Has a Thief Shoplifted Your Identity?
FDIC Alerts Consumers on Identity Theft
AgeVenture News Service, www.demko.com
A con artist who knows your Social Security number, bank account information or other personal details can temporarily become YOU in order to commit fraud. Fixing the damage could take years. The Federal Deposit Insurance Corporation (FDIC) offers seven strategies for reducing your risk of becoming a victim of Identification Theft.
Today's older Americans have the discretionary money necessary to attract businesses of all kinds. As a result, there's plenty of reading material on how anyone in business can take advantage of Aging America's huge senior market. Ironically, there is too little written about how senior consumers can protect themselves from businesses that want to give elders "the business" ... if you know what I mean. That's all about to change.
Increasing numbers of con artists are "stealing" identities, says the FDIC. These robbers typically start by using theft or deception to learn a person's Social Security number, date of birth or other personal information. Armed with those details, the perpetrators can open credit card accounts, make purchases, take out loans, or make counterfeit checks and ATM cards in your name. In effect, the crook becomes you in order to commit fraud or theft.
"FDIC Consumer News" says the problem appears to be getting more common because the Internet and other forms of electronic commerce have made it easier for sophisticated crooks to access Social Security numbers and other personal information. "Like any other crime or risk, identity theft is not totally preventable," says FDIC Washington-based fraud investigator Vincent Filippini. "But, there are some things a consumer can do to help prevent ID theft or make it difficult to happen.
FDIC Checklist for Prevention of ID Theft
Here are seven things you can do to minimize your risk of becoming a victim of ID theft:
- 1. Guard your Social Security and credit card numbers, and account passwords.
Never divulge this kind of information unless you initiate the contact with a person or company you know and trust.
- 2. Minimize the damage in case your wallet gets lost or stolen.
Don't carry around more checks, credit cards or other bank items than you really expect to need. Don't carry your Social Security number in your wallet or have it pre-printed on your checks
- 3. Protect your incoming and outgoing mail.
Those envelopes may contain checks, credit card applications can be very valuable to a fraud artist. Promptly remove mail from your mailbox after it has been delivered. Deposit outgoing mail, especially something containing personal financial information or checks, in
the Postal Service's blue collection boxes.
- 4. Keep thieves from turning your trash into their cash.
Thieves known as "dumpster divers" pick through garbage looking for credit card applications and receipts, canceled checks, bank statements, and expired charge cards. "Any paper you don't need to keep that contains private information should be shredded", says FDIC.
- 5. Practice home security.
Safely store extra checks and credit cards, documents that list your Social Security number, and similar valuable items. Be extra careful if you have housemates or if you let workers into your home.
- 6. Pay attention to your bank account statements and credit card bills.
Contact your financial institution immediately if you notice something suspicious, such as a missing payment, an unauthorized withdrawal, or if a bank statement or credit card bill doesn't arrive on time. Someone may have stolen your account information and changed your mailing address in order to run up big bills in your name from another location.
- 7. Review your credit report approximately once a year.
Your credit report (prepared by a credit bureau) will include identifying information (such as your name,address, Social Security Number, and date of birth) as well as details about credit cards and loans in your name and how bills are being paid. You should make sure the report is accurate, and that includes monitoring it for unauthorized bank accounts, credit cards and purchases.
- To order a copy of your credit report, call the three major credit bureaus.
Equifax at (800) 685-1111, Experian at (888) 397-3742, or Trans Union at (800) 888-4213. By law, the most you can be charged for a copy of your report is $8.50. To be safe, consider getting a copy from each of the three companies. If after reviewing your report you spot signs of a possible fraud, contact these organizations.
Don't miss reading about the four things you need to do if you suspect that someone is using your good name for all the wrong reasons. Click here for "Who to Call to Report a Possible ID Theft"
Subscribe to "FDIC Consumer News". It's free. Available in hardcopy, or Internet. Contact the FDIC Public Information Center via voice-mail at: 1-800-276-6003, or via e-mail at: publicinfo@fdic.gov
"One of the best examples of your tax dollars at work ... for you. Read it, and reap." AgeVenture News Service.
See related articles in AgeVenture archives.
Your FDIC Key to Financial Privacy Rights
Internet Surfers Caught in Fraudulent Webs
Keys to Fraudulent Health Claims
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