In Brief:

• A data breach is not the same as identity theft, but exposed personal information can increase your risk of fraud.
• Take action immediately after a data breach notification: monitor your accounts, change passwords, freeze your credit, set up multi-factor authentication, and be alert for phishing scams.
• Review your financial accounts regularly and report any suspicious activity to INB to help minimize losses and protect yourself from fraud.

When you get a notification that your personal information has been exposed, it’s easy to panic. You immediately feel vulnerable and start wondering if your money or personal information are at risk.

The good news? Being involved in a data breach doesn’t necessarily mean you’re the victim of fraud.

But the important thing is that you do need to take action to protect yourself.

What’s a Data Breach and Why Does It Matter?

A data breach occurs when a company, organization, or government agency experiences a security incident that exposes sensitive personal information. This can happen because of a cyberattack, ransomware incident, or even an accidental disclosure.

Depending on the breach, exposed information may include your name and address, email address, social security number, credit or debit card numbers, and more.

One of the most common questions we get is: “Does a data breach mean my identity was stolen?” The answer is no, a data breach is not the same thing as identity theft.

Identity theft is when someone uses your personal information to impersonate you – for example, opening loans or credit cards in your name, accessing your financial accounts, and other fraudulent activity.

“A data breach does not automatically mean identity theft has occurred,” explains Nathan Van Zele, AVP, Deposit Operations of INB. “But you could be at risk of identity theft or fraud after a data breach, if your stolen information is sold or used by criminals.”

So what should you do if you get a data breach notification?

What Should I Do After a Data Breach? 5 Steps to Take 

If you receive a data breach notification, don’t ignore it. Take these steps to protect your finances and your identity.

• Monitor your accounts closely.

At INB, we always recommend monitoring your accounts. While it’s crucial to do after being notified that your information was involved with a data breach, it’s also important to do regularly.

“The first step we always encourage people to do to minimize fraud risk is be diligent and review your activity,” says Greg Floyd, VP, Deposit Compliance Services for INB. “Log in at least every couple days.”

• Change your passwords.

If your passwords could have been exposed, change them immediately. You should use a unique password for each account. Suggestion: a password manager can help generate and store all your passwords!

• Freeze your credit.

A credit freeze locks down your credit report so new accounts can’t be opened in your name without permission. Credit freezes are free, don’t affect your credit score, and you can remove them when needed.

“Review your credit too, and make sure there’s nothing strange on your reports,” Greg suggests. You can access free credit reports from Experian, Equifax, and TransUnion through AnnualCreditReport.com.

• Turn on Multi-Factor Authentication.

Multi-factor authentication (also called MFA) requires users to verify their identity using two separate methods before gaining access. Even if someone steals your password, they can’t access your account without the second verification step.

• Watch for phishing attempts.

After a major data breach, scammers often send fake emails, text messages, or phone calls pretending to be banks, retailers, or government agencies.

Never click on links that you aren’t expecting without verifying they are legitimate. And don’t share private information like passwords, Social Security numbers, and one-time verification/MFA codes!

How INB Customers Can Protect Themselves

Remember: not every breach leads to fraud. However, taking action early dramatically reduces your risk.

“INB offers fraud protections that protect our customers’ retail activity. Customers have 60 days to call us at the bank and let us know about fraud activity,” Nathan says. “Keep an eye on your account activity and notify us if you see any activity you don’t recognize.”

If you notice unauthorized transactions or think your banking information has been compromised, contact INB as soon as possible. Reporting suspicious activity quickly gives us the best opportunity to help protect your accounts and minimize potential losses.

For more fraud tips and information, click here!