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Identity Theft

10 THINGS TO KNOW ABOUT ID THEFT

Article supplied by MSN Money Online

You can protect yourself against identity thieves by understanding how they work, then taking the appropriate precautions with your credit card accounts.

1. Thieves don't need your credit card number to steal it. Conversely, they don't need your credit card to steal your identity. Identity thieves are crafty; sometimes all they need is one piece of information about you, and they can easily gain access to the rest. It's crucial to lock up important documents at home such as: birth certificates, Social Security cards, and that include credit cards when not in use.

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2. The nonfinancial personal information you reveal online is often enough for a thief. Beware of seemingly innocent personal facts that a thief could use to steal your identity. For example, never list your full birthdate on Facebook or any other social-networking website. And don't list your home address or telephone number on any website you use for personal or business reasons, including job-search sites.

3. Be careful with your snail mail. By following a billing cycle closely of a credit card or other bill, and you notice it hasn't arrived, it may mean that an identity thief has gotten hold of your account and changed your billing address. Never place outgoing mail in your mailbox or door slot for a carrier to pick up. Anyone can grab it and get your credit card numbers and other financial information. Bring it to the post office yourself.

4. Review bank and credit card statements monthly -- and preferably more often. Watch for charges for less than a dollar or two from unfamiliar companies or individuals. Thieves who are planning to purchase a block of stolen credit card numbers often first test to check that the accounts haven't been canceled by aware customers. They do so by sending a small charge through, sometimes for only a few pennies. If the first charge succeeds, they'll buy the stolen data and make a much larger charge or purchase. They're guessing -- often correctly -- that most cardholders won't notice such a tiny charge. In addition, many of the fraud alerts you can set on your accounts aren't triggered by small dollar amounts. Reviewing your credit report on a regular basis is also a good idea, but usually by the time a fraudulent transaction reaches your credit report, it's too late.

5. If an ATM or store terminal looks funny, don't use it. Make sure there is no external devices attached to any ATM card slot -as a general rule, the mouth of a card receptacle on an ATM machine should be flush with the machine or have only a very slight lip. If it looks or feels different when you swipe your card, or has an extra piece of plastic sticking out from the card slot, it may be a skimmer, an electronic device placed there by thieves that captures your credit card information when you swipe it. If you notice it after you've already inserted your card, you should alert your financial institution so it can watch for any fraudulent charges to your account.

6. Identity thieves love travelers and tourists. When traveling, you should be alert to strangers hovering when you use a credit card at an ATM or phone, and to avoid public wireless Internet connections unless you have a strong security protection.

7. Identity thieves are sneaky; you need to be sneaky, too. There are a few simple things you can do to protect your credit card in case it falls into the wrong hands.  By signing your credit card with a Sharpie Marker you are ensuring that the signature can't be erased and written over.

8. Pay attention at the checkout line. If a cashier or salesperson takes your card and either turns away from you or takes too long to conduct what is usually a normal transaction, he/she may be scanning your card into a handheld skimming terminal to harvest the information. Thieves don't need a handheld scanner to capture your information-they can take a picture of the front and back of your card with a cellphone or merely swap out cards. When the card is given back to you, verify that it in fact is yours.

9. Go paperless in as many ways as possible. Cut back on the mail you receive from banks and financial institutions by discontinuing paper bills and statements and have financial statements sent via electronic files.

10. Identity theft insurance can pay off, but you need to read the fine print. Several companies offer identity theft insurance, which covers the money you shell out to repair your identity. This includes whatever you spend on phone calls, making copies of documents and mailing them, hiring an attorney and, in some cases, lost wages. However, the insurance -- which costs about $50 a year -- does not reimburse you for funds you lost. Your current homeowner’s policy may include identity theft insurance in your package, so check first before signing up with an outside company. Also, some companies are starting to offer identity theft insurance as an employee benefit.