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Identity Theft - How to Protect Yourself
"Like the tan? I got tons of sun on that Caribbean cruise.
First class tickets to Florida and back! Nope, not an airline
upgrade. 5-star service all the way, baby! Hotels, restaurants,
theme parks?you name it! Look?I took pics with my new cell phone!
Hey, let me know when you're free to take a spin in the car -
it's a 2005 sports model, fully loaded! Yours truly, Chad E.
Charlatan, is going to the top! Nope, no job. But I didn't pay
for anything myself. I don't care who Ms. Donna Knowe-Bedter is,
but it's not my fault if she doesn't keep tabs on her credit card
statements. One day I'll thank her for being so rich!"
In a perfect world, everyone is honest, with good
intentions.
We don't live in a perfect world.
ID thieves are supreme opportunists. Read the news? Hackers
can break into corporate computer systems and steal information
on clients and customers. "Skimmers" can be attached to credit
card readers, and used to store credit- and bank-card numbers.
Identity thieves may pose as employers, landlords or even utility
company representatives to get at your personal and financial
info. Other thieves may use their employers' authorized access to
obtain credit reports or other information. Databases and other
records can be stolen from employers; thieves may bribe fellow
employees who may have access to important data. They may steal
your mail and take credit card offers, tax information and other
documents. "Dumpster diving" involves digging through garbage to
find information such as bank statements, or credit card
information. And there's always the age-old method of simply
stealing your wallet or purse.
New ways of stealing your identity pop up frequently.
"Phishing" became prominent in 2003 and 2004: well-designed
emails and websites convince victims to provide information.
Emails look legit, but release any information and the nightmare
begins. The cost? Damages now top $1 billion per year. How's that
for a nightmare?
Thieves get new phone services, auto loans and credit cards
using stolen information. Victims may find their mailing
addresses changed, and their credit ruined. ID thieves can file
for bankruptcy in the victims' name to escape debt, and drain
accounts by counterfeiting checks and debit cards. They can also
open bank and credit card accounts using their victims'
names.
Your name may be given to the police during an arrest. If the
real thief is released, and fails to arrive for a court date, you
may be arrested. And out-of-pocket costs to clean up the mess can
be staggering.
Be savvy, capiche? Thoughtful planning can prevent the pain of
a stolen ID.
* Buy a shredder. Shred documents with your name, personal
information such as social security numbers, phone numbers,
addresses, birthdates, credit applications, financial documents,
and medical and insurance information. Whole documents can be
used against you. Confetti can't.
* Get your credit report. Verify it. Manage this tool
carefully, and use it for protection. It's worth it.
* Secure your computer against online theft. Your PC is a
gateway to private information. NEVER leave an online connection
open if you are away from your computer. Use a firewall.
* Change passwords often. Use passwords with numbers and
symbols that are easy for you to remember, but hard for someone
to figure out.
* Some programs allow the PC to fill out forms automatically.
Convenient, but your PC may be hacked for info. Disable this
feature.
* Call your credit card companies and make sure there are no
surprises on any of your credit cards, then request that
restrictions be placed on each card. Example: you can request for
no phone charges, or limits on single purchases. Violating these
restrictions stops the transaction. Nightmare avoided.
* Mailbox secure? Stealing mail is one of the easiest ways to
steal your ID. Get a lockable USPS-approved mailbox.
* Be extremely picky about giving out your Social Security
Number. Resist giving out that very personal piece of
information. Check the privacy act of 1974. Homework: go to
http://www.faqs.org/faqs/privacy/ssn-faq/ on the web for more
information.
* Other information, like your mother's maiden name, seems
harmless; those items are often used as verification of ID. Don't
give it out. Keep yourself to yourself, and stay educated.
Having your ID stolen is a terrible experience, and consumes
much time, finance and energy. For your own sake, the sake of
your sanity and your safety, set aside a few minutes to follow
the advice above. Protect yourself the next time someone says,
"?and your name is?.?"
To send comments or to learn more about Scott Pearson's
Investment Management services, visit http://www.valueview.net
Scott Pearson is an investment advisor, writer, editor,
instructor, and business leader. As President and Chief
Investment Officer of Value View Financial Corp., he offers
investment management services to a wide variety of clients. His
own newsletter, Investor's Value View, is distributed worldwide
and provides general money tips and investment advice to readers
both internationally, and in the U.S.
MORE RESOURCES:
Credit - Google News
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