4 Ways to Protect Your Identity from Fraud and Theft

Every year, identity fraud reaches new records. In 2024, the FBI’s Internet Crime Report detailed 21,403 cases of identity theft and detailed reported losses with a loss of nearly $175 million, a staggering amount. Nearly 20% of those targeted people over the age of 60. Knowing how to protect your identity online is more important than ever.

But understanding how to protect your digital identity can be confusing in this increasingly online age. There are so many things to keep track of. Do you know how to protect your credit from identity theft? Does freezing your credit protect you from identity theft? And what should you do if you think your digital identity has been compromised? 

Some people may want to consider special identity theft protection coverage, especially when traveling. But there are also steps that you can take to protect yourself from identity fraud. Here are four ways to protect yourself.

Step 1: Watch Your Accounts Like a Hawk

If you are alerted to an information breach by a financial provider or other company that has your information, be sure to monitor your accounts carefully, and don’t stop after a few weeks. Once identity criminals have your personal information, they can use it any time — even six months or more after the initial information breach. 

Check your bank accounts regularly, scanning for fraudulent charges. If you see a charge at a suspicious shop, from a foreign country or for a wrong amount, call your bank. Remember, suspicious charges can be both large and small — sometimes thieves make small purchases to “test” the card. 

Tip: Money management apps aggregate your finances and make it easier to see all your charges — and possible fraudulent activity — in one spot.

Tip: Set up alerts for transactions on your bank accounts and credit cards so you’re aware every time there’s a charge to your account and can take swift action.

Step 2: Cancel Any Exposed Cards

If you lose your card, or you know that your card or account has been exposed, cancel and replace the card to reduce the risk of fraudulent charges on the account. That will help stop identity thieves in their tracks. Don’t forget to update your automatic payments with your new card information.

Tip: The sooner you cancel the card, the better you’ll protect yourself from identity fraud. You likely won’t be responsible for unauthorized charges, but it’s still best to report it immediately. 

Step 3: Consider Placing a Temporary Fraud Alert

If your identity has been compromised, fast action can help ensure that nobody opens a new account in your name. Call one of the three credit reporting agencies — TransUnion, Equifax or Experian — to establish a free 90-day fraud alert on your credit report. You can renew a fraud alert every 90 days, or opt for an extended, seven-year fraud alert.

Tip: To restrict access to your credit report, place a credit freeze on your report. This can help prevent misuse of your accounts, but you must call to lift the freeze.

Step 4: Enroll in an Identity Theft Prevention Program

Quick detection and rapid response can reduce your risk of identity fraud and theft. With identity theft protection and credit monitoring, you’ll receive notifications of changes to your account that could indicate fraud. Plus, you’ll have access to a fraud professional who can help resolve identity fraud issues.

Tip: Identity theft coverage helps you get back on your feet after a breach. Reach out to a Farm Bureau agent and they will connect you with someone that can help you through the process to quickly resolve issues and protect your identity going forward. 

Is Your Identity Safe?

Farm Bureau’s Identity Services and Fraud Expense Coverage helps minimize your risk, monitor your exposure and manage restoration after fraud. Reach out to Farm Bureau today if you’re ready to protect your identity.