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Identity Theft
More than 27 million Americans have been victims of identity theft in the last 5 years, according to the New York Times. What is identity theft? According to Equifax's learning center, anyone who takes over your credit accounts, opens new ones, takes out a loan, rents an apartment, or accesses bank accounts in your name has committed identity theft.
How do they manage this feat? By acquiring your bank and credit card statements and tax information through your mail or trash, stealing personal information from your wallet, completing change-of-address forms to divert your mail, posing as someone who has the right to your credit report, acquiring personal information via the Internet, conspiring with a store employee who shares your credit information or obtaining your personnel records at your place of employment.
They then proceed to open new credit card accounts in your name, establish phone service in your name, open a bank account and write bad checks in your name, counterfeit checks, take out loans in your name or contact your credit card issuer in order to divert billings away from your address.
What should you do? While you can monitor your credit report closely, you should have new checks issued using your initials in place of your full name so that forgers cannot know how you sign your checks. You should never sign the back of your credit card; rather write: "PHOTO ID REQUIRED". When writing checks to pay credit card bills, only write the last 4 digits of your credit card on the "For" line. Put your work phone number on your checks rather than your home phone. A PO Box is also better than a home address. Photocopy the contents of your wallet., and place this information in a safe place. Keep card numbers handy for canceling your credit cards in the event of theft. File a police report immediately if you are the victim of credit card theft or fraud. Contact national credit reporting organizations and place a fraud alert on your name and social security number.