Identity theft isn’t always what you expect. When most people think of identity theft, they picture a stolen credit card or unauthorized charges on a bank account. While those are common forms of fraud, criminals are constantly finding new ways to exploit personal information.

This month, we are here to help your account holders learn about five lesser-known fraud schemes and the steps that accountholders can take to help protect themselves against the impacts of identity theft.

Five Unexpected Types of Fraud that Could Impact Your Identity

When most people think of identity theft, they picture a stolen credit card or unauthorized charges on a bank account. While those are common forms of fraud, criminals are constantly finding new ways to exploit personal information.

Some types of identity theft can go unnoticed for months or even years before victims discover the damage. Understanding these lesser-known threats can help you recognize warning signs and take steps to help protect yourself.

Home Title Fraud

Your home may be one of your most valuable assets, making it an attractive target for criminals. Home title or deed fraud occurs when a fraudster uses stolen personal information and forged documents to transfer ownership of a property without the owner’s knowledge. In some cases, criminals may attempt to take out loans against the property or even sell it to unsuspecting buyers.

Business Identity Fraud

Business owners aren’t the only victims of business identity fraud. Consumers can also be impacted when criminals use stolen information to create fake businesses or impersonate legitimate ones. Fraudsters may establish fraudulent companies using stolen tax identification numbers, business credentials, or personal information. These schemes can be used to secure loans, open accounts, or deceive customers or vendors.

If you receive mail for businesses you do not own, notices from government agencies about unfamiliar business activity, or unexplained inquiries about business accounts, you may be a victim of business identity fraud. Report any suspicious activity immediately and verify the legitimacy of business inquiries before sharing information. This type of fraud underscores the importance of regularly monitoring your personal and business records.

Medical Identity Fraud

Medical identity theft occurs when someone uses another person’s personal information to obtain healthcare services, prescription medications, or insurance benefits. Beyond financial consequences, this type of fraud can create inaccurate medical records that could impact future healthcare decisions.

Warning signs of medical identity fraud include receiving bills for medical services you never received or insurance claims for unfamiliar treatments. Or, you may notice errors that appear in your medical records. Help protect yourself against the effects of medical identity theft by reviewing Explanation of Benefits (EOB) statements carefully and monitor your healthcare bills and insurance claims. If you see anything that looks unfamiliar or out of place, ask questions.

Friendly Fraud

Despite its name, friendly fraud is anything but friendly. This type of fraud typically occurs when someone known to the victim, such as a friend, family member, roommate, or caregiver, misuses your personal or financial information without permission. Because the individual may already have access to sensitive personal information, this type of fraud can be difficult to detect.

Keep your financial information secure, even around people you know and trust, and review your account activity regularly to avoid the impacts of this type of fraud. Stay aware of any unauthorized use of payment cards or online accounts and review and update passwords and account access regularly and when circumstances change. Fraud doesn’t always involve strangers. Whether online, by phone, or in person, treat sensitive personal information with care and review your accounts regularly. A few minutes of vigilance today can prevent significant problems tomorrow.

Awareness Is Your Best Defense

Fraud continues to evolve, and criminals are finding increasingly creative ways to use your personal information to their benefit. Staying informed about emerging threats can help you identify suspicious activity before it grows into a larger problem.

Regularly reviewing your financial accounts, monitoring your credit, and responding quickly to unusual activity are some of the most effective ways that you can help protect yourself against the impacts of fraud and identity theft.

We’re Here to Help

If you notice suspicious activity on your accounts or believe your personal information was compromised, contact us immediately. Early detection and reporting can help limit potential damage and support a faster recovery.

[Personalize this section to reflect benefits included in your Econocheck Program] If you or a family member worry that you have become a victim of identity theft or you suspect you could have fallen victim to fraud, do not hesitate to reach out to one of our Identity Theft Recovery Advocates that are available to you as an <EMBEDDED ACCOUNT> account holder. They can help you assess what information has been compromised and quickly begin the process of recovering any losses that have occurred.