Financial Fraud Detection
Americans lose around $3 billion each year due to financial fraud. The FTC (Federal Trade Commission) can barely keep up with the millions of complaints from victims. Financial fraud comes in many flavors, and anyone can become a victim. Due to various data breaches, hacking incidents, and malware infections, most people have personal information floating around on the internet. That can lead to identity theft and financial fraud.
IDStrong's financial fraud detection service can help you by constantly monitoring your personally identifiable information (PII) like your social security number (SSN), credit card numbers, debit card details, employer identification number, bank accounts, driver's license number, and other data. When we find your information exposed, we alert you so you can take quick action to secure your data to prevent identity theft or other fraud.
The Dangers of Financial Fraud
and Data Exposure
Your SSN is tied to every important document concerning your identity and can be used to commit identity theft and various types of fraud. Identity theft can wreak havoc in your life and combined with financial fraud, could leave you devastated. Some of the dangers of data exposure and financial fraud include:
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Online shopping poses risks due to malicious or infected websites, which could lead to your credit or debit cards being stolen and used without your permission. Depending on the situation, your bank may or may not reimburse you for the funds lost, and you could be left with substantial debt that isn't yours.
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Bank account fraud is becoming much more common, and if your account number is exposed, criminals could cash checks withdrawing funds from your account. All they need is the bank routing number (which is easy to get) and your bank account number.
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After identity theft or a data breach, you are much more susceptible to fraud schemes such as phishing emails, scam phone calls, and other types of financial fraud.
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Account takeover where someone gains access to your account (bank, credit, debit, etc.) and changes the password locking you out!
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If you stop to get gas or use the ATM, your card details could be stolen due to skimming.
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Using your driver's license or other ID, cyber thieves could gain access to your other online accounts and charge debt, steal money, or obtain even more sensitive information about you.
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Scammers can also use your SSN to file fraudulent tax returns in your name collecting the refunds.
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Identity thieves often open new accounts in your name, ruining your credit and amassing debt.
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Identity theft can also lead to other financial crimes such as embezzlement, bank fraud, check fraud, credit card fraud, investment fraud, mortgage fraud, and insurance fraud. Fraudsters are not always strangers, sometimes, they are your own family members, friends, or caregivers.
How Can Financial Fraud
Detection Help Me?
Our financial fraud detection keeps a close eye on all the accounts and information that you provide to us, and then if we see it compromised online, we take steps to alert you of the danger so you can immediately contact the bank or credit card company and close the account. You may have only a short window to dispute any suspicious charges, which is why it is so critical to monitor your information 24/7.
Our service protects you by monitoring your bank, credit, and debit accounts as well as your social security number, driver's license, and other forms of identification and personal information that show up exposed online. If any suspicious activity occurs, you can take swift action to initiate a charge reversal before possibly suffering any substantial financial losses.
If your driver's license, state, or military ID is lost or stolen, you must contact the issuing entity as soon as possible for a replacement. One way to know quickly is through identity theft monitoring and financial fraud detection.
It’s important to monitor both your financial information on the dark web and your credit reports so you are covering yourself preemptively and post identity theft.
How IDStrong Works
1. Monitor
We continuously monitor your personal and financial information, scouring the dark web for potential threats, active data breaches, and network element leaks.
2. Alert
If we locate your information somewhere in the dark recesses of the Internet, we will instantly notify you, alerting you to any information leaked, exposed, or breached.
3. Resolve
We won’t just alert you of the dangers; we’ll help you resolve them. Our identity protection experts are available 24/7 to help you take the necessary actions to restore your identity and get back to normalcy.
Our Benefits
Identity Monitoring
Our business is monitoring billions of records on the dark web. If we find anything about your information, we alert you to the risks and offer recovery strategies.
Credit Monitoring
One of the essential elements of your identity is that we monitor your credit profile for suspicious inquiries, new loans, or credit-related changes. That means no surprises when it’s time to put a down payment on your dream home or car.
Privacy Monitoring
Personal information is the lifeblood of data brokers. They collect and sell it on a massive scale, and when your data is harvested online and neatly parceled into their systems, we allow you to remove it with a click.
Up to $1 million Identity Theft Insurance *
If you are a victim of ID theft, we’ve got you covered. We will cover up to $1 million for theft recovery expenses. If the worst happens, that gives you peace of mind and a financial safety net.
Lost Wallet Assistance
We’ve got you covered, even if your wallet is lost or stolen. We’ll provide quick, reliable help navigating the world of data defense and structure the best recovery options for your situation. Our experts walk you through the process step-by-step.
Identity Restoration
If you experience identity theft, our expert fraud resolution team will deliver personalized support; we’ll investigate the situation, recover what we can, and restore your identity to its rightful status.
* The Identity Theft Insurance is underwritten and administered by American Bankers Insurance Company of Florida, an Assurant company.
Please refer to the actual policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions. Review the Summary of Benefits.
Frequently Asked Questions
About Financial Fraud
How Likely am I to Become a Victim of SSN Theft?
The statistics on identity theft are incredibly high and many victims have had their SSN stolen. Unfortunately, the average person's chances of experiencing financial scams are very high. We strongly recommend trying a free scan to find out how much of your personal information is online.
Can Financial Fraud Result in a Monetary Loss?
Yes, many financial scams perpetrated online cost consumers a lot of time and money to identify and resolve. They can also result in substantial financial losses and stolen money or other various personal assets.
Does Identity Monitoring Help Identify SSN Theft?
Identity monitoring cannot protect you from all SSN fraud or financial scams, but it will provide you with a very valuable tool to watch your personal information and to identify any potentially harmful situations that may result in a financial loss. For example, if you get an alert that your SSN is found on the dark web, you could freeze your credit, so no one opens new accounts in your name.
What Should I Do If I Am a Victim of SSN Theft?
If you think you have been a victim of a financial scam, you can notify your lenders immediately, place a freeze or hold on any of your accounts and credit report, and go through your bank statements looking for any criminal activity. If you are an IDStrong customer, contact our identity restoration specialists for help.
What Are the Signs of SSN Theft?
The most obvious signs are new accounts added to your credit report. Identity thieves often open new credit card accounts, take out loans, and apply for other types of credit using your SSN. In addition, look for unexpected notifications or messages from your financial institutions, letters, and emails that you do not recognize. You may also discover incorrect or erroneous financial information on your accounts and other records that look suspicious.
How Easy is it to Detect a Financial Scam?
Usually, financial scams are difficult to detect because the victim is unaware that the fraud is occurring. The best way to ensure your information stays secure is to take a proactive approach, check all your accounts for any suspicious activity, and use our identity monitoring service for regular financial alerts.
Can Identity Monitoring & Protection Help Avoid Financial Scams?
Identity monitoring and protection cannot protect against all financial threats and scams, but it will give you the advantage of keeping a close eye on your information. We also take steps to send you alerts and notifications if your data becomes compromised.
What is Included in Your Financial Fraud Detection Service?
Our fraud detection service gives you access to regular credit information and reports, credit restoration service, credit/debit card and bank account monitoring, alerts, and notifications if your data is found on scam sites, along with other useful tools included with our membership services.
