financial fraud – IDefendForYou https://www.idefendhome.com Ultimate Protection for Your Digital Life Sun, 25 Aug 2024 00:48:55 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.3 https://idefendforyou.com/wp-content/uploads/cropped-idefend-favicon-32x32.png financial fraud – IDefendForYou https://www.idefendhome.com 32 32 Protect Your Crypto Investments https://idefendforyou.com/blog/identityandfinancial/protect-your-crypto-investments/ Sun, 12 Nov 2023 22:49:45 +0000 https://idefendforyou.com/?p=5670 Millions of people now invest in and hold cryptocurrency. At the same time, attackers have flocked to crypto to raid the accounts of new investors who don't have the proper safeguards in place to protect their investments and accounts.

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  • Protect Your Crypto Investments
Millions of people now invest in and hold cryptocurrency. At the same time, attackers have flocked to crypto to raid the accounts of new investors who don't have the proper safeguards in place to protect their investments and accounts.

In this article

Much of the advice for keeping your online bank accounts secure also applies to cryptocurrency: use strong passwords, use multi-factor authentication and be wary of phishing emails and other scams. But there are additional measures that need to be considered.

About Using Crypto Exchange

Many opt to keep their cryptocurrency in a crypto exchange, allowing them to easily buy, sell and trade different cryptocurrencies. Having these exchanges (such as Coinbase, Crypto.com, Binance and others) that store and secure your cryptocurrency is easy and might seem like the best option at first, but there are also potential risks.

If you leave your cryptos in an exchange, it’s vitally important your device is as secure against attacks as possible. Consider isolating a computer or mobile device that’s only used for crypto. Get regular security checkups done on your computer or device from a trained professional.

Use Multi-factor Authentication

Multi-factor authentication should be applied to your accounts. Passwords should be complex enough to not be breached in brute-force attacks, and the same password should not be shared among different accounts.

Using Crypto Wallets

A better recommendation is to store your cryptocurrencies in a secure crypto wallet that you own and control. There are two types of wallets—a hot wallet and a cold storage wallet.

Hot wallets

A hot wallet is a cryptocurrency wallet (such as Metamask and Exodus) that’s always connected to the internet and linked to public and private keys which an individual can use to conveniently send and receive cryptocurrency. However, the always-on connection to the internet could potentially leave these wallets vulnerable to being hacked.

Cold wallets

A cold storage wallet is when you keep your cryptocurrencies offline on a hardware device that you plug in or sync to your computer or phone in order to send or receive. These cold wallets have physical keys, PINs and passwords that only you know in order to keep your crypto secure and offline. This second form of wallet is the more secure way to store cryptocurrency, although it is much less convenient.

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]]> Should I Be Worried About Home Title Theft? https://idefendforyou.com/blog/identityandfinancial/hometitletheftworried/ Thu, 22 Apr 2021 17:10:37 +0000 https://idefendforyou.com/?p=5429 Could an identity thief steal your house? The short answer is yes, but you should know the details first before you start worrying too much.

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  • Should I Be Worried About Home Title Theft?
Could an identity thief steal your house? The short answer is yes, but you should know the details first before you start worrying too much.

In this article

The idea that someone is trying to steal the title to your home is horrifying. Imagine a thief forging your signature and secretly taking over the deed to your residence, and then actually taking out a fraudulent home-equity loan – against your equity. To give you some peace of mind, here is what you should know about home title theft, the chances of it happening to you, and what you can do to protect yourself.

What is home title theft?

Home title theft, also known as title fraud, happens when a criminal scours publicly available electronic property records to find a home that has accrued equity. Most frequently, they track down ownership of a home that’s either empty, a second residence or one occupied by an elderly resident.

The thief creates a new identity with supporting documentation like fake ID, Social Security card, and other personal identifiers. This is followed by the criminal forging the homeowner’s signature onto a fraudulent bill of sale and transfers legal ownership of the house to themselves. Home title theft is a new type of identity theft that also involves more serious forgery, real estate and mortgage crimes punishable with up to 10 years or more of prison time.

What happens if I become a victim?

Once the home deed is in the criminal’s name, they can take out home equity loans and disappear with the money, leaving the homeowner with the bill. Unfortunately, most people don’t find out that title theft has occurred until they receive a foreclosure notice in the mail from the bank holding the bogus home loan.

There are a few signs of potential title theft problems you can watch for including:

  • You stop receiving bills at your residence
  • Rising utility bills at vacant or second homes
  • You stop receiving tenant rent payments
  • Mortgage information from a lender you’ve never done business with
  • New loans or lines of credit in your name
  • Notice of foreclosure

 

If you suspect you have a home title theft problem, you’ll want to immediately call the mortgage lender and title company involved to identify and correct the problem. That will get the ball rolling.

Is home title theft a big problem?

You may hear blaring advertising on radio and TV telling you the home title and mortgage fraud is the fastest growing crime in America. It’s creative marketing, but at best this is very misleading as to the scope of the problem. There are very few statistics available for home title theft cases.

The FBI estimated a couple years back that 9,600 U.S. homeowners were victims of title fraud. That’s a microscopic percentage – slightly more than 0.0001% of the roughly 87 million U.S. homes owned. It was a cause of concern and gained attention because it was declared a new type of identity theft. To date, the Federal Trade Commission still does not report on home title theft cases.

So, does home title theft happen? Yes. Is it likely to happen to you? No. Is stealing a title and taking money from a fake home equity loan as easy as forging title documents on your home? No, because it involves obtaining and transferring a title or deed, deceiving a title company, plus county recorders of deeds as well as lenders, each of whom have several layers of protection in place.

