After Hurricane Wilma struck Ft. Lauderdale in 2005, the entire county went offline. No power, no computer. No computer, no Internet. You couldn’t buy gas because the electric pumps were out. You could only buy what groceries were still on the shelf if you had cash. Credit and debit cards were rendered useless.Things always go wrong at the worst possible time.
At the worst possible moment, hackers struck my PayPal account, overdrew my connected bank account and credit card, and left me penniless when I was most vulnerable.
As more and more crooks and cons become Internet savvy, identity theft is now the fastest growing crime in the U.S.
Identity theft falls into 4 categories:
-financial (stealing goods and services)
-criminal (fake identity when arrested)
-cloning (pretending to be someone else)
-business (using another’s business to obtain credit)
We mostly think of identity theft when a stranger uses our credit to obtain goods and services, but the others can be even more devastating. Try applying for a job after someone gave your identity when they were convicted and jailed for a felony.
Identity Theft Prevention:
1.don’t be free and easy with your Social Security number
2.don’t print your SSN on checks
3.don’t carry blank checks or credit cards you don’t need – you may not miss them when they have been stolen
4.be especially careful about giving your SSN over the phone or online
5.don’t throw away official government letters or credit card statements without shredding
6.secure your mail with a locking mailbox if necessary
7.sign new credit cards as soon as you receive them
8.do not leave credit card receipts behind at restaurants, gas stations, or stores
9.choose tough-to-figure-out logins, passwords, and PIN numbers
10.use different passwords for different accounts
11.change your PIN numbers and passwords every 90 days
12. do not carry your PIN numbers in your wallet or purse
13. change the passwords often for services like PayPal which are linked to your bank account and credit cards
14. put your phone numbers on the national Do-Not-Call Registry (1-888-382-1222 )
15. don’t give your phone number to those who don’t need it (stores – pay attention)
16. do a Google search for your own name and SSN to see what you can find out about yourself
17. choose online vendors carefully – Google before purchasing with a credit card – look for a secure site button
18. keep an eye out for shoulder surfers in public transactions
19. be wary of skimmers wherever your credit card is out of your sight (restaurants)
20. be careful with file sharing software – it can give hackers access to your computer
21. limit the amount of personal info you divulge on social networking sites
22. keep a close eye on laptops and thumb drives that contain personal information
23. review your monthly bank and credit card statements carefully, or check more often online
24. review your credit report at least once a year for suspicious activity or inquiries
25. keep a master record in a safe place with account numbers and phone numbers should your credit cards be stolen
Identity Theft Recovery:
If your personal data has been subject to identify theft, act immediately.
1.if your cards or ID were physically stolen, file a police report
2.call the big 3 credit bureaus, place a fraud alert on your credit cards, and obtain a free credit report
3.close any bank accounts and credit cards you believe have been used by identity thieves
4.dispute any charges or checks or withdrawals you have not authorized
5.contact DMV for a new drivers’ license and number if yours has been compromised
6.ask for a letter from each account resolving the dispute and verifying that the identity theft accounts have been closed
After the Hurricane Wilma hack, it took weeks to get PayPal to reverse all the charges and chase down the fraud. The paperwork at the bank seemed endless. Citibank canceled the old credit card and sent the new one out in record time.
U.S. Government statistics estimate it takes about 600 hours and $1,200 to counter identity theft and restore your good name and credit.
Prevention beats cure every time.
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Charles Lamm is dedicated to asset protection for the masses using his Asset Protection Iron Triangle program at http://www.corp-llc-bct.com . More information on prevention of and recovery from Identity Theft can be found at: http://corp-llc-bct.com/identity-theft/ . You can reach him at: asset-protection@corp-llc-bct.com .
