Identity Theft Prevention: How to Safeguard Your Financial Identity
Identity theft can derail financial progress, but proactive safeguards drastically reduce risk. SaveCash will combine real-time monitoring with actionable alerts so users can respond quickly to suspicious activity.
The tips below can be implemented today. When SaveCash launches, our platform will layer additional protections, including automated credit monitoring partnerships and breach alerts.
Identity Theft by the Numbers
- • 1 in 3 Americans experienced some form of identity fraud in the last five years.
- • $10.2B in financial losses were reported to the FTC in 2024.
- • 29% of cases were linked to data breaches exposing personal information.
Preventive Measures to Adopt
- Freeze Credit Reports: Lock your credit with Equifax, Experian, and TransUnion to block unauthorized loans.
- Secure Sensitive Documents: Store passports, Social Security cards, and birth certificates in a locked or encrypted location.
- Shred Before Discarding: Destroy mail that includes account numbers or personal details.
- Monitor Public Records: Check state and county filings for unexpected liens or business registrations.
Recognize Early Warning Signs
Unexpected Notifications
Emails or texts about password resets you didn’t request require immediate action.
Credit Report Changes
Hard inquiries from unfamiliar lenders could indicate someone is applying for credit in your name.
Mailed Reject Letters
Denial letters for loans or cards you never sought are a red flag.
Account Lockouts
Multiple account lockouts signal someone may be attempting brute force access.
Response Plan if Identity Theft Occurs
- Contact financial institutions immediately to close or flag compromised accounts.
- File a report at IdentityTheft.gov to receive a recovery plan.
- Report the incident to local law enforcement and request a copy of the report for creditors.
- Place extended fraud alerts on credit reports and monitor statements closely for the next 12 months.
How SaveCash Will Help
Our planned identity protection layer will integrate with leading monitoring services and offer real-time coaching when suspicious signals appear.
Upcoming Capabilities
- • Dark web surveillance alerts delivered through the SaveCash app.
- • Automated pre-filled dispute letters for fraudulent credit inquiries.
- • Guided recovery checklists that adapt as you complete steps.
Stay One Step Ahead
Join the SaveCash waitlist to receive security updates, launch announcements, and invitations to our identity protection beta program.
Join the waitlist →