Preventing Identity Theft!

While checking out some blogs recently, I ran across a great blog, "How to Prevent Identity Theft This Holiday Season" by Paul Quinn. Thankfully, many of us have never experienced identity theft. For those that have, though, they will tell you that it is a long road! Read on for information Paul shares on methods thieves use to steal your identity and ways to prevent identity theft.

The FTC estimates that as many as 9 million Americans have their identities stolen each year. As you look for in-store and online deals this holiday season, it is crucial more than ever to be mindful of identity theft.

The following facts and tips are extracted from the FTC’s website and Kiplinger’s article “10 Oline-Shopping Traps That Catch Even Smart Shoppers.” Enjoy this holiday season but at the same time, be smart.

Identity theft is generally defined as someone using your personal information (such as your name and Social Security number, credit card numbers, or other financial account information) in a fraudulent manner.

Know that skilled identity thieves may use the following methods to get hold of your information:

1. Dumpster Diving -They rummage through trash looking for bills or other paper with your personal information on it.
2. Skimming - They steal credit/debit card numbers by using a special storage device when processing your card.
3. Phishing – They pretend to be financial institutions or companies and send spam or pop-up messages to get you to reveal your personal information.
4. Changing Your Address - They divert your billing statements to another location by completing a change of address form.
5. Old-Fashioned Stealing – They steal wallets and purses; mail, including bank and credit card statements; pre-approved credit offers; and new checks or tax information. They steal personnel records or bribe employees who have access.
6. Pretexting - They use false pretenses to obtain your personal information from financial institutions, telephone companies and other sources

The best way to deter identity theft is shredding financial documents when discarding them, keeping your social security card in a safe place, not giving out your personal information to suspicious callers, mailings or internet sites and closely monitoring your bank and credit card statements.

The Kiplinger’s article gives 10 online shopping traps that made lead to fraud. They are:

1. Blindly clicking into unfamiliar sites – Don’t rely on search engines for comparisons, go to well-known comparison sites.
2. Assuming You Have the Same Protections with Debit as Credit – If a hacker steals your debit-card information and raids your bank account, you must report any misuse within two days to get the same $50 limited liability as you would with a credit card. Miss that deadline but report your loss within 60 days and you could be liable for up to $500.
3. Not Monitoring Your Accounts – If you do a lot of shopping online, review your credit card statements regularly to make sure there aren’t any unauthorized purchases. Compare receipts to credit card statements or use just one credit card for online purchases.
   
4. Shopping From a Public Wi-Fi Connection – Hackers can tap into Wi-Fi connections at hotspots, such as coffee shops, airports and hotels, to capture your personal information. That’s why you should never shop online using a public Wi-Fi connection. Also, never use a public computer to shop or check accounts online.
5. Billing Directly to Your Smart Phone – Use a credit card instead of having purchases billed through your mobile carrier because the card provides more security.
6. Wiring Money to Pay for an Item – If you purchase an item from an online auction site, such as eBay, and the seller asks you to wire your payment, don’t do it. Pay with a credit card so you can dispute the charges if you don’t get what you paid for.
7. Falling For Too-Good-to-Be-True Deals – If a website or individual is offering a deal better than anyone else, won’t accept credit cards and demands a direct transfer of funds, it’s probably a scam. A common one: Someone claims he’s selling a vehicle at a low price because he needs the money fast (he lost a job or is a soldier going overseas, for example).
8. Clicking a Link in an Unsolicited E-Mail – Don’t ever click on a link in an unsolicited e-mail to go shopping, even if the e-mail looks as if it came from a legitimate retailer, It’s safer going directly to a retailer’s site to see whether it’s having a sale rather than clicking on a link that could take you to a fraudulent site.
9. Clicking URLs on Social-Networking Sites – Using Twitter can be a smart way to stay on top of deals, but you have to make sure the deals are legit. The URLs on Twitter (and sometimes Facebook) are often shortened, so you don’t know whether you’re going to land on a legitimate retailer’s site by clicking the link. Use Twitter as a tip, then find sales on your own.
10. Assuming an Escrow Service Is Always Safe – If the seller is pushing you to use a particular escrow company to handle a transaction, be suspicious because it might be part of a scam. You can verify a company’s legitimacy by checking with state regulators, or ask to use an escrow company of your choosing,

The FTC says that filing a police report, checking your credit reports, notifying creditors, and disputing any unauthorized transactions are steps you must take immediately if you are a victim of identity theft.

To view the original blog post click here!

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