Middletown Library hosts talk on how to avoid identity theft
By Sunayana Prabhu
MIDDLETOWN – Whether navigating busy airports during the holidays, shopping for presents online or even applying for a new job, it’s best to practice caution because fraudsters don’t take a holiday.
The Middletown Public Library (MTPL) hosted an invigorating session about identity theft Nov. 19, just in time for the shopping season. Ryan Heitt, a senior relationship banker with M&T Bank in Red Bank, addressed as a “financial therapist” by the library, led the discussion on identity theft – what it is and how to prevent it.
“Holiday season is coming up, and unfortunately, fraud is all year round,” Heitt said. In his 10-plus years of banking, Heitt has educated clients and guided them to achieve their financial goals. He discussed the importance of closely monitoring one’s financial accounts and protecting personal information, especially during the busy holiday shopping season when identity thieves tend to be more active.
Heitt urged everyone to turn on their bank’s account alerts to monitor for unusual activity during the holiday season. He suggested setting thresholds for transactions that exceed normal spending patterns. “If there’s a dollar amount that’s too high, that’s not normal.”
Additionally, since it is a season of giving, Heitt recommended exercising caution when making charitable donations or gift-giving by check, advising using the online bill pay or send money feature on your bank’s website as a safer alternative to sending checks through the mail.
According to Heitt, using a credit or debit card is even better when making purchases. “A lot of banks usually have, through Visa, a 60-day no fraud liability clause built into it, so as long as you notify your bank in a timely manner, they will put in the claim for you and you will get the money back eventually, which is good.”
Heitt also warned attendees to be wary of scams originating from mobile apps, even innocuous ones like gaming apps, as identity thieves may try to exploit these platforms to target victims. He noted he had a client scammed recently through a gaming app. “Be very cautious” of anyone messaging you through a gaming app, he said.
Heitt shared valuable strategies for year-round protection from scams, covering a range of topics related to identity theft and fraud. He shared sobering statistics, noting that identity theft occurs every two seconds and people are more likely to have their identity stolen than have their car stolen or their home burglarized.
“Identity theft and fraud are serious issues that can have long-lasting consequences,” Heitt said. “But there are steps you can take to safeguard your personal information and protect yourself.”
Heitt spoke about various methods identity thieves use to obtain sensitive data, including dumpster diving, skimming devices at ATMs and point-of-sale terminals or check-out counters, and phishing scams. Heitt recommended closely monitoring financial accounts, shredding documents with personal information, and being cautious when using public WiFi networks.
“What do you think could be at risk for identity theft?” Heitt asked the attendees before unwrapping a whole spectrum of personal information from biographical to medical to biometric and financial data that, if leaked or exposed, can lead to serious consequences. Biographical data refers to social security numbers, birthdates, addresses, driver’s licenses, passports and marriage and divorce records. Biometric data includes fingerprints and facial scans, commonly used on smartphones and elsewhere.
Hospitals and medical centers can be hacked, and confidential data containing volumes of critical information can be compromised. Fraudulent players use people’s personal information, such as their Medicare or health insurance details, to obtain medical treatment, services, or supplies. This can result in inaccurate information being added to the victim’s medical records, impacting their future care and insurance coverage.
Financial data fraud is linked to compromised bank accounts, wealth management accounts, credit or debit cards and mobile payment information theft. When thieves use someone’s social security number to file a fraudulent tax return and claim a refund, a tax identity theft occurs. Correcting the issue with the IRS and reclaiming the rightful refund can be very cumbersome, cautioned Heitt.
Another not commonly known issue is child identity theft. Heitt noted that children’s personal information is particularly vulnerable because their social security numbers may not be used for many years after being issued. Identity thieves can exploit this by opening new accounts and lines of credit in a child’s name, which may go undetected for a long time.While knowledge of these thefts can be overwhelming, being educated about them is the first battle won. Heitt suggested staying alert and cautious can avert data breaches and protect people from the most common types of identity theft.
The most common forms of identity theft today come from phishing, email scams, phone scams and elder fraud by power of attorney. The red flags to recognize these include suspicious letters and emails claim- ing credit card charges that don’t tally, IRS reports indicating wages received from un- known sources, language used by thieves in the email or letter that reflects an unprofes- sional or informal tone, often littered with misspellings, unusual calls from debtors or collection agencies for debts you don’t owe, bills for products you’ve never purchased and, of course, the occasional “Nigerian prince” – a phishing scam promising a large sum of money in return for some help.
Heitt also brought up “romance scams,” where criminals create fake dating profiles online to gain a victim’s affection, trust and identity information.
Heitt advised regularly checking credit reports from the three major bureaus – Equifax, Experian and TransUnion – for any suspicious entries and considering placing a freeze on credit to prevent new accounts from being opened. Set up alerts with the bank to detect any unusual activity on accounts.
Credit cards typically have stronger fraud protection policies than debit cards or checks, Heitt said, and he warned against using public Wi-Fi networks for sensitive activities like banking. Using strong, unique passwords helps prevent criminals from accessing accounts even if information is compromised. And don’t click on links sent in suspicious emails.
Offline, the simple practice of regularly shredding documents with personal information cannot be underrated. Properly disposing of paperwork containing sensitive data can prevent a dumpster diver from obtaining your information.
The identity theft prevention workshop is part of a series of financial literacy programs the Middletown Public Library is hosting. The next session, scheduled for January, will cover additional personal finance topics.
The article originally appeared in the November 28 – December 4, 2024 print edition of The Two River Times.
