Archive for the ‘Identity Theft’ Category

The Threat of Identity Theft Is Real

Tuesday, February 5th, 2008

Staying on top of all your personal data and protecting your credit profile is the most effective defense against clever identity thieves. 

The Identity Theft Problem 

There’s a new threat in

America known as Identity Theft. The threat is real. It affects everyone - even our children. The FTC says it’s the Number 1 concern of American consumers.  

It’s

America’s fastest growing crime. Innocent consumers can be victimized by someone they don’t know and can’t see. The Department of Justice warns thatthieves strike without ever needing to break into a home. It has been called the ‘Crime of the Information Age’. The nation’s Law Enforcement agencies are not sure how to respond and to a large degree, they are powerless due to the global nature of the threat. 

Identity thieves only have a 1 in 700 chance of being caught. There’s a new victim in

America every 79 seconds and that number is increasing. Despite some reports that might have one believe that identity theft was slightly declining based on surveys sponsored by financial institutions and major credit card issuers, the exact opposite is true. 

An independent Gartner Inc. study revealed there were 15 million victims lastyear. That’s a 50% increase since 2003. 

Everyone in

America is at Risk 

Frank W. Abagnale, Jr., a leading security expert and former identity thief (the feature film Catch Me If You Can was based on his fraud career) recently said: 

“If you haven’t been a victim of identity theft, it is becausethieves haven’t gotten to you yet. Your turn will come.” 

How can I protect myself from ID theft?

Americans spend millions of hours each year resolving problems related to ID theft. Fortunately, there are a few things you can do to prevent an ID take-over. · Don’t leave your wallet or statements lying around-even at home. · Keep track of your credit card receipts and carbons. Photocopy both sides of every card you carry so you know who to contact if your cards are lost or stolen. · Review all account statements carefully and pull a credit report periodically to quickly spot suspicious entries. Also, don’t forget to take an occasional inventory of your wallet. · Never tell anyone your card number over the phone, unless you initiate the phone call. Watch out for solicitors that harass you to contribute or use strong emotional appeals. · Never allow your credit card number to be used as identification for a check. Remove your Social Security Number from your driver’s license and checks. · Collect your mail regularly, destroy unwanted solicitations of credit, and opt out of direct marketing lists.  

What are the effects of ID theft?

Once identity thieves have your personal information, they use it in a variety of ways. They may: · Call your credit card issuer to change the billing address on your credit card account and then run up charges on your account. Because your bills are being sent to a different address, it may be some time before you realize there’s a problem. · Open new credit card accounts in your name. When they use the credit cards and don’t pay the bills, the delinquent accounts are reported on your credit report. · Establish phone or wireless service in your name. · Open a bank account in your name and write bad checks on that account. · Counterfeit checks or credit or debit cards, or authorize electronic transfers in your name, and drain your bank account. · Buy a car by taking out an auto loan in your name. · Get identification in your name, such as a driver’s license, issued with their picture on it. · Get a job or file fraudulent tax returns in your name. · Give your name to the police during an arrest. If they don’t show up for their court date, a warrant for arrest is issued in your name. 

I am going to list below several ways to help protect your good name from identity theft. The more of these you incorporate, the better off you will be.

Identity Monitoring

For full protection, you should monitor your personal information using public databases, directories, and live internet chat rooms. This provides 24/7 real-time identity protection and proactively monitors. This information includes:Your Social Security NumberYour Debit & Credit CardsYour NameYour Address Your Phone Your Email Have a system in place that continuously checks your personal information for signs of identity theft and personal data breaches. Identity thieves prowl the internet and buy and sell identities in secret chat rooms. Identity monitoring provides the best known protection against social security number theft and synthetic identity fraud (where your personal information is used to create an identity).Tools to Remove False InformationAs part of your identity monitoring solution, you should have tools to assist you in removing unwanted and incorrect personal information from the web.

Credit Monitoring

Credit Monitoring is the best way to protect the solid credit profile you have worked hard to build. Your Credit Monitoring services should include:1. Credit Monitoring - Daily monitoring of your credit file allows you to look for errors as well as unauthorized charges that may indicate fraud or identity theft.2. Email Alerts – You receive an Email Alert when a change occurs in your credit file so you can take immediate action if needed.3. Credit Report & Score – You should have access to your Credit Report & Score. Your credit report contains personal information, account history, public record information, credit inquiries and creditor information. Your credit score is a number which determines the cost of credit, insurance, mortgage and is even used by prospective employers.

Have a plan that includes full identity recovery service & insurance

1. Access to a Full Recovery Service - In case your identity should ever be stolen, you should have access to professionals that will help you through the difficult process of reclaiming your identity and returning your credit and identity to pre-theft status. This can be very expensive but well worth the cost. The peace of mind of a service like this is worth every penny. A trained dedicated ID Theft Recovery Agent that can help you through the resolution process including helping you complete letters, fill out forms and contact credit bureaus. Someone who will be with you every step of the way. These Recovery Agents should work directly with the three major Credit Bureaus, Social Security Administration, US Postal Service, Department Of Motor Vehicles, FTC, Local and Federal Law Enforcement, Individual Creditors, Banks, Collection Agencies and others2. Have Identity Theft Insurance – Identity theft expense coverage reimburses victims for certain expenses with no deductibles. Important highlights should include:Income Protection – coverage for lost wages as a result of time off work missed for a covered stolen ID event.Expense Reimbursement – Expenses relating to the recovery of your identity including legal defense fees, costs to re-file loan applications, costs for notarizing documents, long distance phone calls and postage.

3. Have Lost Credit Card Assistance Services – Have direct access to a certified credit card recovery specialist. These specialists will assist you in the event that you misplace or have your credit cards stolen. They will contact each and every credit card company; cancel the affected credit cards; request new replacement cards; place fraud alerts with all three major credit bureaus and much more. The author of this article, Dan Ollman, runs his own Entrust America Agency helping individuals protect themselves from being victimized by identity theft. His agency offers proven solutions to help protect your good name and credit history before the crime of identity theft touches you and resolutions if it already has.

For more information visit his website at http://www.creditprotector.info or call him directly at (702) 367-3281.

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