What strikes young or old, male or female, rich or poor? Here's a hint: it topped the
Federal Trade Commission's list of consumer complaints and cost consumers $343 million a
year. If you guessed IDENTITY THEFT, you are correct. There were approximately 500,000
Identity Theft victims who filed a police report last year.What is Identity Theft?
It's the act of using someone's personal information (such
as a name, account number, driver's license, health insurance card, or Social Security
number, for example) without that person's knowledge, and using the assumed identity to
commit fraud or theft. Often, the personal information is used to get loans or open
credit-card accounts. Some victims who have had their identity stolen have lost job
opportunities, been refused loans and housing, and been left with destroyed credit and
reputations.
Identity Theft victims and financial experts have offered
a variety of precautions to help protect against this crime, including:
- Keep track of personal information and only share the
information with a company that is known and trusted. Read and understand the fine print
in every document.
- Protect your Social Security number and mother's maiden
name. Avoid giving personal information out over the phone. Avoid posting your Social
Security number on your checks, outside of envelopes, etc.
- Minimize the number of identification information and
financial cards carried in a wallet and sign all new credit cards upon receipt. Write
"Check ID" after your signature as a note to shopkeepers to ask for
identification.
- Keep new and canceled checks in a safe place, and report
lost or stolen checks to the issuing financial institution immediately.
- Never leave receipts at bank machines, bank counters, public
trash receptacles, or unattended gas pumps. Save them to match against your monthly bills,
and then shred them.
- Buy only from secure Internet sites. Look for the closed
lock icon to appear at the bottom of your browser or "https" to display in the
URL to check the site's security status.
- Shred any documents that have any personal information or
credit account numbers on them before discarding, including tax returns and unwanted
credit card offers.
- Report all lost or stolen credit cards. If you applied for a
new credit card and it has not arrived in a timely manner, call the bank or credit card
company that is issuing the card.
- Follow up with creditors if bills do not arrive on time. A
missing credit card bill could mean an identity thief has changed your billing address to
cover his/her tracks.
- Notify credit card companies and financial institutions in
advance of any change of address or telephone number. Make sure to contact the sender if
your statements are not received in the mail by their usual time.
- Monitor your credit. Check your credit report regularly from
the three national credit reporting agencies for any unfamiliar changes, such as new
accounts, inquiries, or public records.
Review your Social Security Earnings and Benefits Statement
annually to check for fraud. If you haven't received one lately, you can call
1.800.772.1213.
By keeping an eye on your statements and regularly
monitoring your credit, you will be taking measures to protect your credit against the
extensive damage of ID theft.
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