Don’t be a Victim of Identity Theft

Identity theft is one of those things that everybody is aware of but nobody worries about it until it affects them personally. Unfortunately, by that time, it’s too late. Once someone has stolen an identity, they can run up bills and waste the consumer’s money. This can not only put a financial burden on the consumer but can ruin credit history. Even if it all gets repaired, the time taken to deal with the problem is time that could have been better spent in other ways. Like with many other situations, prevention of identity theft is a far better choice than trying to treat the problem once it’s arisen.

The Federal Trade Commission recommends a three-pronged approach to reducing the likelihood that you will become a victim of identity theft. First, this government agency recommends that all consumers work to deter identity theft by carefully protecting their own financial information. Second, they encourage all consumers to detect suspicious activity as soon as it occurs by monitoring accounts regularly. And finally, they ask that victims of identity theft defend themselves by reporting the problem as soon as it occurs. You’ll notice that two thirds of the process is about prevention.
Prevention starts with protecting your financial information. The area of greatest concern is the transmission of credit information through the Internet when the site is unprotected. Never deal with financial transactions online from a wireless location which has shared Internet. Make sure that your own home Internet is locked and password-protected. And make sure that your passwords are varied and not easy to guess.

Also make sure that every time you deal with a credit website, it’s legitimate. Hackers often set up fake websites that look just like the real credit card websites to encourage people to input their information into insecure locations. The key here is to be cautious whenever you are sent any mail that asks for your credit card information. Even if it looks like it’s from your credit card company, it might not be. Unless you’re positive that the information requested is legitimate, you should call the company and discuss the transaction with them before submitting financial information online.

The Internet is the biggest source of identity theft but there are still “old-fashioned” thieves out there. Some will steal your credit cards from purses or when they are left on restaurant tables. Others will steal credit information from the trash and get your identity that way. Always pay attention to your cards and always make sure to shred documents with financial information on them.

Finally, always be aware of what’s going on with your credit cards. Not only should you know where the cards are but you should also monitor their use. Make sure that every time a statement comes in, you agree that the transactions listed on it are ones you made. Prevention includes strict monitoring of your credit so that you note problems as soon as they occur. By taking the time to prevent identity theft, you save yourself time down the line … and you may even save yourself from becoming a victim at all.