How Identity Theft Insurance Works

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Becoming a victim of a crime is something we neither plan for nor even imagine when thinking about the future. That’s why we have insurance. If something does happen, you’ll have assistance. You insure your car against break-ins, you insure your house against burglary and you even insure other high-price items like engagement rings or your smart phone.   Now imagine if you become a victim of identity theft—and not just credit card fraud. Say you discover an identity thief has taken out 3-5 loans in your name and has sold your information on the black market so that it can be bought, sold, used and abused. Do you have a plan for when that happens? Think about all the time it will take to correct your credit profile, restore your identity and monitor for more attacks. It can be … [Read more...]

6 Ways to Protect Your Identity in the Wake of the Anthem Breach

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This has been an extremely difficult week for consumers everywhere. Anthem, the second largest health insurer in the US, announced that sophisticated criminals perpetrated a daring cyber theft of at least 80 million consumer records from their databases.   Anthem is warning consumers that phishing scams related to this data breach are targeting current and past covered members. Tax preparation giant Turbotax® announced that it is temporarily suspending State tax e-file services nationwide as a result of fraudulent activity that most certainly involves identity theft as a means to tap into the tax refunds of innocent tax-paying US citizens.   Quick Fraud Facts As many as 1.84 million people may have been affected by medical identity theft in 2013, according to the … [Read more...]

President Obama says credit scores are an “early warning system” for fraud. Is he right?

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On Jan 12th, in his lead-up to the 2015 State of the Union Address, President Obama gave a speech at the Federal Trade Commission outlining proposed legislation that would help “better protect American consumers from identity theft and ensure our privacy.”   In addition to previewing a new data breach notification law, which would require businesses to notify consumers of a breach within 30 days, the President lauded the recent efforts of several lenders who are offering free FICO® Scores to their customers.   He specifically thanked JPMorgan Chase, Bank of America, USAA, the State Employees’ Credit Union, and Ally Financial  for “stepping up and equipping Americans with another weapon against identity theft, and that’s access to their credit scores, free of … [Read more...]

How Identity Theft
Can Impact Your Credit Scores

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When people think about identity theft, they often focus on credit card fraud—someone racks up fraudulent transactions on your debit or credit card. This type of identity theft can be extremely frustrating, but luckily, credit card companies and banks have security measures and processes in place to keep your cards protected. It’s the other types of identity theft you have to worry about.   Other types of identity theft show symptoms slowly. You might not know about the theft for weeks, months or even years after it occurs. Most victims, a whopping 72%, don’t even know where or when the theft occurred (http://www.identitytheftassistance.org/pageview.php?cateid=47).   And then one dismal day, you’ll discover that an identity thief has opened up loans, taken on a … [Read more...]

Black Friday Shopping the Smart Way

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Another Black Friday is upon us. This year some retailers are electing to open their doors to the inaugural waves of holiday season shoppers as early as 6:00 am Thanksgiving morning. Don’t be surprised if in the near future the sheer gravitational force of Black Friday pulls the entire Gregorian calendar a full day ahead.   While every year the holiday shopping season seems to be getting an incremental head start on the holiday season itself, one thing always remains the same: if you want to make it to the new year with your financial health (and sanity) intact, you’ll have to be smart about how you shop.   Here’s your guide to smartly and safely navigating this year’s Black Friday landscape.   Shopping online? Shop safe. Good news! Getting the best … [Read more...]

With threat of data breaches,
5 tips to shop secure this holiday season

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Last year during the holiday season, Target suffered its notorious data breach exposing the personal information of over 70 million victims. At the time, it was the largest data breach we had seen yet.   Since the Target data breach, we’ve seen major retailers including Neiman Marcus, Kmart and Home Depot face a similar fate. Even just a few days ago, the US Postal Service announced1 a data breach that may have affected over 800,000 employees and a not-yet-disclosed number of customers.   What do all of these data breaches mean to you? So far, over 78 million identity records2 have been exposed — things like credit card numbers, email addresses and Social Security numbers of innocent victims. If you’re information was exposed, the impact could be minimal or … [Read more...]

Word on the web: Prepare to shop!

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  Holiday shopping season is here! Unfortunately, this is also the season of broken budgets, dwindled savings accounts, data breaches and identity theft. We should be enjoying the festivities instead of wallowing in anxiety over the best way to cross off every item on your shopping list. To help you shop smart this season, we’ve rounded up some of the best blogs on the web about data breaches, holiday shopping and more.   5 Ways to Protect Yourself from Credit Card Data Breaches Hackers steal and use all types of identity information including email addresses, passwords, Social Security numbers and more.  But the easiest piece of information for hackers to leverage immediately is credit card numbers. Learn how to protect your accounts with these 5 steps from Wise … [Read more...]

FICO, President Obama and the future of consumer protection

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  Friday morning was a momentous day for FICO—and for American consumers. President Obama arrived at the Consumer Financial Protection Bureau on Friday to sign an executive order to improve consumer protection and identity theft prevention. The initiative is called the BuySecure program.   FICO was an active participant in this event, and we are honored to be able to contribute to the program.   Millions of Americans have fallen victim to data breaches in the last year as a result of weak security systems. Because of this, the President has decided to take action. Before signing the executive order, President Obama explained, “we've all experienced the benefits of new technologies that let us buy and sell things faster and more efficiently than ever before. … [Read more...]

The Home Depot Data Breach: 3 Things You Can Do Now to Protect Yourself

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As you have probably heard, Home Depot announced that their payment systems have been hacked, resulting in what might be one of the biggest data breaches yet. Between Target, Neiman Marcus, Goodwill and now this, it seems that hackers aren’t losing any speed nor audacity.   If the rise in breaches and identity theft hasn’t gotten your attention yet, it should. Every time you hear of a major data breach at a place where you shop, you should be taking steps to protect yourself. Here are three ways you can take action now.     1. Request a new credit card If you regularly use your credit card, it’s time to request another one. The service is usually free and this simple step can save you the pain of fraud resolution. Just make sure you have a backup payment method … [Read more...]

Are you the ideal target for identity theft?

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  One of the biggest misconceptions about identity theft is that identity thieves only target rich people with high FICO® Scores who do careless things like lose a credit card. This mentality results in a lot of people thinking they would never be targeted by an identity thief. But the truth is, identity thieves have a variety of motives that ultimately result in a payout. What’s worse, they have a long list of ways they can steal your information.   In short, you don’t have to be rich and careless to be valuable to an identity thief. So who exactly is an identity thief targeting? Good question. Here are 5 types of identity theft victims.   The social butterfly How did we all survive before social media? You love logging in to your social channels, making … [Read more...]

Disclaimer: This content is not provided or commissioned by a credit card issuer. Opinions expressed here are the author's alone, not those of a credit card issuer, and have not been reviewed, approved or otherwise endorsed by a credit card issuer. This site may be compensated by credit card issuers mentioned on the site by such companies.