Last year nearly 10 million Americans were victims of
identity theft, the fastest growing crime in the country. Experts say that the
number of cases has been doubling since 2000.
The crime can take many forms but always involves the misappropriation of names,
Social Security numbers, credit card numbers or other pieces of personal
information for fraudulent purposes. The FTC estimates that identity theft
thieves last year cost consumers $5 billion in out-of-pocket expenses and
businesses $48 billion.
To prevent your identity from being stolen, adopt the following safe practices:
1. Never give your Social Security number over the telephone or online unless
you initiate the contact.
2. Shred bank and credit card statements, canceled checks, pre-approved credit
card offers, bills with account information and the like.
3. When you pay your bills, don't put them in your mailbox
with the flag up. Use a locked mailbox or the post office.
4. Check your credit reports. Look for markers of identity
theft, such as an address change you didn't make or new account you didn't open.
Cancel accounts you don't use or only rarely use-open credit is a prime target.
5. Scrutinize bank statements.
6. Be careful at ATMs.
7. Build a firewall if yourself by installing firewall
software.
8. Don't write down PIN Numbers and Password.
Other helpful tips:
1. Federal law says that the victim of credit or baking fraud is liable for
only the first $50 of losses if you notify financial institutions within two
days of learning of the loss.
2. If you are a victim of identity fraud or if you have been credit, insurance
or employment because of something on your credit report, you are entitled to a
free credit report.
3. If collection companies continue to harass you after you have written letters
explaining the circumstances of the fraud, inform them that they are violating
the law and keep documentation so you may take legal action if they persist.
Resources: Federal
Trade Commission: Your National Resource for Identity Theft Department
of Justice Identity Theft and Fraud
Privacy Rights Clearinghouse
Identity Theft Resources Credit Reporting Bureaus: Equifax
Order Report: (800) 685-1111
Experian (formerly TRW)
Order Report: (888) 524-3606
Trans Union Corporation
Order Report: (880) 888-4213
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