Military Identity Theft Risks

Service members may not strike you as a population vulnerable to much of anything, but identity theft plagues them at much higher rates than non-military members. Many components of their lifestyle can make identity theft more likely and more difficult to identify. If you have discovered identity theft, contact a Florida identity theft attorney with Sharmin & Sharmin Attorneys at Law. 

Military Members are More at Risk  

Anyone can be at risk of identity theft, but there are a few factors unique to service members that can further their risk. The Federal Trade Commission reports that reports about identity theft for service members far outnumber those for non-service members. Active duty service members are 76% more likely to report misuse of an existing account and 22 % more likely to report their identity was used to create a new account. 

Perks

Military members are more vulnerable in ways similar to senior vulnerabilities. One factor is that both seniors and veterans have access to government benefits specific to that population. Whether they receive freebies when purchasing online, cheaper tickets to amusement parks, or lower interest rates on a credit card, these perks may provide additional incentives to target service members. 

Presumption of Financial Stability

Many people assume that a service member is financially stable. At a minimum, the expectation is a consistent source of income. This may lead identity thieves to believe they can remove more money from the victim’s account or gain access to other assets. Additionally, the presumption of financial resources may lead them to believe they can open cards or other accounts with higher credit available to them.

Information

Additionally, the military has historically used social security members to identify service members and benefits, which means this valuable information is used and shared more consistently than most. Additionally, important personal information may be used to confirm your identity in many situations, meaning there are more opportunities for it to be found by unscrupulous parties. Your information is more likely to be mishandled or misused as more people have access to it. 

Age

While the average age of the United States Military is around 28, nearly half of all members are below the age of 25, and over half are below the age of 30. Youth comes with inexperience in life and finances. Many predators know younger age groups are less likely to regularly check their bank statements and credit reports, which can make them more ideal targets. 

Mitigating Risk 

Some of the most effective ways to mitigate the risk of identity theft are relatively easy to do. First is to make sure you are utilizing your right to a free credit report each year. You can claim one from each reporting bureau, allowing you to check it multiple times a year. Additionally, you may be eligible to implement an active-duty alert. When you become active duty, you can call one of the three reporting bureaus and request that they put an active duty alert on your file. This will be in effect for one year and requires businesses to confirm your identity before opening new lines of credit. 

No plan is entirely infallible, so being aware of the activity on your financial record and taking quick action when you see something is wrong is the key to protecting yourself from identity theft.