Identity Theft

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Cyber Fraud | Credit Card Fraud | Phishing | Identity Theft | Resources

What is identity theft?
What types of identity theft exist?
How does identity theft occur?
What preventive measures can I take?
What if my identity is stolen?
How do I minimize my risk?

What is Identity Theft?
According to TransUnion credit bureau, identity theft is the fastest growing crime in America, while the Federal Trade Commission reports that the number of incidents of identity theft has climbed to10 million a year. These crimes are estimated to have cost the average victim $500 and taken 30 hours to resolve. From stolen credit cards to total identity kidnapping, these ugly and prevalent crimes are hard to prevent and often difficult to correct. You may not be able to make yourself immune to an identity theft, but you can protect yourself, as discussed below.

What types of identity thefts exist?
Identity theft is becoming increasingly personal these days.

 

A recent study found that 32 percent of identity theft victims found a family member or relative was responsible, and 18 percent were victimized by a friend, neighbor or in-home employee. Most cases can be resolved fairly easily if caught early. Creditors and banks usually hold you responsible for only the first $50 of fraudulent charges. The most serious cases can take years and many resources to resolve.

How does identity theft occur?

Your mail—

• Thieves go through your mail and take your bank and credit card statements, pre-approved credit offers or tax information.
• They complete a change-of-address form to have your mail rerouted to another location.
• They call your credit card company, ask to change the mailing address on your accounts, and then run up charges on your credit card. Because you’re not receiving your bills, it may be some time before you realize what’s happening.


Stealing your information—

• Thieves steal your wallet or purse containing personal identification and credit cards.
• They “dumpster dive,” rummaging through trash bins for your personal information, such as credit card and loan applications you forgot to shred.
• They “shoulder surf” at ATM machines and phone booths to capture PIN numbers.
• They use hand-held card readers called skimmers to steal credit card data at a restaurant or store.
• They send out phishing e-mails, disguised as official correspondence from a bank or online business, asking you to update account information.


Buying your information from a third party—

• Thieves buy your personal information from "inside" sources. For instance, an identity thief may pay a store employee for a copy of your credit application.


While pretending to be you—

• Thieves use your name, date of birth and social security number to open a new credit card account. They use the card and either not pay the bills or make the minimum payment every month so the activity goes unnoticed.
• They establish phone or wireless service in your name.
• They open a checking account or apply for a job in your name.
• They file for bankruptcy under your name to avoid paying the debts they’ve incurred using your identity.

What preventive measures can I take?
In a world of increasingly sophisticated technology, it can be tough to keep your identity safe. The best security policy is to be aware of fraud and cautious about sharing personal information. Check your account statements carefully every month and keep an eye out for suspicious activity on your credit report. A paper shredder can also be a powerful tool for making sure personal information and pre-approved credit offers don't end up in the wrong hands.

What if my identity is stolen?
If you suspect your identity has been stolen, the first step is to get all the facts about the damage. Be a detective—search your credit report and bank accounts for clues. Ask your creditors to immediately cancel any fraudulent charges and put fraud alerts on your credit reports. If the theft is serious, file a police report. If fraudulent records start to show up on your credit report, contact the reporting agencies for assistance. Sign up for a credit monitoring service to inform you of changes to your credit. Act quickly. It’s crucial to not let the fraud escalate.

How do I minimize my risk?
By managing your personal information carefully and sensibly, you can help guard against identity theft. Here are some simple recommendations:

• Don’t carry extra credit cards, your social security card, birth certificate or passport with you unless needed.

• When you order new checks, don’t have them sent to your home. Pick them up at the bank instead. If stolen, your checks can be altered and cashed by identity thieves.

• Only give out personal information over the phone if you initiated the call. Identity thieves may call posing as banks or government agencies.

• Shred your receipts, credit card offers, bank statements, returned checks and sensitive information before throwing them away.

• Check with your employer, landlord and others with access to your personal data to be sure they are keeping your records safe.

• Order your 3-in-1 credit report to make sure it is accurate and sign up for a credit monitoring service to be alerted to changes by e-mail.

• Protect your social security number with extra care. Don’t have your social security number printed on your checks.

• Follow your billing cycles closely. A missing credit card bill could mean an identity thief has changed your billing address.

• File away a list of all your account numbers—with expiration dates and telephone numbers. If your wallet is stolen, you will be able to quickly alert creditors.

• When creating passwords or PIN numbers, use a random mix of letters and numbers. Don’t use information that may be easily discovered by identity thieves.

 

Cyber Fraud | Credit Card Fraud | Phishing | Identity Theft | Resources