Identity Theft- The Problem Defined

Identity theft and account fraud are growing problems. These crimes occur when someone steals your personal information, such as your bank account number or social security number, and then poses as you, either withdrawing money from your bank account, or running up credit debt in your name. The government estimates that 400,000 people per year are victims of these crimes. What can you do to help prevent identity theft? Below are ten steps you can take to help protect your identity and financial assets.

Ten Steps To Help Prevent Identity Theft

1. Don't give out financial information such as your checking and credit card numbers-and especially your social security number- on the phone, unless you intitiated the call, and you know the person or organization that you are dealing with. Don't give financial information to any stranger, even one claiming to be from your bank, unless you can verify their identity.

2. Report lost or stolen checks immediately. Your bank will block payment on the check numbers involved. Also, review new deliveries of checks to make sure that none have been stolen in transit.

3. Store cancelled and new checks in a safe place.

4. Notify your banker of suspicious phone inquiries such as those asking for account information to "verify a statement" or "award a prize".

5. Guard your ATM personal identification number (PIN) and ATM reciepts. Thieves can use them to access your accounts.

6. Don't throw away financial solicitations that arrive in the mail (offers for new credit cards, etc...). Tear them up or shred them so that thieves can't use them to assume your identity. Tear up or shred any financial documents such as bank statements or invoices before disposing of them.

7. Consider not putting outgoing mail that contains personal information into your mailbox. Thieves can steal mail from mailboxes and use it to assume your identity. Instead, drop your mail into an official U.S. Postal Service collection box that can only be unlocked by Postal employees.

8. If regular bills fail to reach you, call the company to find out why. Someone may have filed a false change of address notice to divert your information to his or her address.

9. If your bills include suspicious items, (purchases you don't remember making, etc...) don't ignore them. Instead, investigate the items immediately to head off any possible fraud.

10. Periodically contact the major credit reporting agencies to review your file and make certain that the information in correct. For a small fee, you can obtain a copy of your credit report at any time. The three major credit bureaus are:
Equifax 800-685-1111
Experian 888-397-3742
TransUnion 800-916-8800

11. For more information on protecting your social security number, visit the website below:
Social Security Number Protection Information