How To Protect Yourself Against Identity Theft?

An increasing number of people are becoming victims of Identity Theft. In many cases, the theft is not discovered for a long time resulting in serious damage to he victims’ credit. Take precautions so that you do not end up lamenting like one of these victims later. Given below are a few ways in which you can protect yourself against identity theft:

1. Review Your Credit Report – It is essential to review you credit report periodically so that you are aware of any fraudulent activity that takes place. Look out for signs such as expenses not made by you or changes in official or residential address.
2. Protect Personal Information – Your personal information like your name, address, Social Security Number, et al, are valuable and can be used by thieves to steal your identity. Do not leave such information lying about. Treat it as the valuable asset that it is.
3. Do Not Share Credit Card Information – Do not share your credit card or ATM card information and PIN number with anyone. Make purchases only from trusted companies when you are using your credit card to pay for the purchases.
4. Do Not Use Public Internet Connections For Payments – Do not paying bills or making purchases online using your credit or debit cards, from public computers.  This can compromise your identity leading to theft of your credit card number and PIN.
5. Check Details Of Company With Which You Are Transacting – When you are making financial transactions with a company check its details like its name, telephone number and address. The company or the website should provide complete contact details.
6. Use Your Bank Address – As far as possible, try to get your checks delivered at your bank address.

1. Use A Shredder  - Shred unwanted financial documents, documents containing your personal details or closed credit cards et al, with a shredder.
2. Keep Your Computer Password protected – When you are using your computer for conducting any financial transaction and when it contains all your personal details, protect it with a password so that no on is able to use it.
3. Use Internet For Accessing Bills And Statements – As far as possible, request for e-billing rather than getting bills via snail mail. This will protect your personal and financial details from being compromised.
4. Do Not Carry Personal Information In Your Wallet – Limit the contents of your wallet to cash and driver’s licence. As far as possible, do not keep your credit and debt cards, personal information et al in your wallet.

Following these tips will ensure that your identity is protected and you do not fall victim to Identity Theft.

What Should You Do If You Are A Victim Of Identity Theft?

Many times, despite all preventive measures taken, you become a victim of identity theft. Usually, if the consumer has not signed for any id theft protection or credit monitoring service, the fraud goes unnoticed for a long time and by then their financial life is in tatters. Unfortunately, if you have already reached the darker side of this situation and are now a victim of id theft, you can still salvage a little from what is left by following the tips given below:

1. Placing Fraud Alert On Your Credit Report – As soon as you come to know that you have been victimized, contain he credit bureaus and request them to place a fraud alert. This will entitle you for a free copy of the credit report. Two kinds of fraud alerts can be placed as given below.
2. Initial Alert – This type of alert is valid for 90 days. You can request an initial alert, if you suspect that you are an identity theft victim.
3. Extended Alert – This type of alert remains in the credit report for a period of 7 years. You can request the CRA to place this alert and your credit report will be unavailable to anyone without your consent.

You will be asked to provide Identity proof when you request for these alerts to be placed in your report. This proof may include information such as official and residential address, Social Security Number and any other relevant Personal information.

1. Close Accounts That You Believe Have Been Compromised – If you believe that any of your accounts have been compromised, call you the security department of the company and request that the account be closed. IN case f theft of cards, it is essential to write to the bank or company and close them.
2. Filing Complaint With FTC – You can file a complaint with the FTC by visiting their website and filling up the online form.
3. Lodge A Police Complaint – Lodge a complaint with the police of the area where the theft occurred.

These are a few things that you can do to protect yourself from further damage after you have been victimized. Identity theft can seriously ruin your life and it will take a long time to recover from this mortal blow. Therefore, be careful lest you give away information that should not have been.