Protecting Your (Secret) Identity

Identity theft: a phrase that, if it occurs, causes immense stress in the lives of those impacted by the illegal act.

It’s estimated that 15.4 million consumers were hit with some kind of identity theft in 2016, according to Javelin Strategy & Research, up from 13.1 million the year before. And with tax filing season in full swing, you can expect millions of tax filers to be targeted between now and mid-April, with dreams of stolen refund checks dancing in their heads.

For 2017, Internal Revenue Service has joined with representatives of the software industry, tax preparation firms, payroll and tax financial product processors and state tax administrators to combat identity theft refund fraud to protect the nation's taxpayers. These include new log-on standards if you file your taxes electronically.

Regardless of what the IRS is doing to protect your identity, all individuals should be aware of what they can do to reduce the chance of being a victim. Security measures individuals can take include:

• Always using security software with firewall and anti-virus protections.
• Using strong passwords - including both lower and upper case letters, numbers, and symbols.
• Recognizing and avoid “phishing” emails, threatening calls and texts from thieves posing as legitimate organizations such as your bank, credit card companies, and even the IRS.
• Not clicking on email hyperlinks or downloading attachments from unknown or suspicious emails.
• Protecting your personal data, by ensuring your tax records are secure, and not routinely carrying your Social Security card.

Understand these precautions do not guarantee absolute safety. If someone wants to hack into your background and steal your identity, they will definitely work multiple ways to gain access. Which means you should be aware of scams which have (sadly) been successful in the past.

If you are a victim of identity theft, the Federal Trade Commission recommends these steps:

• File a complaint with the FTC at identitytheft.gov.
• Contact one of the three major credit bureaus to place a ‘fraud alert’ on your credit records: Equifax, Experian, or TransUnion
• Contact your financial institutions, and close any financial or credit accounts opened without your permission or tampered with by identity thieves.
• If your Social Security Number has been compromised, and you know or suspect you are a victim of tax-related identity theft, the IRS urges you to contact them immediately, either by phone (1-800-829-1040) or online (www.irs.gov). You can also go to https://www.irs.gov/individuals/identity-protection for more specialized information on dealing with identity theft.

But remember, it’s not just your tax refunds which might be targeted. The Palm Beach Sheriff’s Office has identified several areas of identity theft concern, including if your monthly credit card and bank statements suddenly stop arriving, you are denied credit for no apparent reason, you start getting bills from companies you do not recognize, or credit collection agencies try to collect on debts that do not belong to you. And you do become a victim, report the crime to the Federal Trade Commission http://www.consumer.gov/section/scams-and-identity-theft. The FTC collects complaints about identity theft from consumers and stores them in a secure online database available to law enforcement agencies worldwide. The FTC provides information on ways to resolve problems resulting from identity theft and refers individuals to various private and government agencies for further action.