Don’t Let Your Good Name Get Filched!

By Jacquette Timmons

Approximately 9 million Americans have their identity stolen each year according to the Federal Trade Commission. The crime of stealing someone’s identity isn’t new. But given the technological advances of the 21st century, it seems much more prevalent and much more probable. As a result, you and I need to be vigilant in protecting the aspects of our identity that can be filched for ill-gain.

Here’s a list of the common methods used by thieves to gain access to your personally identifiable information, along with corresponding ways to safeguard your name, social security number, credit card and other financial information:

• Dumpster Diving – This is the term used to describe the thieves who go through trash looking for anything containing your personal information.

Safeguarding Tactic #1– Shred all mail containing your name, social security number, banking and credit card numbers, or other account related details that can be linked to you (such as utility bill account numbers). Be sure to also shred the order forms from the catalogs you receive, where your name and address are typically pre-printed. You should also be sure to ask others (like your doctor) with whom you share information what they do to protect your data.

• Point-of-Transaction Skimming – This occurs when you use your credit or debit card and the insertion or swipe point has a device to skim your number and pin code.

Safeguarding Tactic #2 – Always select the “credit” option when using your debit card for purchases. Instead of entering your pin-code, opt for providing a wet or electronic signature. Also, avoid using the stand-alone, non-bank affiliated ATM machines. It’s not that professional criminals can’t clone your card at a legitimate ATM, but it’s less likely to occur.

• Phishing – As the name implies, “phishing” is a way of digging for information under false pretenses. Thieves will contact you pretending to be associated with a firm you trust to gain your trust…and access to your information.

Safeguarding Tactic #3 - Only open email messages – such as statement and payment alerts - that you are expecting from the financial institution/s with which you do business. Never provide your social security number or account number in response to an email inquiry or phone conversation you didn’t initiate.

As a matter of best-practice, even when dealing with a trusted source, you should never share these numbers electronically unless you have the ability to encrypt the email and/or the attachment containing said.

• Stolen credentials – Thieves can also pilfer your information if they steal your purse or wallet, or “re-direct” your credit/banking statements or utility bills.

Safeguarding Tactic #4 – Pay attention to your mail delivery and don’t easily disregard a missing statement. You might want to consider signing up to receive electronic statements. Elect to do this only if you are diligent with reviewing them for accuracy! It is beneficial to make a copy of the contents of your wallet to include your driver’s or non-driver’s license and credit cards you have (front and back). In the unlikely event your purse or wallet get stolen (or you lose it), you will be able to efficiently file a police report and contact the requisite financial institutions.

While you are proactively protecting your identity, make certain the elders in your life are protecting their identities. And sad as it may seem, do all you can to protect the identity of recently deceased loved ones. Unfortunately, this is a growing target for identity thieves.

In addition to the safeguarding tactics outlined above, I’d recommend subscribing to a credit monitoring and alerting service. Your bank may offer this service, or you can utilize a third-party provider, such as EZShield, Intersections, or Privacy Guard, to name a few. (Personally, and I don't get compensated for making this suggestion, I use Privacy Guard.)

Of the tactics listed, which do you do already? Which will begin to do post haste?