As tax season approaches, it’s time to prep your financials and stay on guard against the looming threat of tax identity theft. It is perfect timing, as the last week in January is recognized as Tax Identity Theft Awareness Week by the Federal Trade Commission (FTC).

Here at First Bank, we’re sharing into essential tips to shield your personal and financial information.

The landscape of cybercrime is evolving rapidly, with identity theft cases witnessing a threefold increase each year over the past three years, as highlighted by the Federal Trade Commission (FTC). To fortify the security of your information, here are a few practical measures to consider:

• Refrain from disclosing your SSN unless absolutely necessary, and ensure you provide it to a trusted resource.
• Shred documents containing sensitive information before disposal.
• Be aware that the IRS exclusively communicates through United States mail, not via email, text, calls, or social media.
• Regularly check your credit report for unusual changes and account activity.
• If you suspect SSN has been compromised, contact the IRS ID Theft Protection unit at 800-908-4490 or through the website.
• Keep your computer secure by running frequent updates and virus checks, and change passwords periodically.
• Thoroughly research your tax professional, seek referrals from trusted individuals, or consult the Better Business Bureau’s business profiles.
• Verify a tax professional’s qualifications by asking for their PITN (Preparer Tax Identification Number) issued by the IRS.

It’s worth noting that identity theft victims face an increased risk of being targeted again. According to the Identity Theft Resource Center (ITRC), almost one-third of those reporting identity theft become repeat victims.

Certain demographics, such as children, younger adults, and seniors, are more susceptible targets. Regularly check your children’s credit reports, and be cautious of phishing scams targeting seniors.

Stay informed and proactive to safeguard your financial well-being during tax season. For more information on protecting your identity, visit the FTC’s Identity Theft Awareness Week homepage and explore our Fraud Blogs section.

Learn more tips to protect your identity and how First Bank remains committed to doing its part to help grow the economy and create value for our shareholders and stakeholders with new branches, new markets, new products, and new technology all under consideration.