The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division is highlighting Identity Theft Awareness Week (Jan. 27 - Jan. 31, 2025) in order to help Tennessee consumers avoid identity thieves’ tricks and traps. 

During Identity Theft Awareness Week, consumers can focus on ways they can better protect themselves from the growing problem of identity theft. The Federal Trade Commission’s Sentinel Network ranked Tennessee as 16th for fraud with identity theft as the No. 1 complaint in 2023 according to their most recent Sentinel Report. 

“In the hands of an identity thief, modern technology can be weaponized in order to perpetrate scams that can ruin a loved one’s credit and finances,” said TDCI Commissioner Carter Lawrence. “Because identity theft is so prevalent and potentially disastrous, it is crucial that Tennesseans learn the red flags of identity theft scams in order to protect themselves and their families from identity theft.” 

“Cybercriminals will use every unscrupulous trick available to them in order to steal Tennessee investors’ hard-earned money or their valuable personal information,” said TDCI Assistant Commissioner for Securities Elizabeth Bowling. “I remind consumers to be vigilant and focus on identity theft detection and prevention methods this week and all year long. Investors should always feel free to contact the TDCI’s Securities team for assistance whenever they have a question about an investment or an investment adviser.”  

To fight identity theft, TDCI’s Securities team reminds investors of these tips:  

Establishing a Trusted Contact - To combat potential investment fraud from occurring, senior financial investors are urged to provide their financial firms with a trusted contact. 

A trusted contact may be a family member, attorney, accountant, or another third party who you believe would respect your privacy and know how to handle that responsibility. One or more trusted contacts may be established. 

A trusted contact may be asked to confirm your current contact information, health status, or the identity of any legal guardian, executor, trustee, or holder of a power of attorney. U.S. broker-dealers are required to provide a written disclosure that explains these details. 

Using A Credit Freeze - A credit freeze, also known as a security freeze, is a free tool that allows consumers to restrict access to their credit reports, making it more difficult for identity thieves to open new accounts. In 2017, Tennessee lawmakers passed a law giving parents and guardians the right to freeze the credit of a minor under 16 years of age or an incapacitated person under the care of a guardian or conservator at no charge.

A credit freeze does not affect your credit score. 

Even under a credit freeze, your credit report can be released to existing creditors or to debt collectors acting on their behalf. 

Credit freezes do not prevent government agencies from accessing your credit report in response to a court or administrative order, subpoena, or a search warrant. 

Avoiding Identity Theft Scams - Scammers frequently target seniors for identity theft. To prevent identity theft scams, remember: 

• Never buy an insurance policy, make an investment, or give money to a stranger who contacts you or visits you unannounced. 
• Shred all paperwork containing any identifying information, healthcare information, banking information, or passwords. 
• Monitor bank and credit card statements. 
• Monitor your credit report. 
• Use direct deposit for benefit checks to prevent checks from being stolen. 
• Never give your credit card, banking, Social Security number, Medicare number, or other personal information over the phone, unless you initiated the call. 
• If someone calls you and threatens you with arrest or harm unless you pay them via wire transfer or a gift card, hang up immediately. You’re dealing with a scammer. Report the call to your local law enforcement agency. 

Resources  - Questions about an investment? Tennessee consumers can contact TDCI’s Securities team by phone at (615) 741-2947 or 800-863-9117 (Toll Free) or by email at securities.1@tn.gov.