According to personal finance website WalletHub, American consumers have reported losing $10 billion to fraud due to data breaches at major corporations. While the odds of being taken advantage of rise and fall depending on your state (with residents of the District of Columbia, followed by Delaware and California, being most vulnerable to identity theft and fraud), it can happen to anyone, anywhere, at any time.
So what can consumers do to help protect their identity and their information from being improperly—and criminally—used?
Commerce Professor and Senior Associate Dean for Faculty and Research Ryan Wright shared his knowledge on the subject in WalletHub’s “Ask the Experts” feature, providing insight about what individuals can do to guard against identity theft, common scams, and more.
“The most effective way to protect your identity is to freeze your credit with all three major credit bureaus: Experian, TransUnion, and Equifax,” advises Wright. “This can be done easily and for free. I have taken this step for myself and recommend doing the same for your spouse and all children.”
Wright also explained the problems with changing a social security number, fraud attempts people need to be made aware of, the culpability of social media, and the role of federal government to protect victims.
