PREVENTING IDENTITY THEFT
Protecting Your E-Life
Every three and one-half seconds an identity is stolen in America. This means that in the time it took you to read the first sentence, one more person has become an unwitting member of the "Victims of Identity Theft" Club and they're not alone; 9 million Americans will have their identity stolen this year.So What Is Identity Theft and How Does It Happen?
Identity theft is when someone accesses and uses your personal information - a credit or debit card number, your Social Security Number, etc. - without your permission, and with the intent to commit fraud.
Many times, victims whose personal information has been compromised don't even know that it's happened to them until it's too late. They may notice unusual activity on one or more of their credit cards, unexplained withdrawals from their bank accounts, or they may experience harassing phone calls from bill collectors for purchases they did not make or services they did not use.
How widespread is identity theft today? Well, just recently, prosecutors broke up one of the largest identity and hacking rings, arresting 11 people for stealing more than 40 million credit and debit card numbers from such major retailers as Barnes & Noble, TJ Maxx, Sports Authority and BJ's Wholesale Club by hacking into their computer systems.
How Can I Protect Myself From Identity Theft?
The best advice is to take a proactive approach and closely monitor your accounts and bank statements monthly looking for any irregularities, and check your Credit Report on a regular basis.
Uh-oh; you can't remember the last time you saw or reviewed your Credit Report? This is bad - you've just made the identity thieves' jobs that much easier.
The good news is that you are entitled to a free credit report once every 12 months from each of the nationwide reporting companies: TransUnion, Equifax and Experian. You can request your free report from the annual credit report website. To ensure that you are visiting the legitimate site, type or paste https://www.annualcreditreport.com into your browser.
There are also many companies that provide monitoring of your credit report for a monthly fee. The fees generally average about $15 per month for this service for this additional peace of mind.
Finally, if you store personal information on your computer, make sure you have adequate password, firewall, and virus protection. Be especially careful with personal information stored on "flash" or "thumb" drives. These handy little gadgets can be easily misplaced, lost, or stolen.
What If I Am a Victim of Identity Theft?
If you believe you are a victim of identity theft, you will want to file a police report with specific details about the theft. This is especially important if the theft involved the opening of new accounts in your name or where fraudulent charges were reported to the credit reporting agencies.
This report is now viewed as an Identity Theft Report and entitles you to certain legal rights when it's provided to the three credit reporting companies, such as permanently blocking fraudulent information on your credit report that results from the theft.
Immediately close any accounts you think have been compromised or opened fraudulently in your name. If you think your identity (name, SSN, etc.) has been used for fraudulent tax purposes, call the IRS at 1-800-829-1040.
Additionally, you will also want to file an ID Theft Complaint with the Federal Trade Commission (FTC).
In conclusion, remember the old saying: "an ounce of prevention is worth a pound of cure." Protecting your identity is your responsibility. On average, people whose identity has been compromised spend $1,100 and 600 hours to deal with the theft. Don't let this happen to you; order your free credit report now and monitor your financial statements regularly.