"I don't remember charging those items. I've never even been in that store." Maybe you never did charge those goods and services, but someone else did, someone who used your name and personal information to commit fraud.
When impostors take your name, Social Security number, credit card number, or some other piece of your personal information for their use, they are committing a crime. Identity theft is the fastest growing financial crime. One of the first things the FBI discovered about the September 11 hijackers was that as many as half a dozen were using Credit Cards and driver's licenses with identities lifted from stolen or forged passports.
The FTC estimates that as many as 9 million Americans have their identities stolen each year. In fact, you or someone you know may have experienced some form of identity theft. The crime takes many forms. You may not find out about the theft until you review your credit report or a credit card statement and notice charges you didn't make?or until you're contacted
by a debt collector.
Identity theft is serious. The theft can be as simple as someone stealing your credit card number and then charging merchandise to your account. The situation can also be as elaborate as a thief using your name, birth date, and
Social Security number to take ownership of your credit card and bank accounts, or even set up new ones. While some identity theft victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good name and credit record. Some consumers victimized by identity theft may lose out on job opportunities, or be denied loans for education, housing or cars because of negative information on their credit reports. In rare cases, they may even be arrested for crimes they did not commit.
If you care about the privacy of your financial information, your credit history, your portfolio, your charge card numbers, you can protect yourself from criminals determined to exploit that information.
People who place their Social Security and driver's license numbers on their checks are making identity theft fairly easy. With one check, a con artist could know your Social Security, driver's license, and bank account numbers as well as your address, phone number, and perhaps even a sample of your signature.
How do thieves steal an identity?
Identity theft starts with the misuse of your personally identifying information such as your name and Social Security number, credit card numbers,or other financial account information. For identity thieves, this information is as good
as gold. Skilled identity thieves may use a variety of methods to get hold of your information, including:
1. Dumpster Diving. They rummage through trash looking for bills or other paper with your personal information on it.
2. Skimming. They steal credit/debit card numbers by using a special storage device when processing your card.
3. Phishing. They pretend to be financial institutions or companies and send spam or pop-up messages to get you to reveal your personal information.
4. Changing Your Address. They divert your billing statements to another location by completing a change of address form.
5. Old-Fashioned Stealing. They steal wallets and purses; mail, including bank and credit card statements; pre-approved credit offers; and new checks or tax information. They steal personnel records, or bribe employees who have access.
6. Pretexting. They use false pretenses to obtain your personal information from financial institutions, telephone companies, and other sources.
Types of Identity Theft
Identity fraud can range from passing bad checks and using stolen Credit Cards to taking over another person's total financial existence. While situations as portrayed in the movie The Net are indeed rare, people do need to be aware that they can easily become a victim. The ease of obtaining Social Security numbers from more than 3 billion credit solicitations a year make identity theft a fairly simple scam. Each day, more than a 1,000 people have their identities stolen by a con artist applying for credit in the victims' name. After obtaining a loan or running up credit card charges, the thief typically disappears never to be seen again, and leaving a ruined Credit rating that may take years to correct. Protect Yourself from Identity thieves.
Protect Yourself from Identity thieves
Banks and other financial institutions work to protect the identities and privacy of their customers. Customers are constantly reminded that the slight inconvenience of being asked for identification, or having an account balance
checked, may protect you and others from financial losses.Efforts to protect yourself from identity fraud may include the following:
* Shred or burn financial information containing account or Social Security numbers.
* Use passwords other than maiden names;and birth dates. Use combinations of numbers and upper and lowercase letters.
* Don't put your Social Security number on any document unless it is legally required.
* Check your credit report once or twice a year to make sure it is correct.
* Have your name removed form mailing lists operated by credit agencies and companies offering credit promotions.
* If you become a victim, notify the credit card company and other businesses with specific details. Also, file a police report to provide
documentation of the scam.
If your identity has been taken, you're first likely to learn about it when checks start bouncing or a collection agency begins calling. The damage isn't so much in dollars, since the financial institutions are liable for the
unauthorized charges. Rather, the fallout may include a checkered credit history, which could prevent you from getting a mortgage or a job not to mention the countless phone calls and piles of paperwork you'll need to go through to correct the situation. Guarding against identity theft is much like locking the door and activating the burglar alarm when you leave your home. By and large, the crime is a low-tech operation, despite well-publicized instances of hackers breaking into websites and stealing millions of credit
card numbers. Usually, someone fishes a bank statement or credit card offer out of your trash, or a dishonest employee peeks at your personnel file.
To protect yourself, you may want to sign up for a credit monitoring service. At $34.95 a year, this service is a bargain. The company scans your credit report every night and sends you an email alerting you to any activity, such as a new credit card issued in your name or credit check by a car dealership. The price includes six full credit reports a year. This company also offers a
3-in-1 Credit Report with FREE score. Lenders analyze your credit scores based on data from all three , it is important to have a service that includes all three agencies. This credit service checks all three scores for a complete picture of your credit. Plus, they'll analyze each of your scores and give you personalized tips. You can easily identify any problem areas by comparing reports from three major credit bureaus.
Report Identity Theft
If someone has stolen your identity, the Federal Trade Commission recommends that you take three actions immediately:
* Contact the fraud departments of each of the three major credit bureaus. Tell them to flag your file with a fraud alert, including a statement that creditors should call you for permission before they open any new accounts in your name.
* Contact the creditors for any accounts that have been tampered with or opened fraudulently. Ask to speak with someone in the security or fraud department, and follow up in writing.
* File a police report. Keep a copy in case your creditors need proof of the crime.
* If, after taking all these steps, you are still having identity problems, stay alert to new instances of identity theft. Notify the company or creditor immediately, and follow up in , contact the Privacy Rights Clearinghouse, which provides information on how to network with other identity theft victims. Call 619-298-33396, or visit .
The U.S. Secret Service has jurisdiction over financial fraud cases. Although the service generally investigates cases where the dollar loss is substantial, your information may provide evidence of a larger pattern of fraud that
required its involvement. Contact your local field office.
Finally, protect your identity by giving it a lower profile. For example, remove your name from junk mail and telemarketing lists by going to the Direct Marketing Association's website at Call 888-567-8688 to stop receiving pre-approved credit card offers.
How long can the effects of identity theft last?
It's difficult to predict how long the effects of identity theft may linger. That's because it depends on many factors including the type of theft, whether the thief sold or passed your information on to other thieves, whether the thief is caught, and problems related to correcting your credit report.
Victims of identity theft should monitor financial records for several months after they discover the crime. Victims should review their credit reports once every three months in the first year of the theft, and once a year thereafter. Stay alert for other signs of identity theft.
Don't delay in correcting your records and contacting all companies that opened fraudulent accounts. Make the initial contact by phone, even though you will normally need to follow up in writing. The longer the inaccurate information goes uncorrected, the longer it will take to resolve the problem.
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