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Identity Theft - How It Happens; How to Prevent It
Identity theft involves acquiring key pieces of someone's identifying information, such as name, address, date of birth, Social Security number, and mother's maiden name, in order to commit fraud.
With this information, a thief can do such things as take over the victim's financial accounts, open new bank accounts, purchase automobiles, apply for loans, credit cards, and Social Security benefits, rent apartments, and establish services with utility and phone companies. Of course, once this happens, the thief will empty out any cash available, will fail to pay for purchases (perhaps ruining the victim's credit history), and charges purchases to the victim.
Methods Identity Thieves use to acquire key pieces of personal information
Theft of your wallet, purse, or checkbook.
Removing mail from your mailbox, either incoming or outgoing.
Going through your trash.
"Phishing" - Obtaining information by E-mail scams or fraudulent web sites (see this page).
Hacking - Illegally gaining access to computer systems containing personal or financial data.
Pretext Calling - Using false pretenses to obtain information via telephone.
How to protect yourself from Identity Theft
Some of the things you can do to safeguard your finances and good name include:
Don't give out financial information or your Social Security number over the telephone unless you initiated the call and you know with whom you are dealing.
If you receive any telephone inquiries, such as those requesting you confirm or verify account information or verify a statement, contact your bank or the account holder directly, making the phone call yourself, to confirm that the inquiry is legitimate. VERY RARELY ARE SUCH REQUESTS LEGITIMATE!
Report lost or stolen checks immediately, so we can stop payment on the checks.
Sign your credit cards or debit cards immediately upon receipt.
Never loan your credit card to anyone, under any circumstances whatever.
Promptly report lost or stolen credit cards and debit/ATM cards.
When you receive new checks, always examine your order thoroughly to make sure that all the checks are accounted for. Contact your local Slavie Federal branch to verify that your new check order was shipped if it does not arrive within 21 calendar days of placing the order.
Protect your new, current, and canceled checks. Always store checks in a safe place.
Safeguard your account numbers, debit card and ATM Personal Identification Numbers (PIN).
If at all possible, shred any receipts, financial statements, documents, or bank statements, including credit card bills, prior to disposing of them.
Remove incoming mail from your mailbox as soon after delivery as possible.
When mailing bills and credit card payments, take them to the post office personally or place them in a secure, official U.S. Postal Service collection box -- don't put them in your mailbox with the flag up: this is simply an advertisement to an identity thief that there is outgoing mail to steal!
Promptly notify your bank and other creditors when you have a change of address. Contact creditors if your regular monthly or quarterly bills do not arrive when expected.
Reconcile your banking statements immediately to assure your account activity is correct. Contact your branch if any unauthorized transactions have occurred. Consider signing up for Slavie Internet Banking -- you will be able to monitor activity on your accounts "24/7" anywhere an Internet connection is available.
Never leave your checkbook, wallet, or other personal information unprotected -- even when you're at home! Workmen, contract laborers you may engage, or others who enter your house should not be able to gain access to your personal or financial information.
Never routinely carry important documents such as Social Security cards, passports, or birth certificates in your purse or wallet. Keep important documents in a safe place at home or in a safe deposit box at the bank. Only carry them when you need them.
In addition to the above precautions, you should review your credit report from the three major agencies at least annually to confirm there were no unauthorized credit inquiries made or accounts opened in your name. The major credit reporting agencies are:
Equifax: 1-800-685-1111
TransUnion: 1-800-836-8761
Experian: 1-888-397-3742
You may consider using one of the credit report monitoring services offered through these credit reporting agencies.
Consider signing up for the Liberty Identity Theft™ Service. For more information, select this link.
Actions to take if you think you've been a victim of Identity Theft
If you think you've been a victim of identity theft, immediately contact the fraud division of the credit reporting companies and request that a "fraud alert" be placed in your file. Ask that no new credit be granted without your approval. The credit reporting agencies have agreed to notify one another when an individual places a fraud alert in his credit file. The individual need only call one of the credit reporting agencies; fraud Divisions for the major credit reporting agencies are:
Equifax: 1-800-525-6285
Experian: 1-888-397-3742
TransUnion: 1-800-680-7289
Notify the Social Security Administration by calling 1-800-772-1213 or visiting www.ssa.gov.
Notify your Slavie branch, and any other grantors of credit, of the fraud, then file a police report. Note: in making these notifications, you should never send originals of your documentation -- always make copies!
Report the fraud to the Federal Trade Commission (FTC) toll free at 1-877-438-4338 or TDD: 202-326-2502. The FTC is the clearinghouse for identity theft complaints. It offers information to help resolve financial problems that result from identity theft, and also provides an ID Theft Affidavit (http://www.ftc.gov/bcp/conline/pubs/credit/affidavit.pdf) that you should complete as soon as possible after you become aware of the fraud. Completing this affidavit can help protect you from responsibility for fraudulent charges on your accounts.
Remember -- keep detailed records of all events once you ascertain that your identity has been stolen. Include names, telephone numbers, and the date and time you made contact with individuals or companies requesting assistance in recovering your good name.
Where to go to obtain additional information on Identity Theft
The following companies and government agencies can provide more information about identity theft.
Credit Reporting Companies
Equifax: 1-800-525-6285
Experian: 1-888-397-3742
TransUnion: 1-800-680-7289
U.S. Government:
Federal Trade Commission Identity Theft Hotline:
1-877-ID-THEFT (1-877-438-4338)
Social Security Administration Fraud Hotline:
1-800-269-0271
In addition, here are some related topics of interest:
Our Privacy Statement
About "Phishing"
News from the FTC
The Identity Theft™ Shield Product
About Credit Reports
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