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17 Dec 2009
Protecting yourself from identity theft
Industry News
Identity theft is a growing issue that will affect over 9 million people this year, according to the Federal Trade Commission.
In addition to their financial losses, victims of fraudulent activity may spend up to 175 hours cleaning up their records, and incur out-of-pocket expenses of $20,000 or more. Interestingly, the majority of identity theft does not occur on the Internet. Here are some ways thieves access your personal information:
Dumpster Diving. Thieves look through your trash for bills and other paperwork with personal information, such as paychecks and credit card offers. The best line of defense is to shred all documents with personal information, including labels on magazines.
Skimming. An unscrupulous employee at a retail establishment uses a special device while processing your credit/debit card to capture your card number; they may use it for fraudulent charges, or sell it to other thieves. There is very little you can do to prevent skimming, except for thoroughly checking your credit card statements monthly for unauthorized charges.
Phishing. A fictitious financial institution or company sends you an e-mail, requesting personal information. Banks and credit unions will never request personal information over the Internet. Never reveal any personal information over the Internet unless you have initiated it, such as when making an online purchase.
Change of address. Thieves will also change your address, by completing a change-of-address form at the post office. That way, they will receive all of your personal information, including bank statements. If you fail to receive your mail, even for a day or two, contact the post office.
Theft. Then there is the never-gone-out-of-style stealing. They may steal your personnel records from work; snatch your wallet or purse; take mail, including bank and credit card statements and pre-approved credit offers.
You should photocopy both sides of the credit cards in your wallet and keep them in a safe place. If your wallet is stolen, you’ll know who to contact. Some folks will invest in a lockable mailbox, or use a post office box, to prevent thieves from stealing their mail.
Pretexting. Thieves use false pretenses to obtain your personal information from financial institutions, telephone companies, and other sources. That is why you have to answer so many questions, such as your mother’s maiden name, when you make an inquiry.
By being diligent, and mindful of these ruses, you can minimize your chance of being a victim of identity theft.
Linda Lagoy is vice president, regional manager, and Fitchburg branch manager for Workers’ Credit Union
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