The news of the Wells
Fargo massive identity theft reminded me that even the UK's financial district
-- the top banking centre -- lacked in security and systemic improvement --
that can ultimately protect consumers.
Wells Fargo had 5,000
employees fired over unauthorised account openings. In the UK, wrongly-sold
payment protection insurance policies earned about £37bn.
This shows that
identity theft and mindfulness of one's financial accounts truly matter.
To ensure we get them
all locked out of our accounts, make sure that your account activity is
properly monitored with the following steps.
Account Activity
Keep close watch over
your bank and credit card accounts. If you are using paper statements, make
sure that you read them when they come in the mail. Read each notification you
have with your digital accounts.
Tools
If you have digital
accounts, banks will have a tool that would help you monitor your account
balance from anywhere. It could be a text or email alert that you could
subscribe to.
Monitor Your Bank Reports
Keep close watch over
your credit reports for each of your bank accounts. If you spot someone has
opened an account in your name and it becomes delinquent, you have two other
accounts to support your claim that you are not that other person.
