Identity theft is the unauthorized use of your personal identifying information.. According to the Federal Trade Commission, or FTC, identity theft affects about 9 million Americans each year. Effective identity theft prevention requires you to implement safeguards to protect your personal information and recognition of and swift attention to the red flags that signal risk or the possibility that someone has already stolen and used your personal information. The FTC recommends a three-pronged attack for consumers to protect themselves against identity theft: deter, detect and defend. The consistent application of these measures to minimize your risk of becoming a victim of identity theft victim.
Identity Theft
Identity thieves use many methods to find and steal your personal information. Some thieves dumpster dive to search through trash. Dishonest store employees use electronic storage devices to perform skimming, which captures credit and debit card information during retail transactions. During phishing, identity thieves pretend to be creditors in emails to fool you into revealing information. Hackers steal information by accessing your online accounts or the accounts of financial institutions. Some identity thieves steal purses, wallets, personnel files or mail.
Identity Thieves
Your personal identifying information includes your name, Social Security number, date of birth, credit card numbers and bank account numbers. Identity thieves can use this information to open new credit or utility accounts, rent property, make purchases, get government benefits, get a job or file fraudulent tax returns. An identity thief can use your information to get a driver's license or other government identification cards. An identity thief can give your personal information to a police officer, which could result in your arrest.
Deterrence
You can deter identity thieves by safeguarding your personal information, which involves being careful about what you discard, shredding financial documents and avoiding giving out your personal information to strangers on the phone, over the Internet or through the mail. Leave your Social Security card at home and refrain from including it on checks or other documents. Practice Internet safety by using firewalls and virus and spyware software. Avoid using obvious information, such as your mother's maiden name, in passwords and don't click links in unsolicited emails to access your accounts.
Detection
You have a greater chance of detecting identity theft early if you monitor your financial accounts regularly, review statements thoroughly and request and review copies of your credit reports annually from the three major reporting companies: Equifax, Experian and TransUnion. You should respond immediately to changes or new information on billing or account statements and check with creditors about unfamiliar accounts, credit denials or purchases.
Defense
You can request placement of a 90-day fraud alert on your credit reports if you suspect identity theft. Fraud alerts signal creditors to perform certain procedures before making additions or changes to your credit. If you request a fraud alert, you can receive free copies of your credit reports, which you can search for irregularities. You might need to follow-up with the fraud or security departments of the credit reporting companies, submit proof of the fraud and make sure the disputed actions are removed from your reports. A credit freeze stops all activity on your credit reports. The Federal Trade Commission recommends that you complete an identity theft affidavit and file a police report if you are victim of identity theft.
Tips and Warnings
Most ATM machines are safe, but use caution and pay attention to news about identity thieves capturing information at ATM machines. Ignore scams that announce prize winnings, emergency help requests or investment offers. Ignore unsolicited contacts that request information or money and watch out for fishing, which is the use of emails followed by phone calls to get your personal information by sending email first.
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