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Posts Tagged ‘identity theft’

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Identity Theft Can Be Much More Than Just A Hassle!

February 11th, 2009 by Matthew C. Keegan | 8 Comments | Filed in Consumer Tips

Last month I read a story in the local newspaper where a nearby police department was warning residents of a scam targeting mailboxes. Apparently, thieves were driving through the town, opening up mailboxes to steal credit card applications and other consumer material, and using this information to steal their identity.

manNo one has been caught as of this writing, but scores of citizens have found their personal information compromised. From what I read, it is taking months for some people to get a handle on exactly what has happened to them and even much longer to correct the problem. One woman claimed that these problems kept her from getting a job as her trashed credit history made it look like she was irresponsible, hence no job offer.

AAA recently sent to me some timely information about identity theft, tips which can help you avoid being victimized by a crime that claims eight million Americans annually.

Ten Tips To Keep Your Credit Card Safe

  • Safeguard your credit by treating your cards like cash.  Keep them securely in your wallet or at home when not needed.
  • Review your monthly statements in a timely manner to ensure all charges are accurate and check your account online frequently. This will also help victims of Skimming detect fraud immediately. Skimming often occurs in restaurants and bars where credit cards are out of sight of the cardholder. Secret copies of the magnetic strip are made in order to make a counterfeit card.
  • Report billing errors and lost or stolen cards immediately to resolve problems in a timely manner and reduce possible fraudulent activity.
  • Be skeptical of all email that direct to a website in which credit card or personal information is entered. One of the largest forms of fraud is “Phishing,” in which victims receive an email that directs to a phony website that is an exact copy of a real website and requests users input personal and financial data supposedly verify accounts.
  • Carry credit cards as needed, reducing the amount of cards you carry will decrease exposure to loss or theft.
  • Keep credit card numbers secure – do not give out your information over the phone unless you are familiar with the merchant or you have initiated the call.
  • Track your usage by keeping receipts for your ATM, credit and debit cards.
  • Keep a list of your credit card account numbers, issuer contact information and the three credit reporting agencies in a safe place to allow for quick reporting if they are lost or stolen.
  • Shred pre-approved offers, card receipts, and anything that displays your credit card information before putting them in the trash.
  • It is wiser to use a credit card, rather than a debit card when making purchases over the Internet. When you use a debit card, it is your money at stake and not the bank’s.

Finally, if you believe that someone is tampering with your mailbox, call you local police as well as your postmaster or nearest postal inspector. The United States Postal Service takes seriously crimes related to tampering with the mail and will prosecute convicted felons to the full extent of the law.

Resources

Emergency Income in the Event That You Lose Your Job

Florida Students Find SS Numbers Compromised

Postmaster General Sends Advice to Prevent ID Theft

Source: AAA


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Credit Freeze? Brrr!

September 11th, 2008 by Matthew C. Keegan | 2 Comments | Filed in Consumer Financing, Consumer Tips, Credit Cards, Credit Reports

Identity theft has gotten to be such a insidious problem that many consumers are requesting that they have their credit records frozen in order to keep thieves from opening up accounts in their 100 dollarsnames, thereby possibly destroying their credit. 45 states and the District of Columbia have enacted legislation to protect consumers with only Ohio, Michigan, Iowa, Missouri, and Alabama having yet to pass what many consider to be a vital consumer protection law.

A security freeze works by giving consumers the choice to freeze or lock access to their credit file against anyone trying to open up a new account or to get new credit in their name.

All three credit reporting bureaus — Experian, TransUnion, and Equifax — are notified when a credit freeze is put into place, a move which keeps creditors from checking the credit file. If a consumer needs to apply for credit, they will have access to a personal identification number which they can use to temporarily lift the restriction long enough for a known creditor to access personal information.

State By State Control Over Credit Freeze Laws

Each state sets the parameters of applying for credit freeze for their residents, with most states requiring that consumers pay a fee (usually $10) to have their credit locked. In some cases, states allow consumers with a police report proving identity theft to lock their credit for no charge and more often than not the credit freeze is permanent until the consumer asks that it be lifted. Usually, fees are incurred for the temporary or permanent lifting of the freeze.

Voluntary Participation Helps Other Consumers Too

The three credit reporting bureaus are offering credit freeze protection to those states without legislation on their books protecting consumers as well as for residents of Arkansas, Kansas, Mississippi, and South Dakota, where state law only protects victims of identity theft.  In those states consumers must contact all three credit reporting bureaus directly to be included.

