You
hear a lot about identity theft these days, but if you become
a victim, do you know what to do immediately? Consider the
following.
The 1990’s spawned a new variety
of crooks called identity thieves. Their stock in trade
is your everyday transaction.
Each transaction requires you to share personal information:
your bank and credit card account numbers; your income; your
Social Security number (SSN); or your name, address and phone
numbers. An identity thief co-opts some piece of your personal
information and appropriates it without your knowledge to
commit fraud or theft. An all-too-common example is when
an identity thief uses your personal information to open
a credit card account in your name.
Identity theft is a serious crime.
People whose identities have been stolen can spend months
or years – and thousands
of dollars – cleaning up the mess the thieves have
made of their good name and credit record. In the meantime,
victims may lose job opportunities, be refused loans for
education, housing, cars, or even be arrested for crimes
they didn’t commit. Humiliation, anger and frustration
are common feelings victims experience as they navigate the
arduous process of reclaiming their identity.
Perhaps you’ve received your first call from a collections
agent demanding payment on a loan you never took out – for
a car you never bought. Maybe you’ve already spent
a significant amount of time and money calling financial
institutions, canceling accounts, struggling to regain your
good name and credit. Or maybe your wallet’s been stolen,
or you’ve just heard about identity theft for the first
time on the nightly news, and you’d like to know more
about protecting yourself from this devastating crime. This
booklet is for you.
Can you completely prevent identity theft from occurring?
Probably not, especially if someone is determined to commit
the crime. But you can minimize your risk by managing your
personal information wisely and cautiously.
If you’ve been a victim of identity theft, call the
FTC’s Identity Theft Hotline toll-free at 1-877-IDTHEFT
(438-4338). Counselors will take your complaint and advise
you on how to deal with the credit-related problems that
could result. In addition, the FTC, in conjunction with banks,
credit grantors and consumer advocates, has developed the
ID Theft Affidavit to help victims of ID theft restore their
good names. The ID Theft Affidavit, a form that can be used
to report information to many organizations, simplifies the
process of disputing charges with companies where a new account
was opened in your name. For a copy of the ID Theft Affidavit,
see page 29 or visit the ID Theft Website at www.consumer.gov/idtheft.
The Hotline and Website give you one place to report the
theft to the federal government and receive helpful information.
The FTC puts your information into a secure consumer fraud
database where it can be used to help other law enforcement
agencies and private entities in their investigations and
victim assistance.
Tip From MsFinancialsavvy.com; Don't give any information
to anyone unless it is absolutely necessary! If
you are asked to give your social security number to someone
who doesn't need it,
give them a fake number.
Lois Center-Shabazz is the founder of MsFinancialSavvy.com
and author of the 3-time award-winning personal
finance book, Let's Get Financial Savvy! ISBN
#0971979502.
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