Hackers are getting smarter. Data breaches were up 30% last year, according to the Identity Theft Resource Center. Those incursions exposed nearly 92 million pieces of information. Your Social Security number, bank account information and credit or debit card numbers could have been among them.
Fraud and other misdeeds that can result from identity theft can wreak havoc on your credit score – a measure of risk used by lenders. A low score can make it hard to borrow money, get approved as a renter or land a new job. That’s why protecting your private financial information is an important part of managing your money.
The best defense is using secure account passwords and changing them frequently. But you also have to watch your accounts closely so you know right away if you’ve been victimized. Then it’s your job to respond quickly to alert your financial institutions, card issuers and other authorities.
Here are some steps to protect yourself from hackers and fraudsters:
- Change your passwords – all of them, regularly. Change them at least every few months.
- Monitor your credit, debit and financial accounts for activity you didn’t initiate.
- Freeze compromised accounts by contacting the card issuer, bank or credit union involved as soon as you see suspicious activity.
- Issue a fraud alert with Experian, Equifax or Trans Union, the three major consumer credit rating agencies. Fraud alerts are free, last for 90 days and prevent anyone from opening new accounts in your name.
Infographic by Brian Yee
Credit card fraudster image via Shutterstock.
The post How to Keep Your Credit or Debit Card Information Secure appeared first on NerdWallet Credit Card Blog.
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