Identity Theft

Identity theft is the practice of someone using your personal information without your permission to commit fraud. According to the Federal Trade Commission (FTC), 9 million Americans have their identities stolen every year. Victims of identity theft are often unaware their identity has been compromised until questionable charges appear on their credit cards or the debt collectors start calling.

Although there is recourse to help identity theft victims recover their identity, it can be a long and arduous process. By far, the best way to ensure the integrity of your identity is to educate yourself on the issue and practice safe personal information handling habits.

How do identity thieves obtain my information?

Identity thieves obtain your personal information through a variety of methods. The most commonly utilized methods are:

1. Email Phishing

Phishing, pronounced as ‘fishing’, is the practice of sending email appearing to be from a trusted institution to thousands of email addresses. The emails may contain the logos of the institution and even portions of the institutions security policy. Generally, the email will warn the recipient of some recent suspicious activity detected on their account and request they click the provided link to validate their identity; otherwise their account will be suspended.

Although the link contained in the email may appear to be legitimate, following it directs the recipient to a website controlled by the phisher, but appearing to be the trusted institution. These websites are becoming exceedingly convincing and are designed to gather sensitive information such as passwords, credit card numbers, account numbers, or social security numbers. Validating your identity on this forged website provides the phisher with the information needed to obtain your identity and commit fraud.

Given the lack of security with regular Internet email, VirtualBank does not conduct business through Internet email. Rather, clients are encouraged to utilize the secure email system accessible through Online Banking. VirtualBank does not send email with links to our clients. If you receive an email with links purporting to be from VirtualBank, please contact a personal banker at 877-998-2265.

2. Keyboard Logging

Keyboard Logging programs capture your keyboard strokes and report this information back to a central repository monitored by an identity thief. The goal of a keyboard logger is to obtain private information such as account usernames and passwords. Keyboard loggers are generally installed by opening suspicious email attachments, visiting compromised Internet websites, or downloading and installing infected software.

Although VirtualBank employs a sophisticated authentication platform to defend against unauthorized access to VirtualBank accounts, clients are encouraged to install antivirus software and personal firewalls to protect their personal computers from compromise. Please see the VirtualBank Security Safeguards page for more information.

3. Dumpster Diving

Rummaging through someone’s trash may not be a very appealing thought, but to identity thieves, it can be a proverbial gold mine. With many consumers throwing their credit card and bank statements in the trash daily, it’s no surprise this is a preferred method for obtaining identity information.

VirtualBank maintains a strict client information disposal policy mandating the destruction of client personal information when the information is no longer required to be stored.

How do I protect myself from identity theft?

Awareness is key to protecting yourself from identity theft. The more you understand, the more alert you will become when handling your personal information.

Here’s a list of security practices to help keep your identity safe.