The Best Ways to Prevent Fraud & Identity Theft

Anyone can become a victim of identity theft or fraud, which involves another person acquiring sensitive information about you (such as your name, address, SSN or account numbers), and then taking this information and opening accounts in your name. Prevention plays a key role: you can best stop fraud by safeguarding your personal information.

Account Statements

Always know the location of your account statements at all times if you want to protect yourself from identity theft and fraud. People looking to steal your information do not need to steal your statements. They can simply record the information such as your account number and use this information to steal your identity or make purchases. Keeping information secure means storing account statements in a safe location, preferably a locked drawer or box. You should also immediately retrieve statements from mailboxes, and shred documents you no longer need.

Check Your Credit Report

Identity theft and fraud can go unnoticed for several weeks, months or even years. Check your credit report at least once a year to find out if someone has opened an account in your name. You can obtain free online reports from Annual Credit Report, and you can also request reports by writing the major bureaus (TransUnion, Experian and Equifax). Consider taking extra precautions and signing up for credit report monitoring, wherein the chosen company sends immediate alerts whenever someone attempts to apply for credit in your name.

Watch For E-mail or Suspicious Phone Calls

Thieves always look for victims, and they tend to target those who appear too trustworthy or naive. Banks or credit card companies will not send an e-mail or telephone you to verify important account information, nor will they request this information over the phone (unless you prompted the call). Never give your information to someone who claims to represent the company. Hang up the phone, and then contact the company using the telephone number on your account statement to verify the legitimacy of the call. And if paying a bill online or making a purchase, only use websites or companies that include a security logo. Security symbols commonly appear on the bottom left or right of the page.