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Identity TheftTwenty years ago, no one ever heard of identity theft. Now it is on the news, in the paper, happening to friends and neighbors. What is identity theft? How can you avoid identity theft? Consumers want answers to these questions. Identity theft is a pretty simple concept. A thief basically impersonates you, using your name and personal information like social security number, birthdate, bank account numbers, etc. to open up bank accounts, take out loans, provide fake ID when they get arrested, rent apartments, get hospital care, charge a cell phone to you, get credit cards, get drivers licenses, etc. So now, without your knowledge, someone has stolen your identity and is walking around with a credit card with your name on, racking up bills and debt in your name, damaging your credit report, harming you financially. They haven't really stolen your identity, but they are "borrowing" it and doing bad things in your name. How big a problem is identity theft? The FTC estimates that as many as 10 million Americans each year have their identities and credit hacked. How does identity theft happen?
Common Identity Theft TechniquesCrooks can get your personal and financial information using a variety of techniques. Skimming is where someone working at a retail location captures your credit card information when it is being processed (buying gas, restaurant, store). They do this by hooking up special gear to the credit card terminal. Another technique is "dumpster diving", where thieves go through your trash looking for bank statements, cancelled checks, bills, credit card statements, health insurance claims -- all kinds of paper that may have account numbers, social security numbers, credit card information, etc. This is why many experts recommend shredding any sensitive materials before discarding them. Most of us don't think about stealing garbage, but people do it. What is phishing? Phishing is another scam you may have heard of. Thieves send out fake emails impersonating another company, like your bank, eBay, or PayPal. They include a link in the email for you to follow, but it takes you to a counterfeit site that might look like the original but is instead designed to capture your personal information which can then be used to break into your legitimate accounts or create false identities. Another identity theft tactic is stealing mail from your mailbox. Many communities now have locking communal mailboxes to avoid this, but every years tens of thousands of households have their mail stolen, giving the thief access to billing statements, tax information, bank account details, and more. They can then use the forms in the mail to change your mailing address to some other location -- allowing your monthly statements to "disappear" while they rack up charges against your credit cards and bank accounts. They can also send in those pre-approved credit card offers and get additional cards issued in your name.
Fighting Identity TheftThe FTC has a nice section on their website regarding Identity Theft and how you can avoid and fight it. Their motto is DETER, DETECT, and DEFEND (check out FTC.gov/idtheft). Detering would be ID thieves means taking steps that makes it harder for them to access or steal your personal information. This involves things like:
The Consumer.gov/idtheft site has additional Identify Theft resources you can use, from pamphlets and presentations you can make available at work, school, or in your community. They even have a free online 10 minute video you can watch that talks about avoiding identity thefy and preventing it. They have sample letters you can send to credit bureaus and for disputing accounts and transactions, and detailed information on how to follow up and clean up your credit record after suffering from identity theft.
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