Protecting Yourself from Identity Theft – 12 Tips to Stay Safe
According to the Federal Trade Commission, identity theft has become the fastest growing crime in the United States. Experts estimate that almost 10 million consumers will have their identities stolen each year, which accounts to nearly 30,000 identities stolen each day! Someone who has their identity may not even become aware of it for months or even years, until his credit has been destroyed with thousands of dollars in fraudulent id theft.
Your Personal Information Is Worth Millions To Identity Thieves
Have you ever wondered why these identity thieves want your information? Why do they think your personal information is valuable? Well, your information is literally worth millions to identity thieves. With your social security number, name, and address, these scammers can pose as you and readily access your financial and credit records, as well as make purchases for which they will never have to pay. They can also obtain credit cards, establish telephone service, or even rent an apartment, all in your name. In a matter of weeks, identity thieves can rack up thousands of dollars. You may never even know somebody else is posing as you until a creditor calls to collect on a debt you never incurred.
Plans to Protect Yourself From Being A Victim of Identity Theft
An ounce of planning leads to a pound of value when it comes to your identity. When you take precautions to protect your identity, it becomes harder for an identity thief to completely destroy your financial standing.
Knowledge and awareness are the two most effective weapons against becoming a victim of identity theft and scams. By taking additional measures, you can significantly minimize the damage caused by identity theft. Enact precautions to make it more difficult for a thief to access any type of information, whether personal or financial.
Although you cannot guarantee that you may become a victim of identity theft traps, you can significantly minimize the risks by the actions you take. If you do become a victim, you can be prepared to stop the thief dead in his (or, increasingly, her) tracks when it comes to hurting your financial reputation. Arm yourself with informational materials and educate your family and friends to help fight identity theft before any problems arise. Use these preventing tips to keep your finances safe.
Strategy tips to stay safe from id theft
- Protect your Social Security number: Memorize your social security number. You should never carry your social security card in your wallet, but keep it in a safe place at home. Do not put your social security number on your checks or even credit receipts. Do not give out your social security number unless there is a privacy notice accompanying the request.
- Shred any and all personal documents: Buy and use a diamond or cross-cut type shredder to shred anything that you discard that may contain personal or financial information. This includes financial records, bank statements, pre-approved credit offers from the mail, and credit card receipts. Identity thieves employ “dumpster diving” techniques to steal your identity, but if you shred your documents, they will come out smelly and empty handed.
- Treat your mail with care: Stolen mail is almost the easiest way to get vital information. Keep a watchful eye on your mail and do not let simply sit in your mailbox all day. If you have a curbside mailbox, you may want to consider adding a lock to thwart identity thieves. Drop off checks at a USPS mailbox, instead of mailing them from home. Also, inform the post office to hold your mail when going on vacation and pick it up when you return.
- Know your payment cycles: Monitor your payment cycles on your credit cards and when your bank statement arrives every month. Call if the statements are late; identity thieves could have requested a change of address. It is not unusual for identity thieves to run up hefty charges before you even notice.
- When using the Internet, be on guard and watch for scams: Do not give personal information to people or companies who may ask you to click a link to verify your information. Do not click on links in email from unknown senders - if it is spam, it is a scam. Also, identity thieves have been using new “phising” techniques; they pretend to be an authoritative organization, such as your credit card or Ebay, asking you to verify your information. Never use these scam links; instead, log directly into your institution’s website, and chances are you will see that the email was a scam. Never put identifying information on discussion forums or websites such as MySpace or Facebook. Also, you can further protect yourself by installing a good anti-spyware program and anti-virus scan on your computer.
- Select strong and unique passwords: Password protect all of your accounts with a combination of letters and numbers. If you make up a word or phrase that does not exist in reality, your password becomes much stronger. When asked for a security question, do not use your mother’s maiden name, as this is very sensitive information. Memorize your passwords and PIN numbers, but do not use anything that would be easily guessed, such as birthdates or social security numbers.
- Verify sources before sharing information: Only provide information over the phone to people that you know. Identity theft scams can happen when a person says that they are a credit grantor of yours. Ask them if you can call them back and call the number that you know belongs to the company. When you discuss personal matters, provide only information that you believe is absolutely necessary. Avoid conducting surveys over the phone; they gather too much personal information that puts your safety at risk.
- Review your credit report frequently: Order your credit report at least twice a year; every three months would be ideal. Review it carefully. If you see anything that appears fraudulent or is not familiar to you, immediately put a fraud alert on your reports by calling the three credit reporting agency numbers. Ensure that all of your addresses are correct; if you witness a change in address, this is a huge sign that an identity thief is in the works. Check back with the credit agencies within 30 days to ensure the mistakes have been corrected. Also opt out of pre-approved offers with the credit bureaus by taking your name off all other promotional type of lists.
- Consider identity theft coverage: An ounce of prevention goes a long way, especially when you think of the countless hours that you could spend attempting to recover your stolen identity. A solid identity theft coverage program, such as Lifelock and Identity Guard, will not only save you time and money, but substantial frustration as well. These services will consistently monitor any changes to your personal credit files, ensuring that identity thieves are thwarted from marring your financial reputation.
- Clean out credit and debit cards: Cancel all old credit cards that you do not use because open credit is a prime target for identity theft. When you are going to receive a new card in the mail, be aware of when it should arrive. Call to check on the card if you have not received it by a certain date. Never put your credit card account number on the internet (unless you are sure that it’s encrypted on a secured site); instead, you can opt to use services like PayPal that shield your credit card number from being broadcasted all over the internet. In terms of debit cards, avoid going to the ATM late at night and always ensure no one is looking over your shoulder when you are entering your PIN.
- Store information in secure locations: Put together a file of important information to safeguard your records. Make copies of all credit cards and bank account numbers, as well as their customer service phone numbers. Do not trust your hard drive to protect your identity, especially if it is connected to the internet.
- Safeguard your wallet and personal checks: Even though it is convenient to keep some things in your wallet, only carry what you absolutely need for day-to-day dealings. Never carry your birth certificate, social security card, or passport, unless necessary. When you order new checks, do not have your telephone number printed on them.
If you take these tips that help you stay safe from identity thieves, you safeguard your future and financial reputation. Remember, it is always easier to prevent id theft, than to fix the destruction an identity thief will wreak on your credit and finances.
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