Military Identity Theft and Credit Fraud Safety Tips

Service members are at an increased risk of credit fraud and identity theft. Recovering from a situation like this can be time-consuming and stressful, especially if you are currently on active duty or deployed. Thankfully, our Fort Lauderdale credit card fraud attorneys with Sharmin & Sharmin may be able to help, and there are several steps you can take to prevent this from happening in the future. 

Protecting Your Identity

Most of us go about our business without concerns about identity theft. We may receive a notification from our bank or other financial institution informing us of a data breach or other proactive notices, but they send you a new card, you might change your password, and you go on with your life. This is not the case for everyone.

Our financial institutions generally do a good job of proactively protecting our information. Still, the unfortunate truth is that the FTC reports that nearly 14% of reports from military members state a friend or family member stole their identity. However, you can take steps to provide additional layers of protection, even amongst friends and family. The Military One Source program provides several methods. 

Check Your Credit Reports

Proactively check your credit report. You are entitled to a free credit report each year from each of the three credit reporting bureaus. Monitoring your credit activity can be an excellent way to identify fraudulent activity before it becomes a larger problem, like a credit card bill that goes to collections.  

Credit Freeze and Fraud Alert

If you have concerns about fraudulent activity, you can place a fraud alert on your account. A note will be placed in your file so financial institutions can see when they pull your credit history. They will then be required to contact you or a designated representative for approval before opening any new lines of credit. 

Active-Duty Alert

An active duty alert may be an appropriate preventative measure if you are an active duty service member. This alert will last one year, and, like a fraud alert, it will require a business to verify your identity before it issues a new line of credit in your time. You will also be removed from unsolicited credit and insurance offers for two years. You can call any of the three credit bureaus to implement this. 

General Safety Tips

Checking your credit reports and notifying the reporting bureaus is an essential step to proactively protecting your identity, but there are also some things you can do daily. Some of these include:

• Change passwords regularly and ensure each one is complex and unique. This can often be done with a password manager
• Keep your wallet and military ID secure
• Avoid opening phishing e-mails
• Be cautious about shopping online 
• Avoid posting personal information on social media
• Do not verify your identity to someone who calls, texts, or e-mails you for that information. This is especially important if you did not initiate contact

Education is a huge part of prevention. The Department of Veteran Affairs provides resources like a fraud prevention kit to help you stay up to date on scams that are affecting the military population. Unfortunately, there is no way to function in society without some risk of identity theft and fraud. If that happens, you have options for recovery, both financially and legally.