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Protect Yourself from Credit Fraud and Identity Theft

As long as personal credentials are stored and transmitted electronically, criminals will try to steal identities and open new credit accounts. Steps you take today, however, can help protect you from becoming a credit fraud victim. At O1ne Mortgage, we care about your financial security and are here to help you navigate through any mortgage service needs. Call us at 213-732-3074 for expert assistance.

What to Do if You Believe You’re a Victim of Fraud

If you believe you are a victim of fraud, there are steps you can take to protect your credit. Among the first steps to take if you believe your credit or finances have been compromised is to safeguard your credit so criminals can’t apply for loans or credit cards in your name. You have the right to initiate a fraud alert or credit freeze. Here’s how each works:

Fraud Alerts

A fraud alert asks lenders who view your credit report to verify your identity before processing a credit application or issuing credit in your name. Fraud alerts expire after a period of one year or seven years, depending on the type of alert, but may be renewed indefinitely. A fraud alert allows you to apply for credit in the usual way, but may delay the approval process somewhat until your identity can be confirmed by the lender.

Credit Freezes

A credit freeze, or security freeze, restricts access to your credit file until you remove, or “thaw,” the freeze. While preventing unauthorized access to your credit information, it also blocks legitimate credit checks. That means you must thaw your credit before applying for new loans or credit cards. This option may be more convenient for users such as retirees who foresee little need for new loans or credit accounts. A credit freeze remains in place indefinitely until you remove it.

How Fraud Can Happen

Credit fraud and identity theft can take many forms. The various types of fraud differ chiefly in what personal credentials are involved and the means by which that information is stolen. Personal data routinely targeted by criminals includes:

• Social Security numbers
• Driver’s licenses or other government-issued photo IDs
• Credit cards, debit cards, and related account numbers
• Passwords to social media, e-commerce, and banking accounts

The many ways criminals obtain personal data include (but are not limited to):

Phishing Scams

By means of email, phone calls, text, or social media messaging, criminals present themselves as an authority you can trust and try to trick you into disclosing personal data. When in doubt, cease communication and reach out to the company or agency yourself. By responding to a suspicious message, clicking a link, or opening a file, you might give an identity thief a way in.

Data Breaches

By hacking into commercial databases, criminals sometimes obtain troves of individuals’ personal data in large batches, which they either use for their own purposes or sell to other criminals. If a vendor or financial institution alerts you that your data has been breached, consider a fraud alert or credit freeze. You can also sign up for a credit monitoring service that will alert you whenever there’s new activity on your credit accounts.

Physical Theft

Stolen wallets and purses—and the credit cards and ID information they contain—can open up a world of opportunity for credit fraudsters. It’s a good idea to keep an inventory of the items you carry routinely, and information on whom to contact if they’re lost or stolen.

How to Keep Your Personal Information Safe Online

Safeguarding personal data online requires vigilance. It may require you to take steps that fly in the face of online shopping convenience, but that can help you avoid major hassles in the long run:

• Avoid storing your credit card information at e-commerce sites, to reduce vulnerability to data breaches and minimize the damage that can occur if someone steals your account password.
• Develop good online security habits, by creating strong passwords, using unique passwords for each account, and changing them often. Where it’s available, take advantage of two-factor authentication, which confirms your identity via voice call or text message as part of your account login.
• Be smart about online shopping in public by avoiding public Wi-Fi networks and taking care that others can’t observe or overhear you as you enter account numbers or other personal information.

The best way to reduce your risk of credit fraud is to be vigilant and do your best to protect your personal information. At O1ne Mortgage, we offer a wealth of advice to help in this effort, and also offer many resources in case you become an unfortunate victim. For any mortgage service needs, don’t hesitate to call us at 213-732-3074.

Fraud Prevention Resources

Here are some additional resources to help you protect yourself from fraud:

• How to Freeze Your Credit at All 3 Credit Bureaus
• How to Place a Fraud Alert
• 20 Different Types of Identity Theft and Fraud
• 11 Ways to Protect Yourself From Identity Theft
• How Do You Protect Your Personal Information Online?
• What Is Credit Card Fraud?
• How to Check for Identity Theft
• How to File a Police Report for Identity Theft

Remember, O1ne Mortgage is here to support you with all your mortgage service needs. Call us at 213-732-3074 for expert advice and assistance.

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