The Growing Problem of Identity Theft
You're a good solid law-abiding citizen, work at a steady
job, pay your taxes and your bills on time and suddenly you
find yourself receiving calls from debt collection agencies,
unable to get a loan for that new car, or have a warrant out
for your arrest. What happened? You may be the latest victim
of identity theft.
Over the past few years, we've all heard about the growing
problem of identity theft. Trying to keep a step ahead of
the identity thieves has become increasingly difficult.
Eight years ago, Congress passed legislation to combat the
rising tide of identity theft. But identity thieves don't
rest. They are always looking for new victims and finding
new ways to steal. You go out to a nice restaurant for
dinner. The waiter brings your bill. You give him your
credit card and he disappears. A few minutes later, he
returns with your receipt. You give him a nice tip, not
knowing that he has already helped himself to your credit
card information until you see thousands of dollars worth of
charges on your next bill.
You receive your tenth credit card solicitation for the week
in the mail. Frustrated, you throw it in the trash, along
with the others, and wheel your trash cart to the curb.
While you're sleeping or at work, an identity thief goes
through your trash, takes the credit card solicitations with
your name on them and tries opening new accounts. It would
be advisable to invest in a paper shredder. Anything with
personal identity information should be shredded prior to
disposal.
Your phone rings and it is someone claiming to be from your
bank telling you that they have had some computer problems
and that your account may have been compromised. They need
you to verify your bank account and social security numbers.
They also tell you it might be a good idea to give them your
personal identification number for your debit card so they
can check as well. You comply and the next thing you know is
that all of the money in your account has been withdrawn. A
word of advice: No legitimate banker will ask you for this
information over the phone or over the Internet!
It sometimes takes years before individuals realize that
they have become a victim of identity theft. You may not
find out until you are denied credit, denied a job, or hear
from debt collectors asking for payment on debts you did not
incur.
How can you combat identity theft on your computer? The
Federal Deposit Insurance Corporation suggests the following
steps:
- Be sure your virus protection programs on your
computer are updated regularly.
- Do not open files sent to you by someone that you do
not know.
- Use firewall protection on your computer.
- Use a secure browser.
- Do not store personal financial information on your
laptop computer in case it is stolen.
- Before disposing of an old computer, be sure to
delete personal information.
Credit bureaus can sell information to credit card
companies or other lenders who might use the information in
deciding whether to send you a solicitation for a credit
card offer. This is called prescreening. One way to cut down
on the amount of these types of offers you receive in the
mail is to opt out of such offers by calling 888.867.8688.
A report issued by the Presidents Identity Theft Task Force
in April 2007 suggests that while social security numbers
are necessary for use by the federal government for purposes
of employment, taxation, and sharing of information with law
enforcement, the government should seek alternatives to
using social security numbers as identifiers in the public
sector.
Until that time, we, as consumers, must continue to be
vigilant in protecting our private information. If, after
all of your best efforts, you do find yourself a victim of
identity theft, immediately contact the three credit
reporting bureaus and the local police.
This information is provided with the understanding that the
association is not engaged in rendering specific legal,
accounting, or other professional services. If
specific expert assistance is required, the services of a
competent, professional person should be sought.
Provided as a public service by the Pennsylvania Association
of Community Bankers.