Identity theft occurs when someone obtains your personal information to commit fraud or other terrible crime. By personal information we mean your credit card data or social security number.
Identity theft is a serious crime that can be disastrous to your finances and credit score.
Even if you nip the situation in the bud quickly resolving the damage may not be as easy as it seems. It can be costly and very time-consuming to recover from identity fraud.
No one is safe about identity theft. It can happen to anyone. But there are some things you can do to reduce your risk, which we’ve outlined below.
This scheme can occur any time you use a password or a device that stores PIN numbers, such as at an ATM. The identity thief will try to get closer to you, close enough to record your information when you enter password information. This typically occurs in a public place where the personal information of the victim is easily visible. It may also occur with the help of a video camera previously installed by the fraudster.
Stealing your wallet or purse is another method the identity thieves can obtain your personal information. Contact your credit card companies, bank, and credit bureaus immediately to let them know of your situation if this happens.
To secure your wallets make sure their purses and backpacks are closed and secure at all times. It is also best that you limit the amount of personal information you carry with you.
Pretexting happens when a thief has done prior research on you and uses this information to bait you to release more sensitive information such as a credit card number or Social Security Number. The thief will then call you on the telephone, and lead you to believe they are a business that requires this information.
As the concern for identity theft grows, numerous companies and financial institutions have created products that monitor your credit, reimburse you for lost wages or funds and guard your identity against fraud. Some employers also now offer ID theft insurance to help you reduce the amount of time and money spent resolving identity theft crime, definitely check with your company’s benefits package specialist to see if they offer this service.
1 Experian “How to Protect Yourself from Identity Theft” https://www.experian.com/blogs/ask-experian/how-to-protect-yourself-from-identity-theft/
2 NerdWallet “How to Prevent Identity Theft” https://www.nerdwallet.com/blog/finance/how-to-prevent-identity-theft/
3 CreditKarma “How to protect yourself from ID theft” https://www.creditkarma.com/id-theft/i/how-to-protect-yourself-from-id-theft/
4 ConsumerReports “How to protect yourself from Identity Theft” https://www.consumerreports.org/cro/2010/07/protect-your-identity/index.htm
5 theMilitaryWallet “How to Protect Yourself From Identity Theft” https://themilitarywallet.com/protect-yourself-from-identity-theft/