To protect yourself from fraud and identity theft, it’s important to take preventive measures, such as freezing your credit file with the three major credit bureaus: Equifax, Experian, and TransUnion.
Since a Credit Freeze has better legal protection than a Credit Lock, it would make sense to place a Credit Freeze on your accounts with the 3 major credit bureaus. Quite frankly it seems strange to have the Credit Lock option available as it essentially does the same as a Credit Freeze, but without the same legal protections under US law.
Fraud and identity theft can be financially devastating, but there are several strategies to protect yourself:
- Monitor All Your Financial and Insurance Accounts
Regularly check your bank, insurance, and credit card statements for suspicious activity. Setting up account alerts can help you detect any unusual transactions immediately. - Use Strong Passwords
Use a mix of letters, numbers, and special characters for online accounts, especially financial ones. Consider using a password manager to securely store and generate complex passwords. Do not use the same password all the time. Never use same password for your non-financial accounts as for your financial accounts. - Enable Two-Factor Authentication (2FA)
Many banks and financial institutions offer 2FA, which adds an extra layer of security by requiring a second form of identification (like a code sent to your phone or email) in addition to your password. - Beware of Phishing Scams
Fraudsters often use emails, text messages, or phone calls to trick people into providing personal information. Avoid clicking on links or providing sensitive information unless you are sure of the source. - Emails, Emails, Emails…
You may get emails stating it from your bank, but in reality, the email is from a fraudster. The email might say peter.parker@bankof@bankofamerica.com, but if you actually check the email address it might actually be 24525htid@hotmail.com . if you Right-Click” on any email you can see the actual email address. - Regularly Check Your Credit Report
Under U.S. law, you are entitled to one free credit report per year from each of the three major bureaus. Checking these reports regularly can help you spot unauthorized accounts or suspicious activity. - Major Credit Bureaus
You can free of charge set up accounts with the 3 major Credit Bureaus, Experian, Equifax, and Transunion.
How to Lock or Freeze Your Credit with the Three Major Credit Bureaus
Locking or freezing your credit file can prevent criminals from opening new accounts in your name, as lenders are unable to access your credit report unless you unlock it.
- Equifax
- Credit Freeze: Visit the Equifax website, log in or create an account, and follow the instructions to freeze your credit. You can also call Equifax at 1-800-685-1111 to request a credit freeze.
- Credit Lock: Equifax also offers a service called Lock & Alert, allowing you to lock and unlock your credit report in real time via an app or online.
- Website: www.equifax.com
- Experian
- Credit Freeze: Visit the Experian website, create an account, and follow the steps to freeze your credit. You can also request a freeze by calling 1-888-397-3742.
- Credit Lock: Experian offers a service called CreditLock, part of its paid services, which allows for easier control over access to your credit file.
- Website: www.experian.com
- TransUnion
- Credit Freeze: Go to the TransUnion website and sign up for a free account to freeze your credit online or call 1-888-909-8872.
- Credit Lock: TransUnion offers TrueIdentity, a free service that allows you to lock and unlock your credit report instantly.
- Website: www.service.transunion.com
Key Differences Between a Credit Freeze and Credit Lock
- Credit Freeze: Free under U.S. federal law and offers strong protection. It can be lifted temporarily or permanently online or by phone.
- Credit Lock: Often part of a paid service that makes it easier and faster to lock or unlock your credit file, though it may not offer as much legal protection as a freeze.
Steps to Freeze or Lock Your Credit
- Visit each bureau’s website or call their customer service line.
- Provide your personal information, including your Social Security Number.
- Follow their verification process, which may include identity-confirming questions.
- Set up an account to manage your credit freeze or lock.
Once your credit is locked or frozen, you can unlock or lift the freeze temporarily whenever you need to apply for credit, such as when applying for a loan or credit card.
Additional Measures
- Fraud Alerts: You can place a fraud alert on your credit file, notifying creditors to take extra steps to verify your identity before issuing credit in your name.
- Credit Monitoring Services: Consider using credit monitoring services that alert you to any significant changes in your credit report, such as new account openings or inquiries.
- Set up a separate email only for your financial websites.
- Do not use your personal email like you are doing right now
- TAP vs credit card
- Always tap when you can, so no one has your credit card info.
- When tapping the merchant does not receive your actual credit card number.
- Your card essentially is a seen as a one-time use credit card number for the purpose of the specific transaction.
- You can set up tapping in Apple Pay or Google pay in your phone.
- Online you can credit a virtual credit card through privacy.com as an example
- Unique usernames
- Create a unique username and unique password. That makes it a lot harder for a hacker. Do not use the same username for financial sites as you use for non-financial sites.
- Same for passwords.
- I know it is time-consuming to do this. But at least do it for new accounts going forward and do it for passwords.
- At Gmail, you can use a feature to make new emails without actually setting up an email:
- Example: myemail+netflix@gmail.com
- Use: deleteme
- Delete information about yourself
- Don’t use public WiFi unless you have to. Social media can wait.
- Instead, tether your mobile data. Most places in the US have decent coverage.
- Use a VPN whenever possible to access the internet on your phone.
- Disconnect Bluetooth and WiFi on your phone when you are not using it.
- Yes, you have to click a few places, but it’s worth it. Hackers are only getting smarter.
- Protect against phone theft. Be more aware of where your phone is.
- For iPhone, you can turn on Stolen Device Protection.
- Now that Apple has developed IOS 18, you can force Face ID to Open any App.
- For Android, you can turn on the Theft Protection Lock.
- Just Google how to do this.
- Back up your phone once a month.
Yes, it takes effort to protect yourself. Make it hard for thieves, so they’ll simply move on to someone else. Unfortunately, in 2024 approximately 103 million people are using the password: “password” or “123456” or “qwerty” per the World Economic Forum. Don’t be one of them.
Combining these strategies can significantly reduce your risk of falling victim to fraud or identity theft.
REMEMBER TO UNFREEZE YOUR CREDIT BUREAU FILES BEFORE APPLYING FOR CREDIT OR OPENING A FINANCIAL ACCOUNT AS THEY WILL PULL YOUR CREDIT. FAILURE TO DO SO WILL MOST LIKELY MEAN THE FINANCIAL INSTITUTION WILL REJECT YOUR REQUEST FOR CREDIT OR OPENING AN ACCOUNT.
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for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk
and, unless otherwise stated, are not guaranteed. Be sure to consult with a qualified financial adviser and/or
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performance. Insurance products and services are offered and sold through Jan Gleisner an individually licensed and
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