Identity theft is one of the fastest-growing crimes today, and it can happen to anyone. At Red Canoe, your security is our top priority. It’s also important to know what to watch for and what steps to take if your personal information is ever at risk.
What is Identity Theft?
Identity Theft happens when someone uses your personal information, like your Social Security Number, bank account details, or credit card number, without your permission. Criminals may open accounts, take out loans, or make purchases in your name, which can cause serious financial and emotional stress.
How Identity Theft Happens
Scammers use a variety of methods to steal information. Here are some common ways.
Phishing scams
Scammers send fake emails, text messages, or phone calls that appear to be from trusted companies or even friends. They try to trick you into providing personal information like passwords, Social Security Numbers, or account details. Always double-check the sender and avoid clicking suspicious links.
Data breaches
Hackers sometimes gain access to the databases of companies, retailers, or service providers, exposing customer information such as names, emails, passwords, and financial data. Even if the breach isn’t at your bank, your information could be at risk if other accounts are compromised.
Stolen mail or other paperwork
Criminals can take physical mail from your mailbox, trash, or recycling bin to find sensitive documents like bills, credit card offers, or tax forms. These papers can be used to open accounts or steal your identity, so consider shredding any document that contains personal information.
Card skimming
Skimming devices can be secretly installed on ATMs, gas pumps, or other card readers. These devices capture the information from your debit or credit card when you swipe it. Criminals can then clone your card and make unauthorized transactions.
Unsecured Wi-Fi
Public Wi-Fi networks, like those in cafes, airports, or hotels, are often unprotected. Hackers can intercept the data you send over these networks, including login credentials and other personal information. Using a VPN or avoiding sensitive transactions on public Wi-Fi can reduce this risk.
Understanding these methods helps you protect your personal information and reduce the risk of Identity Theft.
Warning Signs of Identity Theft
Early detection of Identity Theft is key. There are several warning signs that your identity might be stolen. Watch for these signs of Identity Theft:
- Charges you don’t recognize on your bank or credit card accounts
- Bills or collection calls for accounts you didn’t open
- Missing mail or statements
- Errors on your Credit Report
- A sudden, unexplained drop in your credit score
If something looks suspicious, act quickly to minimize potential damage.
Steps to Take if It Happens to You
If you suspect Identity Theft, follow these steps right away:
- Call your financial institution. Report the issue so we can help secure your accounts.
- Place a fraud alert. Contact one of the three major Credit Bureaus (Experian, Equifax, or TransUnion).
- Review your Credit Reports. Check for unfamiliar accounts or activity at annualcreditreport.com.
- Report it to the FTC. File a report at IdentityTheft.gov to get a recovery plan.
- Update your passwords. Start with email and financial logins, making them strong and unique. Change the rest of your logins after that.
How to Protect Yourself from Identity Theft
While no one can prevent every scam, there are simple habits that can significantly reduce your risk. Use strong, unique passwords and enable multi-factor authentication on your accounts. Shred any documents that contain personal information before discarding them. Be mindful of what you share online or over the phone, and regularly monitor your accounts through Online and Mobile Banking to catch any unusual activity early.
In addition to these everyday habits, having an extra layer of defense can make a big difference. With Red Canoe’s Premier and Premier Plus Checking Accounts, you’ll receive built-in Identity Theft Monitoring. This feature helps detect unusual activity and provides support if your information is ever compromised, whether it’s connected to your Red Canoe Accounts or other financial accounts you hold.
We're Here to Help
If you notice unusual activity on any of your accounts, including Red Canoe accounts, contact us right away. We’re here to help you protect your finances and guide you through the steps to resolve Identity Theft, so you can feel secure and in control.
