Identity fraud is the fastest growing white-collar crime in America. For the purposes of this article I will concentrate on Financial Identity Fraud. This is when a criminal assumes your identity in order to obtain credit, get loans, write bad checks, rent or buy property, buy vehicles and more.
When you are taken advantage of in this way it can harm many aspects of your life: reputation, credit history, bank account and so on. It takes a significant amount of time, effort and expense to get those items back in order after having been a victim.
Some facts about identity fraud:
- 1 million plus Americans will be a victim this year
- 1 out of 20 Americans has already been a victim
- It takes on average 175 hours and 2 years to clear name
- Identity theft is #1 consumer complaint filed with the FTC
How can you prevent Identity fraud?
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- Take time to shred your bills after paying them.
- Subscribe to a credit reporting service that sends you alerts about your credit
- If you can, pay your bills online using an encrypted website (most bank sites are already encrypted)
- Have your bills delivered to you via email and not paper mail
- Sign the back of your credit cards with the phrase “Please ask for Picture Identification”
- Be sure to shred all documents that have identifying information on them before throwing them out.
- Buy a cross-cut shredder (a bit obvious by now!)
- When out of town for extended periods of time, have the post office hold your mail! (especially if you get mail at your doorstep and not at a community collection box)
Taking the time to keep track of your identity can save you vast amounts of time, energy and money in the long run. Don’t be 1 in a million this year. Protect yourself.
Eric Paton has a Masters in Business Administration and is passionate about finances and personal credit. Wish to learn more, feel free to visit the http://www.thebizreview.org
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