Of course, if you make regular changes to your credit including changing cell phone providers, seeking new employment, making government and other payments, or do a myriad number of other transactions in any given month, you could find that putting a freeze on your credit is more of a hassle than anything.

If this rings true for you, then buying a credit watch service could be the better choice, one that will alert you every time an account is opened up in your name.

Check with each of the three credit reporting bureaus to learn more about these types of programs.

Adv. — Are you concerned about losing your identity to thieves? Do you want to learn more about what you can do to fight this problem? Visit SayLending.com where we provide helpful information about Identity Theft and what you can do to protect yourself.


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4 Steps To Recover From Identity Theft

April 30th, 2008 by Matthew C. Keegan | 2 Comments | Filed in Consumer Financing, Credit Reports, Money Management

The topic of Identity Theft continues to surface regularly on the news, around the workplace water cooler, and in homes where consumers are trying to figure out the best way to respond when their social security numbers have been stolen, credit cards opened up in their names, and other unauthorized activity taken place. I.D. Theft isn’t merely an inconvenience, it is a problem that can cause much misery for the afflicted consumer.

If you suspect or know that you have been victimized, there are some steps you can take to defend yourself. Thanks to recommendations made by the Federal Trade Commission (FTC), there are four steps you can take to win your battle against identity theft:

1 Review your credit reports, have alerts placed in your files. You are entitled to receive one free copy annually of your credit report from the three major credit reporting bureaus. If you suspect that your identity has been stolen, then obtain copies from TransUnion, Equifax, and Experian. If you instruct one company to place a fraud alert in your file, they are required to inform the other two that an alert has been placed. Visit AnnualCreditReport to obtain your free credit reports.

2. Close tampered or fake accounts. Any credit accounts you opened should be closed as well as accounts not opened by you, but in your name. You’ll need to contact the fraud departments of each business and there are steps on the FTC site instructing you how to do this.

3. File a complaint with the FTC. By notifying the FTC of I.D. Theft, you can help this agency track theft trends which are shared with law enforcement people across the country.

4. File a police report. Notify your local police or the police in the locality where the theft took place. Some locales may be hesitant to take your report, while others may be required to do so under state law. In some states, notifying the state police is the best approach.

Once that you have identified that you are a victim of I.D. theft, taking immediate action is necessary. The longer that you wait, the worse the problem can become.

Further Reading And Resources

Credit Management Center

Defend: Recover From Identity Theft

Free Credit Reports


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I.D. Theft Remains #1 Consumer Complaint

February 20th, 2008 by Matthew C. Keegan | 2 Comments | Filed in Consumer Financing, Credit Cards, Credit Reports

What was the chief complaint received by the Federal Trade Commission (FTC) in 2007? If you guessed “identity theft” credit cardsthen you answered correctly. Last year, the FTC tallied more than 800,000 complaints from consumers with almost one-third that number naming I.D. theft in their complaint.

Credit Card Fraud Leads The Pack

According to an FTC Report released on February 13, credit card fraud was the most common form of reported identity theft at 23 percent, followed by utilities fraud at 18 percent, employment fraud at 14 percent, and bank fraud at 13 percent.

Consumers said that they lost $1.2 billion due to identity theft, averaging $349 per complaint.

Consumers Aren’t Always Sure When Theft Happens

Although identity theft happens, many consumers aren’t sure how it happens or happened to them. Oftentimes a problem surfaces well after the thief has gained access to confidential information, when the most damage has been done. Errors on a credit report, unsubstantiated charges on a credit card statement as well as dunning letters from creditors often tip consumers off, but by then the worst has taken place.

FTC Recommendations For Consumers

For identity-theft victims, the FTC recommends taking these steps:

  • Place a fraud alert on credit reports and review credit reports. Contact any of the three consumer reporting companies to place the fraud alert.

  • Close accounts believed or known to have been tampered with. Follow up in writing, and include copies, rather than originals, of documents.

  • File a complaint with the FTC, which can refer complaints to other agencies and companies for further action, and investigate companies for violations.

  • File a report with local police or law enforcement in the area where the identity theft took place.

You may not be able to stop i.d. theft completely, but you can have a hand in stemming the tide. Make sure that you obtain copies of your credit reports on a regular basis, examine them, and notify the credit bureaus when errors are found.


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