Protect Yourself from Identity Theft
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Why is it important to protect yourself from identity theft? Identity theft is a threat to everyone in today's society. What makes identity theft particularly difficult to deal with is the fact that the victims of this crime often don't find out there's a problem until it's much too late.
Many people don't become aware that their identity has been taken from them for almost 12 months after the event. The longer the criminal is using your identity, the more difficult it will become for you to deal with the devastating consequences.
The implications of another person taking on your identity are highly alarming. Your savings can be wiped out, your credit card could be run up to the limit, and you might become responsible for enormous telephone and energy bills incurred falsely in your name.
Identity theft can ruin your reputation, since all these fraudulent transactions are done in your name. Having your bank account cleaned out is likely the least of your problems. You might find that you lose your credit rating if the thief has been loaned money in your name or takes out credit cards and doesn't pay them off.
It's not only the financial implications that are distressing. An identity thief may commit crimes while pretending to be you. The police will be knocking on your door, not his.
It's highly important that you protect yourself from identity theft as much as possible. This crime has the potential to devastate your life, and it could take years before everything is resolved.
Many people don't become aware that their identity has been taken from them for almost 12 months after the event. The longer the criminal is using your identity, the more difficult it will become for you to deal with the devastating consequences.
The implications of another person taking on your identity are highly alarming. Your savings can be wiped out, your credit card could be run up to the limit, and you might become responsible for enormous telephone and energy bills incurred falsely in your name.
Identity theft can ruin your reputation, since all these fraudulent transactions are done in your name. Having your bank account cleaned out is likely the least of your problems. You might find that you lose your credit rating if the thief has been loaned money in your name or takes out credit cards and doesn't pay them off.
It's not only the financial implications that are distressing. An identity thief may commit crimes while pretending to be you. The police will be knocking on your door, not his.
It's highly important that you protect yourself from identity theft as much as possible. This crime has the potential to devastate your life, and it could take years before everything is resolved.
Six Things You Shouldn't Believe About Identity Theft
There are lots of myths circulating about identity theft these days. If you're determined to protect yourself from this crime, you need reliable identity theft facts so you know what's true and what's false. Here are six common misconceptions that give you a false sense of security when it comes to identity theft.
1. Identity theft is most commonly committed by people you don't know. When people think of identity theft, they think of employees at a restaurant or online phishing. Sorry, but the truth is that those who are most liable to steal your identity are you acquaintances, co-workers and even your relatives.
2. I need to have my social security number with me at all times to keep it safe. Many people keep their social security number in their wallet or handbag, thinking that it's safer there. But purses and wallets can be easily grabbed or lost, so memorize the number and keep the document locked up in your safety deposit box.
3. If my credit card is stolen, I'm not required to pay any unauthorized charges. True to a certain extent, but you have to report the theft of your credit card immediately, otherwise you will be responsible for the thief's spending spree.
4. Only unauthorized individuals can access my credit report. All anyone needs to know is your name, address and social security number in order to access your credit report. Most people have all this information readily available for potential thieves right in their wallet or handbag.
5. It's mostly senior citizens who become victims of this crime. Most victims of identity theft are between 20 and 40 years of age. Seniors usually don't have the financial assets that make them worth targeting.
6. If you set up a fraud alert, creditors must contact you before approving loans in your name. The Fair Credit Reporting Act recommends that lenders contact you before approving a loan, but they are not required to do so. If they can't get a hold of you, which is likely if an identity thief is making the application, you might be out of luck.
1. Identity theft is most commonly committed by people you don't know. When people think of identity theft, they think of employees at a restaurant or online phishing. Sorry, but the truth is that those who are most liable to steal your identity are you acquaintances, co-workers and even your relatives.
2. I need to have my social security number with me at all times to keep it safe. Many people keep their social security number in their wallet or handbag, thinking that it's safer there. But purses and wallets can be easily grabbed or lost, so memorize the number and keep the document locked up in your safety deposit box.
3. If my credit card is stolen, I'm not required to pay any unauthorized charges. True to a certain extent, but you have to report the theft of your credit card immediately, otherwise you will be responsible for the thief's spending spree.
4. Only unauthorized individuals can access my credit report. All anyone needs to know is your name, address and social security number in order to access your credit report. Most people have all this information readily available for potential thieves right in their wallet or handbag.
