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How to protect your identity

Financial fraudsters are more active than ever. But there are steps you can take to protect your identity and information.Financial fraudsters are more active than ever. But there are steps you can take to protect your identity and information.


protect your identity

Nearly 13 million U.S. consumers were victimized by identity thieves at a cost of $16 billion in 2014. While those numbers actually represent a slight improvement over the previous year,1 identity theft remains rampant and widespread. Hackers, phishers, snoops and other fraudsters are working overtime to devise new scams and ploys — but you don’t have to be a victim.

How identity theft can impact your life

In most cases, identity theft is more of a headache than a major financial loss. While falsified charges of $10,000 and more aren’t unheard of, most losses are much smaller. But that isn’t to downplay the endless hours victims must often spend repairing their credit standing and reestablishing their financial relationships. A study by the FINRA Investor Education Foundation found that nearly two-thirds of self-reported financial fraud victims experience at least one serious non-financial repercussion, such as severe stress, anxiety, sleep disorders and depression.2

Could you be liable for fraudulent charges?

It depends. As a rule, your liability for credit card fraud will generally be capped at $50.3 However, the process of establishing your innocence and repairing the damage to your reputation can be long and arduous. On average, identity theft victims spend 158 hours working to clear their names.4 What’s more, if your medical records are compromised, the financial cost can be considerable. According to a study by the Medical Identity Theft Alliance, more than 60 percent of medical fraud victims wound up paying an average of $13,500 to straighten things out.5

Why is it so difficult to recover from identity theft?

One reason is that victims usually don’t realize what’s happened for several months. By the time they catch on, there are bills in their name that are months past due. While you can recover eventually, you’re likely to find it difficult, if not impossible, to obtain a loan or credit approval in the interim. Many recovery experts suggest waiting an additional six months before applying for loans or a new credit card.6

Steering clear of identity thieves

CIT Bank takes customer security very seriously and employs a range of advanced authentication processes, firewalls, anti-virus protection and encryption blocks to keep your assets, information and identity safe. At the same time, there are steps you can take to protect yourself from identity fraud and theft:7

A note to customers of CIT Bank, N.A.

Fraudsters often view mergers between financial institutions as an opportunity to take advantage of changes in processes and protocols. If you are an account holder at CIT Bank, N.A., please be cautious of communications from unfamiliar parties as they could be fraud. If you are unsure of any phone or email communication asking you for your personal or CIT Bank account information, please contact us immediately at 855-462-2652.


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APY**
Minimum balances
Available as IRA
Available as Custodial