How to Protect Yourself Against, and Mitigate Damages From, Identity Theft
We’ve all heard of it. But we all think that we’re invincible to it. Identity Theft!
What is it? It refers to the preparatory stage of acquiring and collecting someone else’s personal information for criminal purposes.
Identity theft techniques can range from unsophisticated, such as dumpster diving and mail theft, to more elaborate schemes.
If your identity is stolen, do you have a plan in place to mitigate the damages? If not, you should at the minimum bookmark this, just in case you need it in the future.
Identity thieves are looking for the following information:
• complete name
• date of birth
• Social Insurance Numbers
• complete address
• mother’s maiden name
• username and password for online sets
• driver’s license number
• personal identification numbers (PIN)
• credit card information (numbers, expiry dates and the last three digits printed on the identifying characteristics panel)
• bank account numbers
• identifying characteristics
• passport number
There are things that you can do to protect yourself from identity theft, and there are steps that you can take to minimize the damage and help bring the thief to justice.
Here are 5 things that you can do right now to protect yourself:
1. Do not sign the back of your credit cards. Instead, put ‘PHOTO ID REQUIRED.’
2. When you are writing checks to pay on your credit card accounts, DO NOT put the complete account number on the ‘For’ line. Instead, just put the last four numbers. The credit card company knows the rest of the number, and anyone who might be handling your cheque as it passes by all the cheque processing channels won’t have access to it.
3. Put your work phone # on your checks instead of your home phone. If you have a PO Box, use that instead of your home address. If you do not have a PO Box, use your work address. Never have your SIN printed on your checks. (DUH!) You can add it if it is necessary. But if you have It printed, anyone can get it.
4. Place the contents of your wallet on a photocopy machine. Do both sides of each license, credit card, etc. You will know what you had in your wallet and all of the account numbers and phone numbers to call and cancel. Keep the photocopy in a safe place.
5. When you travel oversea, carry a photocopy of your passport. We’ve all heard horror stories about fraud that’s committed on us in stealing a Name, address, Social Insurance number, credit cards, etc…
If your identity does get stolen, what kind of things can you expect to have happen?
Here are just some of what they can do:
1. Access your bank accounts
2. Open new bank accounts
3. move bank balances
4. Apply for loans, credit cards
5. Make purchases
6. Buy cell phone packages
7. Credit line approved by retail stores
8. Access your driving record, and change your information online
If you are a victim, here’s some basic information to act on closest:
1. Cancel your credit cards closest. But the meaningful is having the toll free numbers and your card numbers handy so you know whom to call. Keep those where you can find them. This is why we photocopy them (see above). Call your local bank/financial institution in addition.
2. File a police report closest in the jurisdiction where your credit cards, etc., were stolen. This proves to credit providers you were diligent, and this is a first step toward an investigation (if there ever is one).
But here’s what is perhaps most important of all:
3. Call the nationwide credit reporting companies closest. Ask them to put a fraud alert on your name and credit report. The alert method any company that checks your credit knows your information was stolen, and they have to contact you by phone to authorize new credit.
Here are the numbers for two national credit bureaus:
1.) Equifax: 1-800-465-7166
2.) TransUnion Canada: 1-877-525-3823
3. Order free copies of your credit report from each of the nationwide credit reporting companies.
Have you already been a victim of clarify theft? Tell us your story and maybe others can learn from what you did, or didn’t do.