTAKES. Odds of winning, 6 in 70,000.Click here to see the official rules.
If you haven’t heard already, there is new technology out there to protect our debit and credit cards. Well not really new; but new to the United States. Many European countries, Mexico and Canada have been using it for years. EMV (Europay, MasterCard and Visa) is the global standard for chip-based debit and credit card transactions that ensures transaction security and global acceptance. U.S. financial institutions have been issuing debit and credit cards with EMV chips since 2015 and Logix is among them. At the end of 2015, there were nearly 600 million EMV chip cards in circulation in the U.S.
Fraudsters who use stolen personally identifiable information can perpetrate a wide variety of fraudulent financial schemes, such as hacking online accounts, submitting phony insurance claims, and applying for loans and credit cards to pad their bank accounts. Increasingly, though, identity theft tax refund fraud is becoming a favorite money-making scheme for criminals. The Logix Fraud Risk Management team has seen an increase in this type of activity. With tax season upon us you should be prepared to ensure you don’t become a victim.
Ways to Protect Yourself