The Javelin report found that 8.1 million Americans were victimized last year by identity theft to the tune of $37 billion in stolen assets. It’s a grim reminder that thieves are still trolling for your personal financial information, and vigilance in protecting this information continues to be the best approach.
Here are some reminders on avoiding identity theft:
- Use unique passwords for each website you visit, including your favorite shopping site and online bank account. This will limit any breach to just one website, should thieves obtain access to your password.
- Check for security measures your bank or a retailer uses for online transactions. This will provide some assurance that the businesses are actively trying to prevent cybercriminals from hacking into your account information.
- Thoroughly review all your credit card and bank statements when you receive them. This will help tip you off to unauthorized access to these accounts. Even a small unexplained charge or withdrawal should raise a red flag as thieves may, over time, steal small amounts from thousands of accounts, rather than cleaning out a single account, in hopes of going unnoticed longer. The theft of $4 from a thousand accounts is the same to the thief as $4,000 from a single account.
- Monitor your credit history. If someone has stolen personal information, such as your Social Security number, it can be used to apply for credit cards in your name. You can check to see whether this has occurred by using one of a number of services that provide free access to your credit reports; or you can subscribe to a paid service that will monitor the credit reports for you.
- If you have the option of using a credit or debit card, opt for the credit card. In general, credit cards offer more protection for consumers. Thieves who get your debit card information can use it to quickly empty your bank accounts.
- If you must use your debit card, select the credit card option that doesn’t require you to enter your PIN. Most machines will accept it this way.
- Closely inspect an ATM machine before using it. Using a technique known as ATM skimming, thieves sometimes attach their own card-reading devices to a card-swiping slot on an ATM machine to steal your card information. If a machine appears to have been altered or the card-swiper appears to have been tampered with, use another machine.
- In general, for any self-service kiosk where you swipe your card at the time of purchase, make sure that the machine has not been tampered with. If it has, take your business elsewhere, or complete the transaction later online or by phone.
- Ask for a credit freeze. If you suspect your personal information has been stolen, request the three creditbureaus freeze access to your credit file, which will prevent thieves from opening new accounts with your stolen information.
By following these and other common-sense measures, may help consumers defend themselves.
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