 Protect Yourself
According to the most recent government statistics, Identity Theft is on the rise, affecting nearly 12 million victims in 2009. That's a dramatic increase of more than 2 million people in 2008 and the 2010 and 2011 increases are expected to be just as significant. .
There is some good news - victims are spending less of their own money to correct the damage from Identity Theft and most victims pay nothing due to zero-liability fraud protection programs offered by their bank or credit union.
Still it can take time to resolve these issues – let alone the embarrassment you could face having to prove that you did not make these false transactions.
Identity Theft can happen fast – in fact, 71% of fraud happens within a week of the theft of your personal data. Low-tech methods for stealing personal information are still the most popular for thieves. Stolen wallets and physical documents accounted for 43% of all identity theft, while online methods accounted for only 11%.
 Types of Identity Theft
Identity Theft can happen to anyone, and it can come in all shapes and sizes. For example, your credit card digits could be stolen and used to make online purchases; a thief can pretend to be you and apply for a loan in your name; a felon could commit a crime and pretend to be you when caught; or someone could use your personal information to apply for a job.
The Federal Trade Commission has provided a brief overview and description of each type of identity theft, based on their crime statisitics:
- Credit Card fraud accounts for the largest amount of Identity Theft (26%) because it’s the fastest and easiest. Someone acquires your credit card number and uses it to make a purchase.
- The second largest type of Identity Theft fraud (18%) involve utilities. A thief establishes service using the name of a child or someone who does not live at the residence. Parents desperate for water, gas, and electricity will use their child’s clean credit report to be approved for utilities.
- Bank fraud accounts for 17% of Identity Theft cases. There are many forms of bank fraud, including check theft, changing the amount on a check, and ATM pass code theft.
- Employment fraud occurs in 12% of the cases. Someone without a valid Social Security number borrows someone else’s to obtain a job.
- Loan fraud occurs when someone applies for a loan in your name. This can occur even if the Social Security number does not match the name exactly.
- Government fraud includes tax, Social Security, and driver license fraud.
 Your Best Defense
To avoid being a victim, pay extra attention as you go about your daily routine. Here are tips to protect your good name and your money:
- Do not give credit card, Social Security numbers or other personal identifying information to anyone over the phone or in an email unless you contact them first. Legitimate financial institutions never call customers asking for account information.
- Do not respond to emails or phone calls that warn of dire consequences unless you take action immediately.
- Do not include your Social Security number on your checks.
- Do not carry your Social Security card in you wallet.
- Protect your incoming and outgoing mail. Never leave outgoing mail in your mailbox or at your doorway. Instead deposit it in a blue collection box or take it to the post office. Leaving the red flag up on your mailbox can alert thieves that there is something of value in the box.
- To deter thieves from going through your garbage, shred credit card slips, monthly bank statements, loan checks and credit card offers.
- Keep your ATM, credit card receipts and bank information in a safe place.
- Never leave your wallet or purse unattended. Only carry with you the credit cards you plan to use.
- Closely review your credit card bills and bank statements. Report any unauthorized charges immediately.
- Carry only the credit or ID cards that you actually use in your wallet. Try to limit yourself to only one or two credit cards, a debit card and a few personal checks.
- If you become aware of anyone using your identity immediately notify creditors, law enforcement authorities and the major credit bureaus.
- Review your credit report at least once a year. To receive a free copy of your credit report visit www.annualcreditreport.com or call toll-free (877) 322-8228.
- To opt-out of receiving pre-approved credit card or insurance offers, call toll-free (888) 567-8688.
Be aware of Phishing
 Phishing (FISH-ing) is a new twist on an old telemarketing scam; however, instead of the phone, scam artists use the computer email system.
Phishing refers to how thieves steal victims' personal financial information. They're phishing for information. Phishing con artists pretend to represent a trusted source, like your bank or credit union, and then scare the consumer with threats if they don't act quickly.
These scammers steal credit card, bank account and Social Security numbers. They also seek passwords and any sensitive financial information.
Phishing scams are constantly evolving and we offer the following tips so you don't become a victim:
- Never give out your personal financial information over the phone or the computer, unless you called them first. A bank or credit union will ask you to "verify" your financial information or ask you to click on a special site link.
- Do not respond to an email that may warn of dire consequences. Always confirm these emails separately with your financial institution or company.
- Check your credit card and bank account statements regularly for unauthorized charges, even small ones. Report these discrepancies immediately.
- When submitting financial information to a web site, look for the padlock or the key icon in your browser and make sure the address begins with "https." This is no guarantee, but the lack of these icons or "https" does indicate that the web site is not secure.
- Report suspicious activity to the Internet Crime Complaint Center at www.ic3.gov.
- If you do respond to a fraudulent email, contact your bank immediately so they can help protect your account and identity.
For more information on phishing or identity theft to go www.antiphishing.org or www.consumer.gov/idtheft. Each year, phishing con artists convince 5% of the public to fall for their scams. I want to make sure it's not you!
|
