(ARA) – Take this quick quiz to determine whether you are a candidate for identity theft: Are you awake or sleeping? A -Yes, or B – No. Unfortunately, if you answered the question with “A” or “B,” you are in an ideal position to have your personal identity stolen.
Identity thieves don’t sneak into your home in the dark of night and scrape your identity from the drool on your pillow.
They don’t rely on high-tech tactics or only target your wealthy neighbors. Identity thieves – like most crooks – aren’t nearly that ambitious.
They do things like learn your dog’s name because it’s a common password choice and watch the keypad when you’re using a calling card on a pay phone at the mall.
“Thieves will sift through your trash, surf the Internet and even peek over your shoulder at the ATM to get your PIN,” says Suzanne Hunstad of IHateFinancialPlanning.com, the Web site for the three out of four Americans who hate financial planning.
“Armed with your bank account numbers, driver’s license and other personal information, scam artists ruin your credit rating while spending your money.”
Most of the time, identity thieves drag your name through the mud before you realize it’s raining. By the time you report your losses, the crooks are long gone. They commit crimes simultaneously in multiple jurisdictions, making it difficult for authorities to make a case against them.
The good news? If you’ve been a victim of such theft, you’re not alone. According to the Federal Trade Commission, it’s the #1 and fastest growing financial crime.
Four out of 10 consumer fraud complaints in 2001 involved identity theft. When your identity is stolen, you’ll spend 175 hours and $808 to fix the problems caused by such a security breach, according to the Privacy Rights Clearinghouse.
One in 50 consumers has suffered identity theft, according to a study conducted in February 2002 by Gartner Inc. , and the numbers are only going to increase as more thieves crack the system.
How can you protect yourself? Guard your personal information with your life and constantly monitor your accounts. IHateFinancialPlanning.com offers these tips, but Hunstad warns, “It’s not easy when thieves aren’t above digging through your trash.”
l Review your credit report at least yearly by contacting the three major credit agencies: Experian, Trans Union and Equifax.
l Try not to carry more than one credit card in your wallet. One side effect of this precaution, of course, is less debt.
l Instead of signing credit cards with your name, write “Ask to see picture ID.”
l Avoid using common passwords and PINs, such as the last four digits of your Social Security number, your dog’s name, your mother’s maiden name, your birth date and the like. Mix upper and lowercase letters, include numbers and don’t be afraid to go longer rather than shorter with your passwords. And change them periodically.
l Don’t carry credit card receipts. Keep them safe or destroy them.
l Shred documents with account numbers on them, including credit card offers. Don’t carry account passwords with your credit cards or write them on the cards. This one wins the prize for stating the obvious.
l Don’t carry your health insurance cards unless you plan on going to the doctor. Your subscriber number often includes your Social Security number.
l Don’t have your driver’s license number or Social Security number printed on your checks.
l Ask that your checks be mailed to your bank, not your home.
l Don’t leave outgoing bills in your mailbox; drop them at a post office or secure mail slot. Remember the post office?
l Review bills carefully for unexplained charges. Note: there’s a big difference between unexplained charges and those resulting from an unplanned shopping spree.
l Make photocopies of everything in your wallet. Don’t bother copying the cash, if you’re carrying any. But copy the front and back of your driver’s license, credit cards, calling cards and so on.
That way when you’re robbed, you’ll have quick access to the toll-free numbers you need to report the theft to creditors and cancel your accounts – assuming that you keep the photocopy in a safe place. Think of this little project as preparing for the inevitable.
If you do become a victim of identity theft, IHateFinancialPlanning.com has suggestions on how you can go about recovering your identity. Visit the site for more information on the best steps to take.
IHateFinancialPlanning.com is a Web site that’s already helped more than 2.3 million people who hate financial planning make sense of their personal finances through fun, friendly, easy-to-understand content and financial planning tools. The Web site was developed by ReliaStar Financial Corp., a member of the ING Group.
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