How To Intercept Fraudulent Activity In Your Financial Accounts

Today, the modern age has brought many advancements and innovations to our daily routine. Computers, mobile phones, and the internet have made the life of people easier, faster, and more accessible. Along with the benefits of technology, there are some disadvantages too. Identity theft has become the most common demerit of using technology while performing financial transactions online. It is considered a crime in this modern world. Identity theft appears to be a crime where the financial and personal data of a person is obtained illegally and used without having his/her permission.

We have seen many reports of missed or lost laptops or security breaches at financial centers, which can instigate fears about identity thefts. Hackers may steal your information and use it for different purposes like applying for loans or credit cards in their name, using their credit card, raiding their bank account, filing a health insurance claim, filing a fraudulent tax return, etc. the chances are, frauds can sell the stolen information to someone else. There are some pretty good ways to protect your financial information from fraudulent activities. Make sure you have complete information on how to protect your financial data from any kind of fraudulent activity. The first step in safeguarding your information from any fraudulent activity is to learn how it occurs. This is how you can take the first step toward Financial Fraud Protection. Check out these ways, which can make it difficult for criminals to have access to your financial information and accounts:

Recognizing signs of identity theft 

Stealing your personal or financial information can impact you in many ways. You can know whether or not there is identity theft in many ways. Some warning signs can let you know whether or not signal fraud is developing. When you know the identity theft has already happened or is about to happen, then you have a chance to prevent it. You must lookout for things to get Financial Fraud Protection like:

• You are not getting your household bills in your mail, which means that your personal data has been stolen and a hacker has changed your billing address to stop you from getting your statements.
• If you have applied for a loan or a credit card and your application has been rejected despite having a solid credit history, this is a warning sign for you. On the other hand, if you have got a loan or a credit card at higher interest rates, it also gives you a warning sign that you may be a target of identity theft. You should monitor your credit very often.
• There may be some charges in your financial accounts, of which you are not aware. There may be some unauthorized transactions, meaning that your account might have been breached.
• You are getting bills for those items, which you have not purchased or there are overdue payments in your financial accounts.
• Your tax return was not approved and it may be because of a duplicate return.
• A fraudster may perform some small test charges on your financial account or credit card statement. This way, they will come to know whether or not the path is clear to go for larger transactions.
• You are getting alerts or notifications regarding suspicious activities from your creditors.

How to protect yourself from identity theft? 

Make sure you are proactive about your approach if you want yourself to stay protected from thefts. You can go with the below-mentioned step-wise approach:

• Make your devices password-protected to stop giving access to your devices, financial accounts, emails, or any other private data stored in the wrong hands.
• Get a password manager for your electronic devices. It is not a good idea to keep the same password for all financial accounts and devices. Make sure to mix up your passwords and create a unique password for all accounts without including your name, birthdate, etc. there are many password managers online you can get, that store your account information and eliminate the need of remembering all the data.
• Never try to open any link containing suspicious activity. These links look like they are coming from a credit card company, your bank, mortgage lender, or any other financial center. Avoid clicking on that link or typing in your username and password on an unknown login screen. Moreover, never download any email attachment without knowing it.
• Don’t give your personal information like PIN or SSN on the phone.
• Ensure to check your credit reports regularly along with your last-reported balances. In any discrepancy, take immediate action.
• Protect your personal documents. Before disposing of them, try to shed them.

These steps can help you avoid being a victim of identity theft. If you have already become a victim, file a report or take any necessary action. At Acid Tech, you can gain valuable tips on Financial Fraud Protection from experts.