Security

Beware of Identity Theft

Identity fraud is the fastest growing crime in which impostor steals personal information - such as your name, payment card, Social Security and driver's license numbers - and uses it to assume an individual's identity. They then can open banking accounts, make purchases, obtain cash or even get an apartment in your name. In 1998, legislation was signed which makes ID theft a felony. Many victims of identity fraud are unknowingly impersonated. It is impossible to completely protect yourself against identify fraud, some say. One good way to prevent Identity Theft happening to you is by monitoring your credit report on a regular basis. This will let you know what accounts are open in your name. If you ever suspect identity theft: the Federal Trade Commission recommends the following three steps:

1. Contact the fraud departments of each of the three major credit bureaus - Tell them you're an identify theft victim. Request a "fraud alert" be placed in your file, as well as a victim's statement asking that creditors call you before opening any new accounts or changing your existing accounts. This can help prevent identity thief from opening additional accounts in your name. At the same time, order copies of your credit reports from the credit bureaus. Credit bureaus must give you a free copy of your report if your report is inaccurate because of fraud, and you request it in writing. Review your reports carefully to make sure no additional fraudulent accounts have been opened in your name or unauthorized changes made to your existing accounts. In a few months, order new copies o your reports to verify your corrections and changes and to make sure no new fraudulent activity has occurred.
   
2. Contact the creditors for any accounts that have been tampered with or opened fraudulently. Creditors can include credit card companies, utilities (phone, etc.), banks and other lenders. Ask to speak to someone in the security or fraud department of each creditor, and follow-up with a letter. It's particularly important to notify credit card issuers in writing because that's the consumer protection procedure the law spells out for resolving errors on credit card billing statements. Immediately close accounts that have been tampered with and open new ones with a new PIN and password.
   
3. File a report with your local police or the police in the community where the identity theft took place. Get a copy of the police report in case the bank, credit card issuer or others need proof of the crime. Even if the police can't catch the identity thief in your case, having a copy of the police report can help you when dealing with creditors. Also file a compliant with the FTC by contacting the FTC's Identity Theft Hotline toll-free, 1-877-IDTHEFT or by mail at Identity Theft Clearinghouse, Federal Trade Commission, 600 Pennsylvania Avenue, NW, Washington, DC 20580 or online at www.consumer.gov/idtheft.