Cutting Corners
The Cost of Identity Theft
Being Safe – Saves!! With reports of burglaries on the rise, it is imperative that as consumers we understand and take measures to protect ourselves from identity theft. Nearly 10 million Americans were identity theft victims last year, costing them a total of approximately $5 billion. The average out-of-pocket cost for identity fraud victims is $422. Holly Cherico of Council of Better Business Bureaus, Inc. reports that almost half (47 percent) of all identity theft is perpetrated by friends, neighbors, in-home employees, family members or relatives.
How to Protect Yourself
Retrieve paper mail promptly and place outgoing checks or other sensitive documents in a U.S. Postal Service mailbox. The Federal Trade Commission reports almost 400,000 Americans suffered identity theft due to stolen mail.
A key way to detect fraudulent accounts is through credit monitoring/reports. Eleven percent of fraud cases were caught via this means.
Do not release Social Security or account numbers in response to e-mail, phone or in-person requests. When responding to e-mail, do not click on any Internet links provided. Instead type the full address into your internet browser to access the site.
Keep all sensitive documents, checkbooks and credit cards securely locked away at home and at work.
Before discarding, shred all private documents.
Replace paper bills, statements and checks with online (paperless) versions.
Keep passwords hidden (even in your own home) and change them frequently. Create strong passwords. A strong password includes one of each of the following: number, capital letter and special character. For example, P@$sw0rd.
Use and regularly update firewall and anti-virus software on your computer.
Do not respond to suspicious e-mails. Delete them, and if there is any doubt contact the company to determine if the e-mail is real.
Don't discard a computer without completely destroying the data on the hard drive.
Review bank, credit card and biller statements weekly - available through online account access.
Contact your financial provider if you fail to receive statements in a timely manner.
Review your credit information regularly (free annual reports are available at www.annualcreditreport.com or call 1-877-322-8228).
Victims of theft: notify your financial providers, begin monitoring your accounts more frequently, and place an "alert" at all three credit bureaus (Equifax, Experian or TransUnion). My husband has to update his information every 3 months since his company credit card information was stolen almost 2 years ago. Identity thieves will hold on to your information for years and try again, assuming you have become comfortable.
Alert federal and local law enforcement if you suspect or detect identity fraud.
How Safe Are You? Take an Identity Safety Quiz. The Better Business Bureau has co-released, with Javelin Strategy & Research, an Identity Safety Quiz so consumers can determine, not only, if their typical behavior places them at greater risk of becoming an identity fraud victim, but also, what specific steps they can take to reduce that risk and increase their safety. The quiz can be accessed at www.idsafety.net.
This column is provided by Tara Roark. Tara conducts Coupon Boot Camps training consumers how to save hundreds on their groceries, shopping, dining and entertainment through couponing. To contact, please visit her on the web at www.couponbootcamp.com and follow her blog, http://mommysgotworktodo.blogspot.com, or on Twitter, couponbootcamp, for exclusive HOT deals and tips.
Being Safe – Saves!! With reports of burglaries on the rise, it is imperative that as consumers we understand and take measures to protect ourselves from identity theft. Nearly 10 million Americans were identity theft victims last year, costing them a total of approximately $5 billion. The average out-of-pocket cost for identity fraud victims is $422. Holly Cherico of Council of Better Business Bureaus, Inc. reports that almost half (47 percent) of all identity theft is perpetrated by friends, neighbors, in-home employees, family members or relatives.
How to Protect Yourself
Retrieve paper mail promptly and place outgoing checks or other sensitive documents in a U.S. Postal Service mailbox. The Federal Trade Commission reports almost 400,000 Americans suffered identity theft due to stolen mail.
A key way to detect fraudulent accounts is through credit monitoring/reports. Eleven percent of fraud cases were caught via this means.
Do not release Social Security or account numbers in response to e-mail, phone or in-person requests. When responding to e-mail, do not click on any Internet links provided. Instead type the full address into your internet browser to access the site.
Keep all sensitive documents, checkbooks and credit cards securely locked away at home and at work.
Before discarding, shred all private documents.
Replace paper bills, statements and checks with online (paperless) versions.
Keep passwords hidden (even in your own home) and change them frequently. Create strong passwords. A strong password includes one of each of the following: number, capital letter and special character. For example, P@$sw0rd.
Use and regularly update firewall and anti-virus software on your computer.
Do not respond to suspicious e-mails. Delete them, and if there is any doubt contact the company to determine if the e-mail is real.
Don't discard a computer without completely destroying the data on the hard drive.
Review bank, credit card and biller statements weekly - available through online account access.
Contact your financial provider if you fail to receive statements in a timely manner.
Review your credit information regularly (free annual reports are available at www.annualcreditreport.com or call 1-877-322-8228).
Victims of theft: notify your financial providers, begin monitoring your accounts more frequently, and place an "alert" at all three credit bureaus (Equifax, Experian or TransUnion). My husband has to update his information every 3 months since his company credit card information was stolen almost 2 years ago. Identity thieves will hold on to your information for years and try again, assuming you have become comfortable.
Alert federal and local law enforcement if you suspect or detect identity fraud.
How Safe Are You? Take an Identity Safety Quiz. The Better Business Bureau has co-released, with Javelin Strategy & Research, an Identity Safety Quiz so consumers can determine, not only, if their typical behavior places them at greater risk of becoming an identity fraud victim, but also, what specific steps they can take to reduce that risk and increase their safety. The quiz can be accessed at www.idsafety.net.
This column is provided by Tara Roark. Tara conducts Coupon Boot Camps training consumers how to save hundreds on their groceries, shopping, dining and entertainment through couponing. To contact, please visit her on the web at www.couponbootcamp.com and follow her blog, http://mommysgotworktodo.blogspot.com, or on Twitter, couponbootcamp, for exclusive HOT deals and tips.
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