10 Ways You Can Protect

Yourself From Identity Theft

As consumers, we should not live in fear of identity theft, but, instead, conduct our business in the smartest fashion possible. The great characteristic of all thieves is that they won’t commit a crime unless it is fairly easy. The harder it is for others to access our information, and, the more prepared we are to recognize potential problems quickly, the more we become very undesirable as victims.

That is especially important in light of the fact the Federal Trade Commission recently reported that nearly 10 million persons were victims of identity theft last year. It is the fastest growing white collar crime in America .

As seniors, you tend to have more assets than younger adults. Here are the latest ways to make sure identity thieves do not steal your hard-earned money.

1) Keep your Social Security card at home somewhere safe. Never carry this document in your wallet or pocketbook. It is the key that unlocks all of your personal information.

2)Do not allow your Social Security number to be printed on your personal checks, your driver’s license or identification card. You may have this information removed if it is currently on these items as well. Ask about it the next time you renew at the DMV.

3) Review your credit report at least once a year. You may obtain a free copy from credit reporting agencies. Immediately report any inaccuracies.  For a list of credit reporting agencies, call your local bank.

4) Check over your bank account and credit card statements carefully each month. It is worthwhile to spend the extra time to keep your receipts so that you may intercept any fraudulent charges as well as any general over-charging or duplication payments. Call about any unknown purchases for clarification.

5) Do not throw away cash machine or credit card receipts, especially in public. Shred this information at home. A small wastebasket shredding machine is very inexpensive at most office supply stores or superstores such as Wal-Mart.

6) Watch how your information is treated by businesses you frequent. Many merchants will print your entire credit card number on receipts and often throw them away in easily accessible trash bins. It is OK to be overly cautious. You may ask them to blacken all but the last four digits of your number on their merchant copy. They do not require this information once the transaction has taken place.

7) When you are sending your bill payments, do not place envelopes with checks or account numbers in your mailbox or mail slot. If possible, make the effort to drop them at a post office or at least at a registered post office drop box.

8) Keep a detailed list of the contents of your wallet or purse, including photocopies of credit cards (front and back) your driver’s license, insurance or prescription cards; and any other important items. The photocopies will have contact numbers for the relevant companies so that you can quickly report any theft.

9) Shred or tear up into small pieces all credit card applications that come in the mail, especially those that include convenience checks for transferring account balances. Thieves love to endorse these and use them immediately.

10)To eliminate telemarketers, please, add your address and phone number to national Opt Out (Do Not Call) lists by visiting the Direct Marketing Association website at www.dmaconsumers.org or by calling 1-888-567-8688. It is easy and quick to add your information to this service and it may save you from scam artists and interrupted family time.

Notice:  This is not intended as tax, investment or legal advice. Consult a tax, legal or financial professional as to the applicability of any financial, tax or legal strategy for you.