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What is Identity Theft?

Identity Theft is the acquisition and use of one person’s identifying personal information by another person in order to access that person’s financial resources. As far back as 2005 nearly 2,000,000 households suffered some financial loss from Identity Theft, and those figures are increasing.

Video: Being alert and cautious can help you avoid identity theft

How do thieves get personal information?

identity theftThere are a variety of both low tech and high tech methods of getting your personal information. The low tech methods include such actions as going through your trash to get credit card and bank statements and cancelled checks. Other high tech methods may involve “phishing” scams and other email fraud. Messages claiming to be from banks, credit card companies and various government agencies ask you to “confirm” your personal information. Legitimate companies will never ask you to confirm such information via email. There are endless varieties of scams, including the “Nigerian” scam to get your identifying and financial information. Check out some tips on protecting yourself.

How can I protect myself?

First, you can protect your physical documents. When you order checks have only your initials (instead of first name) and last name put on them. If someone takes your check book they will not know if you sign your checks with just your initials or your first name but your bank will know how you sign your checks. Put your work phone number on your checks instead of your home phone. If you have a PO Box use that instead of your home address. If you do not have a PO Box use your work address. Never have your social security number printed on your checks -- you can add it if it is necessary. But if it is printed, anyone can get it.

Photocopy the contents of your wallet. Copy both sides of each license, credit card, etc. You will know what you had in your wallet and all of the account numbers and phone numbers to call and cancel. Keep the photocopy in a safe place.

What about Internet Security?

There are safeguards that you can use on the internet. Always use secure sites to conduct business. The URL for those sites will include the “https” designation. Never give out information to sites that solicit such information. Never respond to a link in an incoming email, even from a name you know. Always look up the address yourself in order to go there. There are excellent credit monitoring services available. It will probably be well worthwhile to use one of those services. Finally, you should opt out of credit card offers, since some scammers try to get those (yes, even from your trash) and apply in your name.

Video: Identity theft solutions (Citi)

What can I do if my identity is stolen?

Cancel your credit cards immediately. To do this, you need to have the toll free numbers and your card numbers handy so you know whom to call. Keep those where you can find them easily.

File a police report immediately in the jurisdiction where it was stolen. This proves to credit providers you were diligent and may help to limit your liability, and is a first step toward an investigation.

Call the three national credit reporting organizations immediately to place a fraud alert on your name and Social Security number. Applications for credit have been made over the Internet in victims’ names. The alert means any company that checks your credit knows your information was stolen and they have to contact you by phone to authorize new credit.

The numbers are:

Equifax: 1-800-525-6285
Experian (formerly TRW): 1-888-397-3742
Trans Union: 1-800-680-7289
Social Security Administration (fraud line): 1-800-269-0271

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