SAN ANTONIO – One year after Equifax revealed the massive hack of 148 million Americans’ data, experts advise consumers to continue to take precautions.
During the data breach, hackers gained access to Social Security numbers and birth dates, leaving millions of people and their financial lives vulnerable.
“A fraudster could go and open accounts at an institution you’re not accustomed to,” said Mike Slaugh, executive director of financial crimes prevention at USAA. “They could go out and use this information to take over an existing account.”
Approximately 40 million Americans reported fraudulent activity on their financial accounts, according to CompareCards.com.
Slaugh said while banks do a good job of detecting fraudulent charges, there are actions consumers can take. He suggests using multi-factor authentication on any account that offers it, from banks to email to social media.
“Signing up for that adds another layer of security to your account,” he said. “That makes it more difficult for any sort of fraudsters to get in and impersonate you.”
Fraud alerts and the stronger credit freeze are tools that are available. A freeze locks your credit so no one can access it and open accounts in your name.
A survey by NerdWallet found only one in 10 people activated a security freeze in the wake of the Equifax breach.
Beginning Sept. 21, a new law makes placing and lifting a credit freeze free. Currently, it typically costs $10 per credit bureau for each freeze and each “thaw.”
One downside to a freeze is the inconvenience a consumer would face when trying to get a loan or open an account. The consumer would first have to lift the freeze.
A year out, experts advise consumers to check their credit report at least once a year and be vigilant about checking monthly statements for unusual activity.
Even if you have not experienced any fallout from the Equifax data theft, Slough cautions consumers to not let their guard down.
“At any point in time, we could all potentially be victims of identity theft,” he said. “There is always a risk out there.”