We’ve got some bad news. Grandma was caught donating her retirement savings to a Nigerian prince again. 😵💫👑 How many times do we have to tell her that he’s not coming to pick her up in a golden chariot? 😑
While we can’t stop the royal imposters from impostering, we can stop scammers from messing with our credit. If you’re looking to batten down the hatches, we’ve got you covered. 🔐
Here’s Five Fast Facts on fraud alerts:
- 🫣 Scammy Stats - Thanks to advances in technology, scamming is happening in record numbers. According to a recent survey, a whopping 96% of Americans report being the target of a scam every week. In 2024, fraud-related financial losses hit a staggering $12.5B, up 25% from 2023.
- 🚨 Red Alert - One way to protect yourself from scammers is by setting up fraud alerts on your credit reports. When they’re in place, you’ll get notified ASAP if a crook tries to open a new account in your name. This allows you to take action before things get wild and crazy.
- ✅ First Timer - When it comes to fraud alerts, there are a few different flavors. An initial fraud alert lasts for one year. It also alerts businesses and financial institutions to ask for your official OK before anyone opens a new credit card in your name. To keep the alert going, you’ll need to renew it once the year is up.
- 💪 Safe Keeping - If you’ve been a victim of fraud in the past, you can set up an extended fraud alert that lasts for seven years instead of one. You’ll also need to complete an FTC identity theft report or have filed a police report. If you’re an active duty service member, you can sign up for an active duty alert to lock things down while you’re away. Like initial fraud alerts, these get renewed on a yearly basis..
- 🧑💻 It’s a Set Up - Now that you’re sold on how important credit alerts are, let’s set them up. You’ll need to go to each of the three major credit bureaus and go through their process. Here are some quick links: Experian, Equifax, TransUnion.
🔥Bottom line: Even with the proper precautions, scammers can still weasel their way through the forcefield. If you fall victim to fraud, make sure to report it to the Internet Crime Complaint Center and IdentityTheft.gov. Is living paycheck to paycheck an embarrassment…or a flex? Hop over to this article for our hot take.
Do you have fraud alerts set up?
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