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Identity Theft: Simple Ways to Protect Yourself

These days [tag]identity theft[/tag] is both a high-tech and low-tech crime. Criminals are hacking computer databases, store employees are [tag]skimming[/tag] credit cards, and street thugs continue to mug people and steal their wallets.

If you find yourself the victim of any of these crimes the question remains: Would you know what to do in the event that you found yourself the victim of identity theft? Would you know what actions to take to protect you against serious financial damage?

Fortunately, you can establish some safeguards now and hopefully mitigate the severity of the crime. These are some easy steps that you can take right now.

• Photocopy the contents of your wallet–both sides. Take your license, credit cards, debit cards, and store cards and photocopy both sides. The front obviously has your account number, while the back has the important toll free numbers you’ll need. File these photocopies in a safe place. If you are pick-pocketed, you’ll be able to alert each company immediately.
• Never carry your social security card in your wallet. Your social security card should remain locked away in a safe place at home. Carrying it with you increases the damage an individual can do in the event that your wallet or purse is stolen.
• Call Experian, Equifax, and Trans Union today. Place a [tag]fraud alert[/tag] on your name and social security number. If a “fraud alert” is in place, then any company that checks your credit has to contact you by phone to authorize new credit. And important tip here regarding fraud alerts: Provide your cell phone number. I had a friend who placed a fraud alert as a precaution years ago, completely forgot about it and tried to buy a new car. The process took forever and–ultimately–he was denied. Turned out he had messages waiting for him on his home phone voicemail trying to contact him to clear the application. Colossal pain in the ass, he said, but he was glad to know the system worked.

If you do find yourself the victim of identity theft, alert the authorities. File a police report immediately in the jurisdiction where the crime took place. Also, call the Social Security Administration fraud line as well at 1-800-269-0271. This is an important first step because not only does it start the process towards a possible legal resolution, but it also helps build your credibility when dealing with credit providers.

By taking action now, you might avoid unnecessary stress and needless financial damage down the road. Be aware of the steps you should take today to protect yourself tomorrow.