Tips on How to Prevent Identity Theft

Identity Theft is the fraudulent use of your name and data by someone else to obtain credit, merchandise or services.  Over 7 million people were victims last year!

It’s a crime that affects everyone—all races, incomes and ages. Typically, victims lose an average of $800 and spend up to 2 years clearing their name.  In addition, people don’t even learn of the crime until a year or more has passed because thieves often shield their accounts by suing a different address when they open new accounts in the victim’s name. 

According to a recent article in Consumer Reports Magazine, Identity Theft is created because financial institutions, merchants, credit bureaus and the government do not adequately safeguard their vast databases and other records containing consumers’ sensitive information—making it easy for thieves—often insiders—to access the data. 

 Here are some tips on what you can do:
Check your financial statements promptly.  Don’t wait until the end of the month when you pay your bills and report ANY problems immediately. 

Watch your credit. As your trusted mortgage advisor, I can get you a copy of your credit bureau report or you can order directly from the 3 major credit agencies—Equifax, TransUnion and Experian.  Report any error immediately and in writing. 

Be Stingy with Information.  Never disclose your social security number, your birth date, or mother’s maiden name unless you feel safe in doing so.  Do not disclose unless you are required to do so on an application for employment, financing or insurance.  NEVER put the info on your website or resume. 

Just say NO. Consider the “opt out” information sharing disclosure at your bank.  The banks “share” your financial information with other “affiliates” both inside and outside the bank—but once a year, they must provide you with a PRIVACY NOTICE which you can notify them NOT to share your information.  Also, opt out of pre-approved credit offers by called Credit Reports Pre-Screening Opt-Out Number at 888-567-8688. 

Don’t carry ID that contains your Social Security Number. And don’t provide your social security number to anyone just for the sake of ID purposes. 

Shred or destroy documents.  Before throwing away files containing your social security number, bank account numbers and birth dates, shred them.  Destroy CD’s or floppy disks by cutting or breaking them.  If you are replacing your computer, use “hard-drive shredding software” or remove and destroy your hard drive before discarding it.

Beware of Strange ATM’s.  Avoid using private ATM machines because they may be rigged to skim data off your card’s magnetic strip.  Use 6 or 7 digit PIN numbers instead of 3 or 4 digits.

Guard your mail. Use a locked mailbox with a slot to receive mail at home.  When sending mail, don’t put sensitive information or bills to be paid in your mailbox with the flag up.  Take it to the post office and deposit it there.  Mail theft is huge.

Build your wall.  Install firewall and virus detection software on your home computer to discourage hackers.

Remember to Log Off.  If you use a public Internet site, computers at the library, Internet Cafes, remember to log off.  Don’t pay bills or conduct stock trades with public computers.

Deal with only reputable websites.  Check their privacy policies and security before making a purchase online.  Don’t respond to unsolicited email requests for personal information.

Get Complicated.  Create user names and passwords at least 8 characters long.

Check your workspace. Ask how your employer safeguards employee records and request the social security numbers not be used at ID numbers. 

Taking these steps to help you prevent IDENTITY THEFT will save you both time and money.  Please feel free to call me if you would like a copy of your credit confidently sent to you.