Protecting your identity and wealth during tough economic times: Feature Article

When the economy is on the outs, scammers, frauders, and identity thieves come out and are more abundant. This is partially because people are more susceptible, and also because it is harder to get loans, jobs, etc. so they turn to theft instead. The fact is, more than half a million people find themselves victims of identity theft each year. If your identity gets stolen, it is likely that you will face years of lost money, and frustration while you clean up the mess. Your credit can be ruined which may take years to get things off your credit. This can mean higher interest rates, harder times getting loans, and more. So, when times are tight, and every penny counts, it is best to protectyour identity and wealth. The key to protection is prevention. If you can keep ID thieves at bay, you can safeguard your name, credit, and wealth.

Here are some tips for protecting your identity:

1. Be watchful of shoulder-surfers. As silly as it sounds, it is not bad to be paranoid when using ATMs. If you are uncomfortable with how close someone is standing, let them go first, and then do your transaction after. Many times, identity thieves will stand close enough to see PIN numbers being punched in. They may later pick pocket you to get your card, or go through your trash, etc. to get card numbers. So, pay attention to people that may be paying too close of attention.




Helpful Resources: Protecting Wealth This is a great site for learning about protecting your wealth during tough economic times. It offers advice for protecting investments, and making good investment decisions during economic decline. WNBA This is a site about how the WNBA is enjoying financial growth during the tough economic times, and helps readers understand ways to protect your wealth during tough times in the economy. Economic Decline This is a great site for learning about the economic decline and how it can affect you financially. It offers tips for protecting yourself and your wealth during the tough economic times. Protecting Your Identity and Wealth This is a government sponsored site that teaches you how to protect your identity, and thus your wealth, and how you can insure that your identity does not get stolen during tough economic times. Daily Protection This is a great site for learning about things you can do daily to protect your identity so that it does not get stolen online, out of your garbage can, etc. It is a great site for learning identity protection tips. Financial Management This is a great source that teaches users tips for financial management during tough economic times. By managing your finances better during tough times, you will protect wealth and come out ahead. Avoiding Scams This is an awesome article about how consumers are easier to scam during tough economic times because they are looking for easy answers. It offers tips for avoiding scams and for protecting yourself. Avoiding Scammers This is a great site for learning about how to avoid scammers and get the most out of your finances during economic downturns. It offers tips for tough times with the economy, and protecting identity. Protecting Your Identity This is a great site for learning how to protect your identity, but also how to recover your identity and get your bank accounts, and other things back on track if your identity does get stolen. Protection Software This is a website that provides software for helping you protect the personal information on your computer so that you have less chance of having identity stolen by hackers or online identity thefts.



2. Protect receipts that list your full card or account numbers. You do not want to have these floating around. Some credit card receipts list full account numbers and expiration dates. These are easy to steal, and can be used online to make purchases, etc. So, at restaurants, etc. cross out the number well on the receipts you leave in the book, and take your copies and store them in a safe place until your bill comes, then shred them. Throwing them out unshredded, or not keeping track of them is an invitation for identity theft.
3. A shredder can be such a useful tool for protecting your identity, and by extent, your wealth. Take the time and money to buy a shredder and use it for everything that contains any sort of personal information, this means credit card receipts (after you've reconciled your bill to ensure nothing was recorded wrong), old bank statements, medical statements, all of your bills, and especially pre-approved credit card offers. Basically, if the document includes any of your personal information, an identity thief can take that information and use it to find out more about you and steal your identity.
4. Check any bills that come to your house, especially credit card bills. If you find that they are sent to you, and that they are always addressed the same. When you fill out applications, use your full name. It makes it harder for an identity thief to use your identity when you require more personal information. Bills or offers that come addressed incorrectly can be an indicator of identity theft.
5. One of the best things you can do to protect your credit and your identity, and you're your wealth is to keep your eyes open. Take the five minutes a month it takes to monitor your credit accounts, and make sure there are no unauthorized purchases being made. If you are not using a credit card, either continue to check it, or close it so that it is not an option for someone to use. Cutting them up and tossing them is not enough, you have to call the credit company and actually close the account. That way if someone tries to use the number, it will be invalid.
6. In addition to keeping track of your cards and checking to ensure your bills are correct, you should try and limit the number of credit cards you carry. The fewer cards you have, the easier it is to track them, and the harder it is for an ID thief to get away with using your good name and good credit score.
7. Check your credit report as often as possible to watch for errors or accounts that should not exist. You are entitled to one free credit report each year from all three of the credit reporting agencies. If you are serious about protecting your identity and thus your wealth, you will check every 4 months, and take advantage of the one a year from each company (or 3 total per year).
8. If you are paying a bill, take it to a post office drop box, or hand it to the mail carrier directly. Putting bills you are paying in your mailbox for the mailman to pick up in an open invitation for ID theft. It is not hard to take a paid bill out of a mail box and get a credit card number or full name, etc. off of it. Unless you have a locked mailbox, take bills you are paying via mail directly to the bank. It is better to pay them online, as long as you protect your computer from spyware.
9. Any time you move you should contact all of your creditors and have your address updated right away so that none of your old mail gets sent to an address you do not live at. This way no one else gets your mail.
10. If your cards expire and you have not yet received a new one, call right away and ask about it. Most card companies send out new cards before your old one expires. If you have not received it, someone else might have. So, make sure you have it cancelled and have a new one sent.
11. Protect your Social Security number, it is one of the most important forms of identity. A lot of places ask for it, but you can decline, only use it when you absolutely have to. If the merchant demands it, go somewhere else, especially if they want you to write it out, or print it on a check you pay with, or on an application. Sometimes ID thieves never come near your home, instead they steal credit applications, check copies, etc. from garbage bins behind department stores, etc. So, if you do give your social, make sure the store takes proper precautions to protect it.
12. Do not carry your Social Security number with you, especially not if you have your driver license with it, together this is too much information. What if you were to lose your wallet? The person who finds it has your ID, Social, etc. and can steal your identity without a problem.
13. Do not give your credit, social, or DL number over the phone. You do not have any way of verifying that the person talking to you is who they say they are. Instead ask if there is another way to pay. Also, if you're shopping with an online merchant for the first time, look for the Trust-e symbol or a Better Business Bureau online seal, which lets you know they have been audited and given the approval of trustworthiness.In addition, make sure all online credit card charges are handled through a secure site or in an encrypted mode. You can tell by looking at the address, it should start with https instead of just http.

There are other precautions you can take to protect your identity, but one of the best things you can do is get yourself out of the mindset that it won't happen to you. The facts show that there is actually a very high likelihood that it will. If you rid yourself of the invincible mindset, you will likely take more precautions against ID theft, and thus it will be more unlikely that it will happen to you. However, if it does, be sure to report it immediately, and contact your credit agencies, credit card companies, and more to ensure that you do not lose more wealth, time, or credit than necessary. The sooner you act, and the sooner you catch on that someone is using your identity, the less damage there will be. When economic times are tight it is extremely important that you are even more vigilant. If it is hard for the average person to get a loan, then people might start looking to use other's identities to get the things they want. So, check your credit regularly, keep track of bills, and never be too trusting. If you are worried about your account numbers on receipts or applications, check privacy policies, and ensure that the companies who you do entrust personal information to are worthy of that trust.