What are you doing to fight Identity Theft?

Identity theft is the unauthorized collection and use of your personal information, usually for criminal purposes. In the movie Firewall, Harrison Ford plays Jack Stanfield, a bank security officer who is forced to commit a crime when his identity is stolen. As a result, his family is placed in grave danger. This movie demonstrates that this can happen to even the most security-savvy individual, and that we should all take steps to protect ourselves.

According to the Federal Trade Commission, 58 million consumers experienced unauthorized access to their personal information in 2005. In this era of data breaches, phishing, and dumpster diving, consumers must become their own advocates and develop a personal data protection plan to secure their most valuable asset – their identity.

This serious crime can have far-reaching consequences and hinder the victim’s ability to secure credit, insurance, housing and even employment. The following steps can help you develop an action plan to protect yourself.

Know the Enemy

Learn more about how fraudsters commit identity theft in both the online and offline world. Understanding their methods will help you identify areas where you may be vulnerable and alert you to signs that might indicate that your identity has been stolen.

Many excellent educational resources are available:

The US Federal Trade Commission has a web site dealing with identity theft at www.consumer.gov/idtheft/

The Canadian Government also has a site on protecting yourself and your family at www.privcom.gc.ca/fs-fi/02_05_d_10_e.asp

Phone Busters is a national anti-fraud call centre with a web page on identity theft at www.phonebusters.com/english/recognizeit_identitythe.html

The Equifax Identity Theft Protection Kit can be found at www.equifax.com/idtheftprotectionkit/idtheftprotectionkit.pdf

These sites define identity theft, discuss ways to defend against it and outline ways to respond if it occurs.

Take Defensive Steps

Take specific steps to protect your personal data. A few examples include:

• Shredding pre-approved credit card offers and other mail displaying your name and personal information before discarding them.
• Storing sensitive account information (e.g., bank accounts, credit card accounts) in a secure location.
• Protecting your online information by keeping virus protection updated and using a firewall.

Although you may be taking some precautions today, resolve to be even more vigilant in keeping your identity as safe as possible.

Watch for Evidence

Unfortunately, identity theft is not entirely preventable. Pay attention to billing cycles; a missing bill could mean an identity thief may have taken over your credit card account and changed your billing address. Some companies offer credit-monitoring services that can serve as an early warning system to alert you to potentially fraudulent activities. These services will notify you of key changes to your credit file from credit reporting companies.

Act Quickly

Victims who respond immediately to identity theft can reduce time and money spent on recovery. If you discover you have been a victim of identity theft, contact local law enforcement and request a police report, which can be invaluable in your discussions with creditors. And finally, continue to monitor your credit reports for unusual activity.

For more information on how to protect yourself and your family from identity theft, do not hesitate to contact our office.