5. It's mostly senior citizens who become victims of this crime. Most victims of identity theft are between 20 and 40 years of age. Seniors usually don't have the financial assets that make them worth targeting.
6. If you set up a fraud alert, creditors must contact you before approving loans in your name. The Fair Credit Reporting Act recommends that lenders contact you before approving a loan, but they are not required to do so. If they can't get a hold of you, which is likely if an identity thief is making the application, you might be out of luck.
The Process of Identity Theft
Identity theft can happen in various ways. Identity thieves are often very knowledgeable about modern technology and computing, and it's hard to defeat them if they're determined to get your information. Here's a look at some of the most common methods used in identity theft.
1. Document Theft: If you aren't careful with your personal and financial documents, an identity thief can easily take advantage of you. Anything with your banking and credit card information can be stolen and used for fraudulent purposes. This includes any credit card applications that are sent to you unsolicited. They can easily find these documents in your garbage bin if you don't shred them.
2. Internet Scams: The practice of encouraging people to provide confidential information online is known as phishing. Most commonly, the thieves will send out random emails that look like they can from a legitimate financial institution. If you follow the link, you'll be asked to enter your password of PIN, which will be captured and used to wipe out your accounts.
3. Cracking: This is the practice of gaining access to your personal computer without your knowledge. Your system probably has a lot of confidential financial information that can be of great use to an identity thief.
1. Document Theft: If you aren't careful with your personal and financial documents, an identity thief can easily take advantage of you. Anything with your banking and credit card information can be stolen and used for fraudulent purposes. This includes any credit card applications that are sent to you unsolicited. They can easily find these documents in your garbage bin if you don't shred them.
2. Internet Scams: The practice of encouraging people to provide confidential information online is known as phishing. Most commonly, the thieves will send out random emails that look like they can from a legitimate financial institution. If you follow the link, you'll be asked to enter your password of PIN, which will be captured and used to wipe out your accounts.
3. Cracking: This is the practice of gaining access to your personal computer without your knowledge. Your system probably has a lot of confidential financial information that can be of great use to an identity thief.
What To Do If You've Become a Victim of Identity Theft
Here are the steps you need to take as soon as you find out that you're a victim of identity theft.
1) Contact the credit rating agencies. This needs to happen as soon as possible. A fraud alert will be placed on your account, and creditors will be required to get in touch with you before they approve any loans taken out in your name. If possible have this fraud alert pushed to seven years from the standard 90 days. Keep copies of all your credit reports because it could be important evidence.
2) File a report with the police. Report identity theft to your local law enforcement agency immediately. Be sure to get an affidavit that proves the crime, because banks and credit card companies will need this before they can close any accounts that have been compromised.
3) Close any compromised accounts. If you find that there has been unauthorized access to any of your accounts, close them immediately. Do the same if you discover accounts that have been opened by an identity thief. Be sure to notify the bank and credit card companies in writing so that you have a record.
4) Dispute fraudulent transactions. If you believe that fraudulent transactions have gone through your bank or credit card accounts, report it formally. If you want the bank to consider your request, you need to prove that you have been a victim of identity theft. This is where your police affidavit will be needed.
5) Use caution in opening new accounts. Don't use the same personal identification number and password when you open up a new account, and don't pick an easy series of numbers like your birthday.
1) Contact the credit rating agencies. This needs to happen as soon as possible. A fraud alert will be placed on your account, and creditors will be required to get in touch with you before they approve any loans taken out in your name. If possible have this fraud alert pushed to seven years from the standard 90 days. Keep copies of all your credit reports because it could be important evidence.
2) File a report with the police. Report identity theft to your local law enforcement agency immediately. Be sure to get an affidavit that proves the crime, because banks and credit card companies will need this before they can close any accounts that have been compromised.
3) Close any compromised accounts. If you find that there has been unauthorized access to any of your accounts, close them immediately. Do the same if you discover accounts that have been opened by an identity thief. Be sure to notify the bank and credit card companies in writing so that you have a record.
4) Dispute fraudulent transactions. If you believe that fraudulent transactions have gone through your bank or credit card accounts, report it formally. If you want the bank to consider your request, you need to prove that you have been a victim of identity theft. This is where your police affidavit will be needed.
5) Use caution in opening new accounts. Don't use the same personal identification number and password when you open up a new account, and don't pick an easy series of numbers like your birthday.
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by Lorne19
Lorne19
Just your average guy, married, 2.5 kids, a dog, a cat and a budgie.
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