Identity theft - where thieves hijack a victim’s personal information, such as name, social security number or credit card number, to run up credit bills or even open new accounts - has been called the country’s fastest growing form of crime. Eleven million Americans and Canadians have fallen victim to it, at a cost of over $5 billion to individuals, and an additional $48 billion to businesses according to a recent FTC study.
“People whose identities have been stolen could potentially spend months or years cleaning up the mess identity thieves have made of their good name and credit record,” states the Federal Trade Commission (FTC) publication ID Theft: What’s It All About? “Many victims have lost job opportunities, been refused loans for education, housing or cars, or even been arrested for crimes they didnt commit.”
What makes identity theft most elusive is that there is no specific place the theft occurs. It could start in as innocuous and simple a location as the mailbox at the end of your driveway, or start as a complex hack of a debit transaction when you purchase gasoline at the corner fuelling station.
Those simple paper credit card receipts that used to seem innocent enough are now weapons that can be used against an unsuspecting card user, and they fill department store garbage bins by the millions, just waiting for an unscrupulous thief to convert them into cash.
Amazingly, there already exists a lucrative underground market for unused, freshly mailed credit cards. The cards are collected by thieves and sold for pennies on the dollar to Internet credit card rings, where they will be used primarily for web purchases of intangible, untraceable services, usually in distant countries to help hide their tracks. Eastern Europe in particular sees a very high number of illegitimate credit card transactions on stolen North American cards.
Your mailbox alone contains a wealth of personal information in the form of checks, banking and credit card statements, pre-approved loan offers, you name it. Any wonder there are stacks of inexpensive paper shredders on the sales floor at every Staples and Office Depot , and it is a good idea to put one of those shredders to use in your home starting right now.
Take affirmative action to help reduce the chance of identity theft. At the very least be such a difficult target that the thief will simply move on to the next potential victim. Get a locking mailbox with only a small slot for the letter carrier to place the mail. Shred all documentation that you don’t really need.
Empty your automobile glove box of unnecessary personal information, and ask your family to do the same. Find out if your credit card company has an identity theft policy on it, and check with your home insurance for this type of coverage as well. It is very cheap from most insurance companies, if not free, and well worth the time it takes to arrange.
A computer virus can ruin your day, but identity theft can steal your life away, and have a dramatic impact on your future, and the welfare of your family. Protect yourself and your loved ones by taking these simple steps now.
Ron
1 comment so far ↓
[...] “Take affirmative action to help reduce the chance of identity theft. At the very least be su… This is very good advice that Ron gives and I agree with him whole heartedly. It is too bad that we live in a time where we have to worry so much about this but it is better to be safe than sorry. After you implement some of the tips that Ron suggests in his article, you may not have to worry so much about possibly becoming a victim of identity theft. [...]
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