Protecting Our Identity

Simply put, identity theft happens when someone assumes another person’s identity in order to fraudulently obtain money, goods, or services. The results of identity theft include ruined credit ratings, unearned debt, unwanted debt collections, and sometimes even wrongful arrest.

Identity theft is a malicious and onerous crime because most victims will not find out they’re a victim until the damage is already done, because it costs the victim so much, and because offenders usually get away with the crime.

Reports of identity theft continue to increase at an alarming rate each year. As many as 10 million people fall victim to this crime annually. Victims report that the experience is as traumatic as being mugged or having their home burglarized. It’s an invasion of your privacy and an attack on your personal financial well-being. It undermines your sense of trust in others and creates fear of becoming a victim again in the future.

What does Identity Theft Involve?

Identity theft happens when someone gets access to your personal information. This may be your birth date, your social security or driver’s license number, your bank and credit account numbers, or your PINs or passwords. Having one piece of the information puzzle makes it easier to get others. For example, knowing your birth date may give the thief enough information to trick other information out of an unsuspecting office clerk.

Once the thief has your information, they can make purchases, open new accounts, or make loans under your name. It is common for identity thieves to submit a change of address to your financial network so that you don’t even receive your statements, making it more difficult for you to discover the fraud. They can run your bills to and above your credit limits. They can apply for mortgages and loans using your credit history. The can even transfer money out of your bank accounts. Unfortunately, you won’t know about it until one of your valid purchases is refused by a merchant or you get a phone call or letter from a debt collector.

In the worst cases, identity thieves have committed other serious crimes under their victim’s identity. Wrongful arrest and very expensive defense costs can result for the victim.

Technology is a Double-Edged Sword

One reason identity theft is on the rise is the increasing use of electronic media for making financial transactions. Shopping over the internet is common today, and many purchases are made over the telephone. Buyers and sellers don’t come into contact. Signatures can’t be verified long distance. Security issues abound on the internet, and it is fairly easy to get your information through non-secure websites. Hackers develop sophisticated programs that steal information as you enter it or download entire customer databases from large companies, including the customers’ personal information.

Many people fail to keep their account numbers, passwords, and PINs within their control. They write them down, carry the list of numbers with them (where they can be stolen), or leave them out where others can get the information. They use passwords that are easy to guess (birth dates, anniversaries, pet’s names, etc.) rather than more complex combinations of numbers, letters, and symbols. They use the same password for all their accounts or fail to change their passwords from time to time.

Advice for Potential Victims of Identity Theft

The U.S. Department of Commerce’s Federal Trade Commission (FTC) has published guidelines to help citizens avoid becoming victims of identity theft:

1. Never give out more information than is necessary. Especially when shopping online or via telephone, limit your information to that necessary to make the purchase and receive the product or service. Don’t volunteer anything you don’t have to.

2. If you suspect someone is trying to get information from you under false pretenses (like an e-mail asking you to verify account information), contact the company in question to ask them if they sent the e-mail and why they are asking for the information. Often, the company is a victim of fraudulent activities as well. If they do not acknowledge the e-mail as theirs, forward a copy of the e-mail to the ISP that delivered it and to the FTC. You can also send an alert to the major consumer reporting companies (Equifax, TransUnion, and Experian) so that they are aware of the abuse.

3. If you can, have all of your bank and credit accounts and lines of credit password protected so that no one can make a transaction without proper authorization. Use smart passwords that are not easy to guess.

4. Keep your social security and credit cards in a safe place under lock and key. Consider putting them with other important personal documents in a safe deposit box or home safe. Avoid carrying your account numbers in your wallet or purse, and don’t share the information with co-workers and acquaintances. Don’t keep anything in your wallet that you can’t afford to lose.

5. Don’t give out your social security number unless you have to secure a credit report, open an account, or apply for a loan.

6. Don’t use websites that are not secured. Make purchases and provide personal information ONLY over secure servers. Look for URLs that use “https://” and encryption software to process information they gather from customers. Find out what their privacy policies are and whether they use the information you give them for any other purposes. Base your decision on whether to proceed on their answers to those questions.



By: Abhishek Agarwal

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We often take our liberties for granted. What you know life to be can suddenly change if you’ve been a victim of identity theft.

While you’ve been busy with your day-to-day life someone could have stolen your personal information and racked up debts or committed fraud - all with your name on it. What happens then can be anything from being denied employment, credit or even being arrested for a crime you didn’t commit.

Identity theft is that serious.

Victims of identity theft can spend years paying back debts or fighting to restore their credit as well as their reputation. Finding out you are a victim of identity theft can be frightening and a source of anxiety even after you’ve resolved the issue.

According to a survey conducted by the FTC (Federal Trade and Commission) 4.6% of Americans involved in the survey responded that they had been a victim of identity theft within the past year. That means about 10 million Americans dealt with some form of identity theft - from using existing credit cards to setting up new accounts or giving false identification when arrested for a crime.

It doesn’t stop there. The cost of clearing up the theft ranged from an average of $500 to $1200 per victim. It took them on average 30 hours to resolve the issue while also costing time and money for businesses and agencies who assist these victims. What is being done to protect your privacy? Get free adware download and protect your online privacy.

