5 Common Types of Identity Theft and How to Protect Yourself

a faceless person wearing a hoodie and gloves, sitting in front of an open laptop and holding a credit card

Identity theft is a growing concern in today’s digital age and can take many forms. Understanding the common types of identity theft and learning how to protect yourself can help safeguard your personal information.

Financial Identity Theft

What It Is: When someone uses your credit card or bank account information to make unauthorized purchases or withdraw funds.

How to Protect Yourself: Regularly monitor your bank and credit card statements for suspicious activity. Set up account alerts to catch unauthorized transactions early.

Medical Identity Theft

What It Is: When someone uses your personal information to receive medical care, prescriptions, or insurance benefits.

How to Protect Yourself: Review your Explanation of Benefits (EOB) statements and medical records for services you didn’t receive. Notify your healthcare provider immediately if you suspect fraud.

Tax Identity Theft

What It Is: When someone files a fraudulent tax return using your Social Security number to claim your refund.

How to Protect Yourself: File taxes early and use IRS tools like the Identity Protection PIN (IP PIN) for added security.

Social Security Number Theft

What It Is: When someone steals your SSN to open accounts or commit other forms of fraud.

How to Protect Yourself: Store your Social Security card in a safe place and avoid sharing your SSN unless absolutely necessary. Use credit monitoring services to detect unauthorized activity.

Synthetic Identity Theft

What It Is: When thieves combine fake and real information to create a new identity for financial fraud.

How to Protect Yourself: Monitor your credit report for unfamiliar or unauthorized accounts and consider freezing your credit if you suspect fraud.

 

By staying informed and vigilant, you can better protect yourself from these forms of identity theft.