Identity theft is when someone steals your personal information and uses it without your permission to commit fraud, such as making an unauthorized purchase or getting credit in your name. Personal information includes things like your name and address, Social Security number, bank account number, credit card number or driver’s license number.
Identity theft is the fastest growing white-collar crime in the United States. One case of identity theft occurs every two seconds. It affects millions of people and costs billions of dollars each year.
Assess Your Risk of Identity Theft
One of the following actions or inactions could put you at risk of becoming a victim of identity theft:
- Carelessly throwing away bank statements, credit card offers and receipts without destroying them.
- Providing your Social Security number without asking how that information will be used and what safeguards are in place to protect its disclosure from unintended targets and individuals.
- Carrying your Social Security card in your wallet.
- Constantly sharing personal information on frequently visited sites such as social media or financial sites.
- Forgetting to log out when doing online banking or when visiting social media sites in public places such as the library, hotel or coffee shop.
- Using public computers to wirelessly access the Internet to your personal accounts.
How thieves get your information
There are many ways thieves can access your information, such as your payment and financial records or paycheck stubs. They will go through your junk to find credit card bills, canceled checks and pre-approved credit card offers. So any bills or records you toss in the trash should be destroyed before doing so.
The three most common types of information-gathering scams are Vishing, where you are tricked into providing information over the phone, Phishing, where you are sent an email or text message containing a fraudulent link to a website through which malware or spyware is inserted. into your computer in order to steal passwords and other personal information. You may also be vulnerable to identity theft from the information and updates you share on social media sites.
Identity theft puts your credit and credit cards, bank accounts, school and business enrollment at risk.
How to protect your assets
With all of these risks, the question remains: how should you fully protect yourself from the risk of identity theft? First, don’t give your Social Security card or phone number to anyone who asks for it. While this goes without saying, you may find yourself in a situation where it may seem prudent and necessary to hand over your Social Security number. However, you should never give your Social Security number to an unverified source.
Checks and Credit Cards
It is highly recommended that only your first and last name be printed on checks, and make sure you do not have a home phone number. If you really want to put a number on your checks, then choose your work number. Also, make sure you close all inactive bank accounts.
When it comes to your credit cards, you should check your credit report annually to check for discrepancies or any payments you don’t remember making. After all, you are entitled to one free report per year from the major credit reporting bureaus. Be sure to properly dispose of any credit cards that have expired.
Phone, computer and passwords
This may go without saying, but we will still say, never give any personal information over the phone. Also, if you have children, you should also teach them what to say and what not to say on the phone. And, when it comes to your cell phone, you should add a code or lock to it. Most smartphones allow you to create a 4 or 5 digit password.
In this digital age, it’s getting easier and easier for people to steal your information from your home computer or laptop, so you should invest in a modern anti-virus and firewall program. In addition, you should avoid sharing personal sensitive information on social networking sites. Sure, we all like to post status updates, but nothing about your salary, mortgage, bank accounts, Social Security number, address or driver’s license. Finally, if you ever decide to change your computer to a new one, make sure you clear it of all your personal information.
Of course, when it comes to computers, you have a lot of passwords. Keep them simple, nothing that can be easily guessed just by looking at your address, social media profiles, or date of birth. Stay away from something like “Password1” or “ABCD123.” You should also change your passwords periodically.
If you are a victim of identity theft
We recommend that you:
1) File a police report (make sure you keep a copy of the report for your own records)
2) File a fraud notice with all three national credit bureaus: Equifax, Experian TransUnion.
3) File a complaint with the Federal Trade Commission (FTC). The FTC places all complaints in its database, which is used by law enforcement. Save all the evidence. You need to build a case to present to your creditors, don’t discard anything. Keep detailed records of your conversations and the people you talk to, as well as copies of all correspondence.
