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Protect yourself from identity theft
(Article by Sue Stevens from Morningstar.com, 14 June 2007) What if your life was no longer your life? You receive bills for items you didn't purchase. The court sends you a letter about your impending bankruptcy. The bank contacts you about fraudulent checks being deposited in an account you don't know about. It sounds like a movie starring Will Smith or Sandra Bullock--not you. What Is Identity Theft? How Big Is This Problem? The age group hit the hardest by identity theft (29% of all cases) is 18 to 29 year olds. Perhaps that's because younger people are just getting credit and are too trusting at first. Perhaps it's because they are used to doing more on the Internet. The top three geographical regions hit by identity theft in 2006 were Napa, California; Madera, California; and McAllen/Edinburg/Mission, Texas. The three states with the highest concentration of identity theft in 2006 were Arizona, Nevada, and California. How Do They Get Your Information? "Dumpster diving"--actually trolling through trash--is another way thieves can find discarded documents with private information. You've probably heard about "spyware," hidden programs that invade your computer. These programs can transmit data to thieves about user names and passwords for a variety of Web sites. There are more and more reports about identity thefts right out of your mailbox. A thief can use a chemical to dissolve the ink on checks sent to you and write in his or her own name instead. How Can You Protect Yourself? • Shred any papers you throw away that have any identifying numbers on them like brokerage account numbers or your Social Security number. • Shred any credit card offers you receive in the mail. Reduce the number of pre-approved credit offers by calling 888-5OPT OUT (888-567-8688) to request that the credit bureau not give out your personal information. • Don't give out your Social Security number unless you're sure you can trust the party requesting it. Don't have your Social Security number printed on your checks. • Check your credit report once a year. If you see any areas of concern, contact that credit bureau. • Have checks direct deposited into bank accounts. • Shield the touch pad from prying eyes when making calls on public phones. Similarly, don't let the person behind you in line see the numbers you are entering in ATMs. • Choose PINs that people can't guess. Don't use the last four digits of your Social Security number or phone number. • Don't carry all your credit cards or Social Security card with you all the time. Just take what you'll need that day. • Don't respond to e-mail solicitations that ask for personal information. Verify that you really need to update contact information by calling your bank or credit card issuer directly. • When shopping online, look for the locked padlock icon on the order screen. You should also see the URL change from "http" to "https." • Don't save your credit card information online. Re-enter it every time you order something. • Make sure you are using some type of virus protection software on your home and work computers. Don't let your subscription expire. • If you dispose of a computer, make sure you erase all data from the hard drive. • If you keep personal information on a laptop, don't leave it anywhere unsupervised. • Be suspicious. In 52% of the reported identity theft cases, the thief turned out to be a family member, neighbor, or coworker. Whom Should You Contact? • Police department • The Federal Trade Commission 877-438-4338 • Credit bureaus: • Social Security Administration 800-269-0271 • Credit card issuers • Your bank • The Department of Motor Vehicles (to flag your driver's license) • The State Department (if they have your passport information) • The Post Office (if the thief has submitted a change address form) • The IRS (if the thief is causing tax violations) |
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