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Written by Chuck Bowen
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Sunday, 04 May 2008 19:00 |
 Identity theft is the fastest growing crime in America (per the FBI). Rarely do I teach a workshop on credit that there aren't a handful of folks in the audience that have experienced it personally. Here's a short quiz to see if you're up on the latest (answers at the end of this article):
1. Between 2003 and 2006, the number of identity- theft victims: a. Increased b.Decreased c. Unchanged d. Tripled 2. In 2006, victims spend an average of ____ hours resolving their case. 3. ___% of the crimes occur over the Internet. 4. Lost or stolen wallets, credit cards and checkbooks are the most common sources of stolen information: a. True b. False 5. Average out-of-pocket cost to a victim: a. $125 b. $422 c. $785 d. $1250 6. Average fraud amount per victim?: a. $600 b. $1383 c.$2200 d. $6383
So, with such a major problem on our hands, how do we give ourselves the best chance of not becoming a victim of identity theft? Here's what I've found works best: - Immediately remove all 'non-required' information from your checks. Only have first initial & last name and your address on your checks. No SS #, driver license #, etc. Re-order checks if necessary.
- Make a photocopy of everything in your wallet/purse. You'll be glad you did later when scrambling to contact your financial institutions.
- Your mailbox is a primary source of theft opportunities; be sure to check it every day. Opt out of the major direct marketing lists. You can do this by looking for 'Stop the Junk Mail' under MoneyWi$e Tools on my homepage.
- Shred all credit, insurance, etc offers before throwing them away. Your trash is another primary source of theft.
- Pull and review your credit reports (Experian, Equifax, TransUnion) annually. You can get them for free (one every 12 mos from www.annualcreditreport.com).
- If you discover a theft/fraud, contact a credit bureau (each is required by law to inform the others) and your creditors immediately. Also, get a police report.
- Have your creditors open new accounts for you. If your checkbook is stolen, immediately close that account and open a new one.
Answers: 1. b. Decreased from 10.1 million ('03) to 8.9 million ('06) 2. 40 hrs, up from 33 hrs in '03 3. 10%; Personal acquaintances and family are the primary thieves. 4. True 5. b. $422, down from $675 in '05 6. d. $6,383 (amount stolen from merchants, etc in the victim's name)
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