Identity Theft - How To Tell if You're A Victim

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Identity Theft:
How to Protect Yourself
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Identity Theft - How To Tell
If You're A Victim!

Identity theft occurs when someone obtains personal information such as your Social Security, National Insurance Number, or bank account number without your consent and poses as you for the purpose of committing theft or fraud. Usually the identity thief tries to steal money from your account and run up debts in your name.

How Identity Theft Thieves Obtain Personal Information
Whilst identify thieves are skilled in the art of accessing difficult-to-get personal data, important sensitive information such as credit card and bank account numbers are easy game for some identity thieves who will go to such lengths as rummaging residential trash or trash belonging to business, where such data frequently ends up. This pursuit has become known as “dumpster diving”.

Other methods of information sifting include:

Conning information from employees by pretending to be someone from a collaborative business
Abuse of employer's authorization to access credit reports
Bribing someone who has access to records
Theft of your credit or debit card number by capturing your card data in a “skimming” device attached to an ATM machine
Theft of a wallet or purse containing identification, bank and credit cards
Theft of mail (sometimes by postal employees), including bank and credit card statements, check books or IRS information
Thieves may apply for a postal "change of address" to divert your mail to another location
Burglary
Hacking
Obtain your information by way of “pretexting” - usually posing as a legitimate official from the government to obtain information under false pretences.

FACT:
According to the latest Experian-Gallup Personal Credit Index published August 4, 2006, almost 20 per cent of US consumers admit to falling victim to identity theft.

How Identity Thieves Use Personal Information
Once identity thieves have your personal information, they can:

Try to open a new credit card account using your name, date of birth, and Social Security number. When bills are unpaid, the account is reported on your credit report. For many people, this is often the first indication they have fallen victim to identity theft
Use your credit or debit card account numbers to buy expensive items like computers or a car that can be easily resold
Thieves have been known to give the victim’s name to police during arrest. When released, they don’t show for the court date, and an arrest warrant is issued in your name – even though you are the victim.
Thieves may attempt to change the mailing address on your credit card account. The thief then mounts huge charges on the account. But because card bills are sent to the switched address, it may take considerable time before you realize the problem.
Thieves will counterfeit checks or debit cards, and then use your checking account until funds are depleted
Often thieves will open a bank account in your name and write checks on the account
Worse still, thieves may file for bankruptcy under your name to avoid paying debts incurred, or to avoid eviction

Here’s how to Protect Yourself Against Identity Theft (Identity Theft Prevention)
Most important in identity theft prevention is security.

Always keep purses and wallets on your person, or better still, keep them locked away.
Don't carry your Social Security card. Keep this in a safe place preferably with your Passport and other important documents
Don't share personal information with strangers. Identity thieves extract information under false pretences (called “pretexting”) to trick you into revealing personal information.
Examine regularly statements from your bank and credit accounts; look for any unusual charges or suspicious activity. Always report anything suspicious to your bank and/or creditors at once
Tear up (better still) shred receipts, checks and bank statements.
Destroy expired credit and charge cards, and all other documents containing personal information
To protect your PIN, cover the keypad with your hand or wallet whenever you use the ATM. (This is especially effective even in cases where card data is successfully captured through “skimming”, as card data is virtually unusable without a PIN.)
Do not respond to emails asking you verify, confirm or update account details or personal information, a practice commonly referred to as “phishing”
Consider closing some credit card or store card accounts so there are less to monitor

How Tell If You Are a Victim of Identity Theft
Monitor balances on all of your financial accounts. Look out for unusual charges or withdrawals. Other indicators of identity theft can be:

Failure to receive bills or other mail indicating a possible address switch by the identity thief; You receive credit cards for which you did not apply

You are denied credit out of the blue; or

You receive calls from the debt collection departments of financial institutions about goods or services you never bought.

7 Steps You Must Follow If You Suspect Your Identity Has Been Stolen

1. If you suspect that your personal information has been used by someone to commit fraud or theft, do the following right away. Follow up any calls you make in writing and make copies of these letters. Send letters by registered mail and request a return receipt, so you can document when the company received it.

2. Place a fraud alert on your credit reports and review them. Contact any one of the nationwide consumer reporting bureaus (below) who will place a fraud alert on your credit report. Fraud alerts are designed to prevent identity thieves from opening other accounts in your name. The credit bureau you inform is required (by law) to contact each of the others, who in turn will place a fraud alert on each version of your credit file.

Equifax: 1-800-525-6285; www.equifax.com
Experian: 1-888-EXPERIAN (397-3742); www.experian.com
TransUnion: 1-800-680-7289; www.transunion.com

3. In addition to placing the fraud alert on your file, each of the three consumer-reporting bureau will send you a free copy of your credit report. You should ask that they display only the last four digits of your Social Security number on your credit reports.

4. Close any accounts that you know, or suspect, have been tampered with or opened fraudulently.

5. Open new accounts. You will want to open new accounts as soon as possible. Use new Personal Identification Numbers (PINs) and passwords. Avoid using original passwords, such as your mother's maiden name, your birth date, or the last four digits of your Social Security number or your phone number.

6. File a report with police or local police where the identity theft occurred. Obtain a copy of the police report or the police report number.

7. File a complaint with the Federal Trade Commission.