Identity theft is a widespread problem in the United States. According to the statistics, 14.4 million people became victims of identity fraud in 2018 alone.

If you monitor your financial statements and credit reports regularly, kudos! It’s a great way to ensure that no one’s using your identity to carry out fraudulent transactions.

However, it’s not enough. Cybercriminals are constantly looking for loopholes and vulnerabilities that can provide them with access to your private information.

Here are some tips to prevent identity theft that you should know about:

Guard your Social Security number

A stolen Social Security number can be used to orchestrate all kinds of identity theft crimes.

That’s why it’s important to take a proactive approach to security. There are several ways to prevent other people from accessing your Social Security online account.

For instance, you can set up two-factor authentication and block electronic access to your Social Security account.

Set strong passwords

Create a strong password to protect your private information from cybercriminals. Refrain from using “123456” or “password” as your password, for instance.

Create a long, random password with a combination of letters, numbers, and special characters. Also, don’t use the same password for all your accounts.

Use digital wallets

If you want to carry out an online transaction, use a digital wallet to make and receive payments. The transactions are encrypted to keep your accounts protected.

Also, it’s a more secure way to shop online as your banking information and passwords are not required to perform the transaction.

Protect your account

Add an authenticator app or enable two-step verification to add an extra layer of security to your account.

This will prevent unauthorized access to your account even if hackers get their hands on your password.

Moreover, come up with the answers to your security questions strategically. It’s not difficult for hackers to guess your mother’s maiden name or the city you were born in.

Set up alerts

Ask your banks and creditors to turn on alerts for all transactions made on your accounts. You will be notified via text or email when a deposit or withdrawal is made.

This way, you can learn about any unauthorized transactions and report them to safeguard yourself if someone attempts to conduct a fraudulent transaction on your behalf.

Identity theft can impact your credit score

Identity thieves max out credit cards, which can really hurt your credit score.

If you become a victim of identity theft, you should consider hiring a credit repair specialist to repair your credit score.

They will dispute fraudulent transactions with credit bureaus and formulate a strategy to bolster your credit ratings quickly.

READ: 3 Signs of a Reliable Credit Repair Company

Hire a credit repair specialist to improve your credit score after identity theft. Masters Credit Consultants offer professional credit restoration services at competitive rates. Our team of professionals uses the best practices to help our clients increase their credit ratings. For more details, call us at 1-844-620-8796 or email at info@masterscredit.com.