Real Estate Investment Articles

Identity Theft- Are You at Risk?

By: Voudrie and Associates

Identity Theft? “I’m careful with my information. It couldn’t happen to me,” you may be thinking to yourself. Do you use your Social Security number as an employee or student identification number? Do you carry your Social Security card in your purse or wallet? Do you drop off outgoing mail in an unsecured mailbox or in an office outbox? Do you leave your purse in an unsecured place at work? Do you keep your computer password or bank PIN number in your wallet or day planner? If you answered “yes” to one or more of these questions, then you are not being as careful as you may think. You are running the risk of being a victim of Identity Theft.

What is Identity Theft? It occurs when someone uses your personal information without your knowledge or permission to commit fraud or other crimes. Not only is Identity Theft the fastest growing crime in America, with thirteen new victims every minute, it is also becoming one of the hardest crimes to prosecute. Only one in seven hundred thieves are being caught and prosecuted. Identity Theft has been implicated in crimes ranging from international drug trafficking to terrorism.

Most people today are aware of financial Identity Theft. This is where the thief uses your personal information to obtain money, goods and/or services leaving you with the bill. Only 28% of reported cases involve financial identity theft. Are you aware that a thief could use your information to acquire a driver’s license and then get traffic tickets in your name? Are you aware that a thief could use you Social Security number for employment purposes and leave you stuck with the tax bill? Are you aware that a thief could use your personal information to obtain prescriptions, diagnostic tests or even treatment under your name? Finally, are you aware that a thief could use your information to escape fines or jail time for crimes that they have committed?

What drives Identity Theft? There are several factors that drive this crime including the availability of easy credit, widespread use of the internet and increased commerce that doesn’t require personal identification. It is often very difficult to identify and/or locate the thief due to their layered identities and transient nature. In many cases it is very difficult to find evidence linking the thief to the crimes that they have committed.

Identity thieves are information seekers. Information about each of us is gathered and disseminated on a regular basis-many times without our knowledge. Are you aware that there are ten pieces of information that anyone can find out about you from public records? This information includes your current address, if you have any criminal convictions, whether or not you hold a professional license, what vehicles you may own, whether you have filed bankruptcy or have had a lien placed against your property or if there is a warrant out for your arrest. In addition to having this information as a matter of public record, there are also companies that have your personal information in their data bases. They market their service, which is the sale of your personal information, to businesses as well as individuals.
Thieves also use a variety of both hi-tech and low-tech methods to obtain your personal information. They can steal your purse or wallet to gain access to your bank and credit card information. They can steal mail from you mailbox including you bank and credit card statements as well as pre-approved credit offers, boxes of new checks, etc. They can rummage through your trash looking for your personal information. They could gather personal information you share on the internet. Computers have made information gathering faster as well as making it easier to dispense information. Unfortunately there is little regulatory control over what happens to this information. All too often, it is sold to anyone who has the means to purchase it!

The best way to protect yourself is to play it safe by reducing access to your personal information. What can you do TODAY to begin protecting yourself? Safeguard your Social Security number. The widespread use of Social Security numbers for record keeping purposes makes invasion of this type of privacy and fraud easy to commit. Do not carry your Social Security card in your purse or wallet. Check to see if you carry any other cards that may use your Social Security number as an identification number. If you need to carry these cards, consider checking with the company or service provider to see if another type of identification number can be utilized. When you do give out your Social Security number, ask how it will be used and if it is possible to use a different type of identification number.
Be a responsible information handler. Never give out personal information over the phone unless you have initiated the call. Shred or tear up personal information before you place it in the trash. Consider getting a front door mail slot, a locked mailbox or a post office box for your incoming mail. Secure personal information within your home. Inquire about informational security procedures within your workplace. When developing new passwords, avoid using easily available information such as your date of birth.

For the best defense, monitor your monthly bank, credit card and utility statements for fraudulent or unauthorized charges. Monitor your credit report at least annually. Seriously consider some type of identity theft protection service. If you should become a victim of Identity Theft, do you have the time, knowledge, ability and resources to handle this on your own?

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