Becoming a victim of identity theft can have serious implications if your financial or personal information is compromised.
Consumers lost an estimated $27.2 billion to identity fraud in 2024, a 19% increase over 2023,1 and while banks are making advancements to help combat this issue, consumers and businesses alike should be on their guard to protect against this threat. Keeping identity thieves at bay begins with establishing a solid line of defense when it comes to your personal information.
Safeguard Physical Documents
The first step in shielding yourself from identity theft is getting your financial documents under lock and key. If an identity thief gains access to your Social Security card, birth certificate, bank account statements or credit card statements, they have virtually everything they need to wreak havoc with your financial life.
How do you protect those documents? There are a few possibilities, including:
- Investing in a secure home safe to hold your Social Security card, passport, and other important documents
- Storing documents you don't anticipate needing often in a safe deposit box at a bank
- Going paperless for bank and credit card statements
- Using a cross-cut shredder to destroy statements or other financial documents that you no longer need
Regardless of what method you choose, the goal is to make sure that you're keeping your most important financial details away from prying eyes.
Think Before You Click
Identity thieves are able to trick consumers into handing over personal details by using legitimate-looking emails. In some instances, these "phishing" emails contain links to fake websites, or that download malware onto your computer when clicked, allowing an identity thief to track your movements online. If you're checking your bank or credit card accounts, you may be unknowingly handing over your login information.
Exercising caution with emails from unfamiliar sources is crucial in preventing identity theft. Protect your inbox by not clicking on links from unknown senders, confirming any bank or financial communications by phone before responding, regularly updating a unique email password, and keeping your computer's firewall active. Report any suspicious emails to your provider as phishing, and don't hesitate to mark them as spam or block the sender.
Be Smart About Online and Mobile Banking
If you prefer to do your banking online, you're not alone. 55% of bank customers using apps on phones or other mobile devices as their top option for managing their bank account.2 Though digital banking can make things like checking your balances or transferring funds a breeze, it's important to be careful about how you're accessing it. Using unsecured public Wi-Fi while logging on is a big no-no.
When you're transmitting your financial details across an unsecured network, it doesn't take much for an identity thief to intercept them. Stick to secured network connections when you're doing your financial business. Before you visit a website on your mobile device, check the security certificate. If the page address doesn't begin with "https," you may want to steer clear. Otherwise, you could be opening yourself – and your information – up to identity thieves. If you visit a secure page that requires you to log in, make sure you're completely logged out before navigating away.
Pro tip: Always use the latest version of your bank's mobile app, and if you're using online banking via Wi-Fi away from home, check for https and consider logging in through a virtual private network, or VPN, which can create an encrypted, secure pathway for transmitting data.
Monitor Your Bank and Credit Accounts
In many cases, identity theft isn't discovered until well after the fact. For instance, you may not realize someone has opened a credit card account in your name until you begin receiving phone calls from a debt collection agency.
The good news is that there are some things you can do to proactively monitor your accounts and head off fraud before an identity thief has a chance to do any damage.
- Review your bank account and credit card account statements monthly to scan for purchases or other transactions you don't recall initiating.
- Consider setting up email and text alerts to notify you of new account activity, including debit card transactions, transfers, login attempts, or changes to your passwords.
- Check your credit reports on a regular basis to make sure there are no new accounts or inquiries for credit you don't recognize.
By federal law, you are entitled to receive a free copy of your credit report once every 12 months from each of the three credit reporting agencies (Equifax, Experian, and TransUnion) via AnnualCreditReport.com. You can stagger these requests across the year – rather than checking them all at once – to give you better coverage. It's also a good idea for married couples to check the reports for both spouses.
Putting up a strong defense that encompasses regular monitoring of your accounts along with implementing physical and online security measures may help to reduce your odds of being targeted for identity theft.
Learn more about the ways to protect your personal and financial information by visiting our Security and Fraud Protection Center.
1 Javelin. "2025 Identity Fraud Survey: Breaking Barriers to Innovation." March 25, 2025.
2 American Bankers Association "National Survey: Record Number of Bank Customers Use Mobile Apps More Than Any Other Channel to Manage Their Accounts." November 22, 2024.
