If you’re in the military, you could find yourself at special risk for identity theft, especially if you are deployed overseas. Since you’re not around to visit your financial institution or check mail at your home address, you could become a prime target for fraud. You’re also more likely to not learn about this fraud until significant damage has been done to your credit. The military is aware of this and people are speaking out. In fact, DOD personal finance office director, Dave Julian, said of identity theft protection, “We equate it to service readiness.”
There are some things you can do to protect yourself from identity theft while deployed overseas.
1. Sign up for online banking. Since you can get online from pretty much anywhere in the world, nowadays, there is really no excuse for not managing your accounts over the Web. Even if you’re not making any transactions, it’s important to check your balances at least monthly, if not more often. If you really can’t do it yourself, perhaps due to security concerns, recruit a friend or relative to help you.
2. Place an active duty alert on your credit report, if you can. This alert, which can stay on your report for one calendar year, with the option to renew, tells creditors that you are on active duty and are not likely to be trying to open any new credit. Creditors are asked to contact you before opening new accounts or increasing credit lines. If you are out of contact, you can appoint someone else.
To set up an active duty alert, send a letter to each of the credit bureaus including copies of your driver’s license, Social Security card, military ID, orders of deployment and proof of home address. Simply state that you would like to set up an active duty fraud alert. You don’t have to pay any money for this service.
3. Consider granting a person power of attorney managing your financial affairs while you are deployed. That way, this individual can keep a close watch on your accounts. Just make sure you choose the person wisely. It has to be someone you trust completely. Many military members have been burned in the past, arriving home to find their account balances gone. Talk to your attorney as well, we are not lawyers nor is this legal advice.
4. Get identity theft protection. This is a super important thing to do if you’re not going to have the time or resources to monitor your credit properly. While relying on a friend or relative is a good backup system, you’ll have more peace of mind with an official identity theft protection plan in place.
5. Make plans for your mail. Whether you are forwarding it, holding it or having it taken care of by a loved one be sure to have a plan in place as it can be dangerous in the wrong hands.
6. Be aware and stay as safe as you can while overseas. Just make sure you come home….. your family and friends will appreciate it.