Identity Theft is Running Rampant by Kim Green-Spangler
There are more than 10 million Americans victimized by identity theft each year, and the numbers are on the rise. Believe it can't happen to you? Well, think again. Anyone with a social security number or who has personal information with other companies can become a victim. In fact, there is even a rise in the number of infants becoming targets with parents filling out social security applications for tax purposes.
Sorting out one's credit information following identity theft can be tedious, challenging and eternally frustrating. Despite the knowledge that identity theft is running rampant, victims can spend months or years and huge quantities of money trying to rectify the wreckage that identity thieves make of their good names and their credit histories.
Why does Identity Theft occur?
Identity theft occurs when someone knowingly steals personal information and uses it for their own use. While it is most common for thieves to use the information to secure goods or services, identity theft has also been used for bankruptcy filings, the issuance of driver's licenses with their photos and your stolen information, for acquiring employment, filing fraudulent tax returns and avoiding arrest by providing phony information and failing to show up for scheduled court dates. When the latter occurs, guess who the warrant is issued for - the victim of the identity theft!
How does Identity Theft occur?
Unfortunately it is surprisingly easy to steal personal information. Rummaging through the garbage of a home or a business could yield a bounty of personal information. Think of the number of employees who work for banks, doctors, car dealers, government agencies, accountants, lawyers, insurance companies, etc.
Then there are the more common ways like a lost wallet or purse, breaking into a home and stealing files, stealing mail like bank statements, credit card information, new credit offers, new checks delivery, tax information, the rerouting of mail with a Change of Address form, computer hackers and ATM machines. Technology has just made it that much easier.
Ways to protect personal information from Identity Theft?
First, determine if websites are secure or not. If you're not sure, don't give out information. Also, for places that require your name, address and date of birth for database information, mix it up a little. Remember to get a firewall and update your anti-virus protection regularly.
Be discriminatory about who receives your personal information, especially your social security number. Don't give it out to simply because it's asked for. Another form of identification may suffice. Protect PIN numbers and passwords, and make them difficult for a thief to figure out. At home, secure your personal information, and shred everything before discarding.
Lastly, check all information thoroughly and often. Check bank statements, credit card statements and receive copies of your credit report from all three credit bureaus (TransUnion, Experian and Equifax.) In an attempt to curb fraudulent activity, everyone is now able to receive one free credit report each year from each bureau. Use this service.
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What to do if you become a victim of Identity Theft.
Take action immediately! Cancel credit cards and debit cards that show suspicious activity and report the incidents immediately. Both often have set amounts for how much you will personally be responsible for, if anything, but some determine liability based on how soon suspicious activity or theft is reported. Don't delay. Note: Do not cancel all of your cards if they have not been tampered with, as you may find it difficult to secure new credit if your identity has been seriously affected.
Contact the credit bureaus and place a "fraud alert" on your accounts. This can help prevent a thief from opening any additional accounts using your personal information. You only have to call one of the three bureaus; they are responsible for contacting the other two on your behalf. Once the report is made you are entitled to free copies of your reports.
File a report with your local police department. If they cannot or will not take a report, try the state police. Your local Attorney General's office is also an excellent source of information on local protocol. Lastly, contact the Federal Trade Commission (FTC) and file a complaint. The FTC is a great resource for identity theft. They have national connections with other government agencies and law enforcement. A report can be filed online at www.consumer.gov/idtheft, or by calling 1-877-IDTHEFT.
Identity theft is unique in that the burden of proof rests on your shoulders. It is up to you to prove that you are a victim, and clear your name. This cannot occur without keeping excellent, detailed written documentation of your findings, your calls, the information you are told, and the names of all persons that you have communicated with. In addition you should also keep all originals and send only copies of all forms, letters, or reports that are used in your case. Make copies of everything and keep everything organized so documents can be found easily. All phone calls should be followed up with written communication and all mail should be sent certified. When your case has been resolved, keep information in a safe place as you may have to access the information again if something else appears after the fact.
Note: Last week I received an e-mail from a former local bank requesting an "update" of my personal information. They requested my social security number, account number, and mailing address. All of the information that someone might need to "become" me. Stay vigilant. Don't make it any easier for thieves.
