Identity Fraud Precautions

Consequences of Identity Fraud
In most parts of the world, identity fraud is the fastest growing offence Yet, in the USA, a longitudinal 2005 study by Javelin Strategy Research showed that the crime had decreased since a 2003 study from the Federal Trade Commission was released in 2003 The most current US Javelin data also showed that 93 million persons, being 425% of all adults, are victims of identity fraud on a yearly basis In the United Kingdom in 2005 the consumer group Which issued a report stating that one in four people had been the victim of identity fraud, or knew someone who had been a victim

Precautions against Identity Fraud
Rigorous research has shown that the following methods will be most effective at preventing identity theft or fraud:

Freeze your credit, if available in your state With a credit freeze, no one can open any form of credit in your name

Request your own credit report each year and check the reports for inaccuracies and new lines of credit issued that you did not request

Minimize the use of mail for sending or receiving financial documents, checks, and have your name removed from junk mail lists (8% of identity fraud results from stolen mail)

Check your bank accounts each week online or at an ATM 70% of identity fraud is detected by the victim, and victims who do so through electronic methods suffer losses of less than 1/8th that of those who rely on paper statements for monitoring account activity

Use reliable ATM’s at reputable sites only Watch your surroundings for anything suspicious If the interior of a bank is closed but an indoor ATM is still accessible with a card, refuse helping any stranger to enter

Watch your surrounding when entering sensitive codes of information at an ATM or on a telephone keypad

Do not use wireless phones or cellular phones to talk about sensitive information

Shred credit-card receipts, used (processed) cheques/checks, junk mail and other such documents, as they may contain private information

Never give out personal information in response to telemarketers and delete all e-mails that claim to be from your bank (or other financial provider) and ask you to “log in” using a hyperlink embedded in the e-mail message This type of scam is also named phishing

When shopping online, make sure the company is reputable and displays an approved security symbol

Watch your surroundings when using a credit card at any checkout counters or any similar places as some identity thieves use cell phones with cameras to steal others’ credit card numbers and expiration dates

Limit the amount of personal information you publish on the web

Do not allow anyone to copy your identification documents

If someone calls you claiming to be from a financial institution you do business with asking for personal information – do not give it to them

As a general rule, do not do business with people that come to you If you want something, you find the business or company

Don’t order checks preprinted with your driver’s license or social security number

Don’t carry your social security card unless absolutely needed

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