With all the tools available to potential thieves along with our increasing reliance on paperless money transfers (credit cards, debit cards and online payments) we are incredibly susceptible to having this nightmare come true. What can you do to prevent identity theft? Get your free $97 PC Security book at http://www.pc-tool.info/

How can you reduce the risk and what do you do if it happens to you or your family?



By: Greg Haehl

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If you have been keeping up with trends, you probably realize that identity theft is one of the fastest growing crimes of this century. Contrary to popular belief, the primary cause of it is not because more people are online since the crime of identity theft is not limited to online transactions or online banking. But it is caused by people not paying attention to the contents of sensitive information that they receive, online or offline, and not guarding that information with the care that it deserves.

Would you throw your banking account numbers with password and security codes into a trash can without shredding them first? Dumpster diving to retrieve information just like this has been a popular pastime for many thieves, and many of them are being rewarded for their efforts by being able to get enough private information about you to where they can open new accounts and get new credit cards in your name, but have the actual cards sent to a fake address somewhere. The first time you become aware of it is when a bank you have never heard of calls you and asks when you are going to start making payments on an overdue credit card account that is charged to the hilt, and you did not even know it existed!

It is even worse if you do things online. That is not to say that you should not do things online or shop online, but at the same time, you need to be smart about how you do things so that you do not leave yourself wide open as a potential target for these identity theft thieves. Most of this is just common sense if you think about it, but we should look at some of these things so that you can think twice about the next time you see it.

Never open an email attachment from someone you do not know. It may say it is from your late Uncle Fred about the money he left you in his will, it may claim to be from the IRS, or it may even claim to be from your Internet service provider or your bank. Do not open it. Even if you have the latest anti virus software, sometimes things can get past that software.

Never click on a link in an email from someone you do not know. The email could claim to be from the phone company or your bank or your stock broker or whatever, but never click on a link, which will typically ask you to verify your account information. They would never ask you to verify your account information this way. If you are wondering about it, call them on the phone and ask, but never click that link.

You know all that mail you get (not email, but regular postal mail) that contains those pre-approved credit card offers? What do you do with them? Do you just throw them in the trash? Those offers frequently have more than enough information to where someone who is dumpster diving can get that pre-approved card that was offered to you. Go to your nearest office supply store like Best Buy or Office Depot and get yourself a shredder, then shred those documents before you throw them away to avoid this type of situation.

Identity theft is not a pleasant experience, and if you do not check your credit report every now and then, it could be several months before you realize anything is amiss, at which point the thief is long gone. The best offense is a great defense, and that old saying applies to protecting your information against identity theft as much as anything else.



By: Jon Arnold

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The crime of identity theft increases daily and therefore so do the chances that you will become a victim of it at some point if you do not take precautions to protect your personal information. Identity theft, as much as being a crime being committed regularly, is a royal pain in the backside to get straightened out, often taking as long as months and even years to get these bogus entries removed from your credit reports.

Identity theft is by no means limited to online transactions. Reports and studies indicate that it is just as rampant for offline activities. How about those offers for pre-approved credit cards or reduced rate mortgages that you get much more often than necessary delivered via US mail? What do you do with them? Of course, you have purchased an inexpensive paper shredder from your local office supply store like Best Buy of Office Depot and shred them, right? Please don’t tell me that you just throw them in the trash, because that is a prime place for identity theft robbers to get the information that they need to make YOU a victim of their antics.

From an offline perspective, you are encouraged to look over your credit card bills when they arrive in the mail. This includes bank statements and your mortgage statements every month. If someone were to steal the mail out of your mailbox while you were at work, is there enough information on any of those statements to enable an identity thief to open new accounts using your identity? If so, you may wish to have your statements sent to a PO box that is much more secure than your mailbox standing out by the road all day long where someone could steal your mail, or even check with your lender to see if they could send statements electronically via a secure connection to your secure emailbox.

You should place a fraud alert on your credit report, even if you are not a victim of identity theft. There are different names for this service, but it will require you to be contacted if anyone (including yourself) applies for credit using your name. This needs to be done with each of the three major national credit bureaus – Equifax, Experian, and TransUnion. If they give you any trouble with this, you are encouraged to report them to your state’s division of financial regulation. You are trying to protect yourself, they are providing a service, and if they are uncooperative, you do not need to put up with it.

One point to be taken very seriously is that if you have become a victim of identity theft, do NOT make any payments on any of the bills opened by the thief. If you do, this action could be used by the creditor to claim that it really is your account since you made at least one payment on it. As ludicrous as that sounds, you need to understand that the creditor realizes that if identity theft can be proven, they will most likely not even be able to collect as much as a penny on the dollar for the balance owed. So the creditor will make every attempt possible to claim that the fraudulent account really is yours, and if you make any payments on it, that will only service to substantiate their claims.

Be vigilant! You have rights and you need to be aware of what they are. You should also be aware that identity theft protection is available if you wish to utilize that route to protect yourself against identity theft.