All that said, home title theft is a new form of identity theft. Victims likely have larger identity fraud problems to deal with including compromised computers, email and social media accounts, legal battles, and a ruined credit profile.

Does home title insurance protect me?

Yes, but only if you’ve opted to purchase “owner’s title insurance” at your home closing. Owner’s title insurance is a one-time fee often included with closing costs when you buy your home. If you opted in on an owner’s policy title insurance, you’re covered.

Don’t confuse this with “lender’s title insurance” required by mortgage lenders at closing to assure them the property is free and clear of liens or claims before loan closing.

Do advertised “Title Lock” programs actually protect me?

Not really. You cannot technically “lock” your home title, and these programs are not title insurance policies. What they offer is periodic monitoring to alert you to after a change of deed has occurred – after your identity has been stolen and title fraud is already in full motion. They also talk of helping reclaim ownership of your home. The reality is, you never lost ownership of your home. A crime has been committed. You have an identity theft case, and a criminal legal battle to prove you did not sell your home and take out that loan.

You’ll need identity, credit and cybercrime fraud experts working on your behalf. Protecting against potential cases of home title fraud requires a much more comprehensive protection plan than the advertised title lock services.

What can I do to prevent this?

  • Check your home title records. In most counties, you can access the county property ownership records online free of charge. If available, register for your county’s consumer notification service, which signs you up for alerts any time a document is recorded on your property.
  • Use a licensed title agency. When purchasing a property, be sure to use a reputable, licensed title company.
  • Purchase “owner’s title insurance”. Consider purchasing this at closing to protect against any claims or liens against your property now and in the future.
  • Watch out for new or missing bills. When utility bills and other statements start disappearing or changing randomly, your identity and your home title could be at risk.
  • Monitor your credit. Look for mortgage or home equity loan inquiries or activity you don’t recognize. Sign up for a premium ID theft and credit monitoring service to ensure you are always on top of changes to your credit.
  • Evaluate your security practices. Home title theft is a digital crime. It’s a very good idea to make sure you are properly protected with your computers, mobile devices, passwords, financial accounts, and social media. If you aren’t super cyber-savvy, consider having security experts do a full cybersecurity checkup for you and your family.

The bottom line

There’s no need to pay additional or separately for a home title protection service. The best thing you can do to protect against this and all other forms of identity theft and cybercrime is to invest in a comprehensive personal and home cyber protection plan like IDefendForYou that includes personalized, one-on-one expert service.

IDefendForYou covers home title theft and all other forms of cybercrime and identity fraud. Discover a powerful new way to protect yourself and your family against all cybercrime, identity theft and online privacy risks in a single protection plan – with IDefendForYou.

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]]> Tax Season or Open Season? https://idefendforyou.com/blog/identityandfinancial/taxoropenseason/ Mon, 01 Feb 2021 19:01:36 +0000 https://idefendforyou.com/?p=5120 Millions of Americans will likely not get their tax refunds this year — not because they don’t deserve them, but because identity thieves will have already filed tax returns under their names.

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Cyberhood Watch >

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  • Tax Season or Open Season?
Millions of Americans will likely not get their tax refunds this year — not because they don’t deserve them, but because identity thieves will have already filed tax returns under their names.

In this article

Did you know all a scammer needs to steal your identity and your tax refund is your name and your Social Security Number? Did you know you could spend 5-8 months fighting the IRS over it and could be audited in the
process?

Yikes!

Our Tips For Tax Safety

Here are some tips to keep your tax refund in your bank account this year, hassle free.

  1. File your tax returns early. Tax refund fraud only works if the thief files a bogus tax return in your name before you submit your actual tax returns. By filing early, you can ensure the IRS sees your return before a thief sends the fake one.
  2. Look for IRS notices. Watch for a letter from the IRS stating that more than one tax return was filed with your SSN. Also watch for an IRS notice indicating you received wages from an employer unknown to you. Either of these notices could be a sign that a thief has attempted to file a fraudulent return in your name. (Remember, the IRS only sends notices by mail. If you receive a random email notice or phone call from the IRS, it’s likely a scam. Don’t click on links or open attachments in these types of scam emails!)
  3. Lock up your Social Security card. Tax-return theft always involves a stolen SSN. Keep it locked up in a safe place!
  4. Reduce credit card solicitations. Even if you aren’t interested in that credit card solicitation, a thief might be. He could plan to get a credit card in your name as a first step toward obtaining your SSN and date of birth. Be sure to shred unwanted credit solicitations and get your name off the marketing lists for pre-approved credit offers. (Instructions for getting off junk mail marketing lists are found in your online IDefendForYou account.)
  5. Keep on top of data breach notices. Watch for letters or emails from companies and organizations notifying you that your personal information may have been compromised in a data breach incident. If you receive a notification like this, be sure to closely watch for identity theft or credit fraud alerts and other suspicious identity theft activity. Not every data breach involving your personal information will result in identity theft, but it’s vital that you stay vigilant.
  6. Shred bank and tax documents you no longer need. Thinking like a thief helps you reduce your risk of identity theft. Consider your tax documents, receipts and bank statements as potential trapdoors that allow entrance into your personal life. Lock up what you need to keep, and shred the rest.

How to Get Fraud Protection

If at any time you believe you may be a victim of federal or state tax return fraud, get help immediately. If you need a good ID theft protection service that covers tax return fraud, check out IDefendForYou that include monitoring and expert support for this type of fraud and much more.

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