15 million Americans were victims of identity theft in 2016, according to the latest research from Javelin Strategy & Research.
The most common forms of identity theft are misuse of your credit card or bank account, accounting for 86% of identity theft cases according to the Department of Justice.
Here are some tips on avoiding identity theft and for putting alerts in place to let you know if it happens.
Protect your credit card information
The most common form of identity theft according to the Department of Justice is misuse of your credit card information to make purchases. They suggest several straightforward ways to protect your credit card, including:
- Don’t write your card number on any mail like an envelope
- Don’t give out your account number to anyone on the phone unless you’ve made the call to a company you know.
- Make sure you get your card back after any retail transaction and don’t leave it in a store
- Don’t leave your card in an accessible place in your workplace, many cards are stolen from work
- Never sign a blank credit card receipt, always fill in the total
Most credit card problems are actually caught by your financial institution and most consumers find out by the issuer contacting them to check on charges. Nonetheless it’s smart to check your credit card statements every month and make sure each charge is legitimate.
If there is any charge on your statement that you do not recognize you should research it and if still unsure call your credit card company for help.
Keeping other personal information secure
It’s good practice to shred all financial documents before you throw them into the trash. One form of identity theft simply involves going through your trash to find information on your paperwork such as account numbers.
You should only take the credit cards that you need with you to minimize the chances of losing one and the extent of the clean up project should your wallet or purse be stolen. Leave your social security card and unneeded medical cards at home in a secure place like a lock box or safe.
Credit Checks
There are three main credit agencies in the US, Experian, Equifax and TransUnion. Each is required by law to give you one free credit report per year. You should use that facility.
One of the main reasons to get this report is to ensure that only accounts you know about are listed on your report. One of the more difficult types of identity theft to resolve is one a thief uses your personal information to open accounts you know nothing about. By running your credit report regularly you can nip these problems in the bud.
There is insurance that covers your losses from identity theft. If you’d like to learn more about all your insurance options contact John B Wright here.
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