By: Jon Arnold

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It seems as if every time you turn on the TV news these days, there is some story at least once or twice a week about some new identity theft scam. Identity theft is one of the fastest growing crimes of this decade and if you have not taken pro-active steps to protect your identify, it is not a matter of “if” it will happen to you, but “when”.

First let’s review what happens in an identify theft crime. A thief gets enough of your personal information to be able to open accounts in your name. It’s really as simple as that. Such information would include items that would normally be used to open a new account somewhere such as your social security number, your driver’s license number, and with some accounts, even less information may be required, as surprising as that sounds. Once the thief has opened the new accounts such as Visa cards, department store cards, even personal loans, the thief gets as much money as he can on those accounts, then disappears into the sunset. The first time you are aware that your identity has been compromised is when you get a phone call from one or more of the accounts inquiring as to your plans for your very high and very past due balance on an account that you didn’t even know you had.

Some people claim that modern technology is to blame for the growing problem of identity theft crimes, but that is simply a knee-jerk reaction. Modern technology is not the cause of the problem, although it does make unsuspecting people more vulnerable to identity theft. Many people, particularly seniors, when they go online and get an email supposedly from their bank asking them to “verify their information due to a possible security breach” think they are doing the right thing by clicking on the provided link and verifying their information. But what they do not realize is that their bank never sent such an email, and even if they did, would not request information to be verified online. That email was originated by somebody trying to steal their identity, and this email scam is typically known as “phishing”.

Does the knowledge that one should NEVER respond to such an email from someone who claims to represent your bank or credit union’s fraud department, come automatically? Unfortunately not. Many people are not tech-savvy enough to realize that a bank or credit union or other financial institution would never ask you to verify your personal information online. But for unsuspecting people, such an email, complete with the graphic logo of their bank, think the email is official and fall prey to such email schemes. Creating a fake email that looks very official is something that even most fifth graders could do today.

Your best protection against identity theft is good old common sense. Whenever anyone asks you for very personal and sensitive information such as your social security number or even your date of birth, the red flags and alarms should start sounding in your head. Why do they need this information and what will they do with it? Especially safeguard your PIN code for your ATM card or credit cards, since there is no valid reason on the face of the earth why you would have to give that to someone. If someone allegedly works for the bank, then they already have access to that information and you do not need to give it to them.

Again, just use common sense. The problem is not with the Internet, it is not a problem with technology, the real problem is that people are too willing to divulge personal information to people who have no business asking for it. Keep your guard up and take precautions to make sure you are not the next victim of identity theft being featured in the evening news!



By: Jon Arnold

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In my previous article, I gave you the first 5 tips to help prevent from being a victim. Did you apply any of those tips to your life? I hope you have taken action to complete all of them. You will gain peace of mind.

 

Here are the next 5 tips:



Rethink check writing: That little slip of paper has way too much information. Some experts advise against check writing because it gives away your address, bank account number, signature and license number to complete strangers. On top of that, there’s no federal legislation to limit your liability for forged checks (each state has its own set of rules). Experts advise that you look into automating your bill paying. You want to avoid becoming an identity theft victim. If you do become one, there is help for identity theft victims. Services that provide identity theft insurance coverage can help save you time and money restoring your identity. Read about it here.

Cover-up your vehicle identification number (VIN): People have been known to get the VIN from atop of the vehicle’s dash board. They would use the VIN to order new vehicle keys and later steal the vehicle using the new keys. Criminal acts can then be completed using the stolen vehicle, yet the true owner gets the blame for the crime.

Managing credit freeze to avoid identity theft gets easier: You can put a freeze on your credit reports which is called the credit freeze or also known as the security freeze. When you place a freeze on your credit reports, credit card issuers, lenders and others can’t check your credit history. Without that information, they won’t issue credit. And that also means criminals can’t set up new accounts in your name. This service is great identity theft protection.

Secure your mail: Your mailbox is a goldmine of information. Between bank statement, bills, and all those pre-approved credit card offers, your mailbox is loaded with personal data which identity thieves can use to easily apply for a credit card in your name. Unless you diligently check your credit report, you may never even know about it. One way to avoid this is to have your mailbox under lock and key. The other solution is to have a rented mailbox. To foil “dumpster-diving” thieves, buy a shredder and destroy documents before discarding. Take action on this tip and add to it identity theft insurance coverage, IDT Insurance.

Create an emergency identity kit: Would you know how to contact your credit card company in an emergency? Create an emergency kit that contains: your account number, expiration date, issuing company name, and emergency contact number for each card you own. While you’re at it, make copies of your driver’s license, social security card, birth certificate and passport and store them in a locked box or file cabinet, or a safe deposit box. Quick action on this tip can be a great protection from identity theft.



 

Many of us forget that were it not for what we carry in our wallets or in our purses, we’re all John and Jane Doe’s if we can’t speak due to injury or are unaccompanied by someone who knows us. For some of us, that is a good reason why we carry our social security numbers in our wallets or purses. But, we don’t think about having identity theft coverage.

 

 

Even after you observe all of these tips for identity theft prevention, you may still become a victim. What can you do as a victim of the identity theft crime? To find the answer this question, Click here.

 



By: Charles H Johnson Jr

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