Identity theft is one of the fastest-growing types of fraud. Identity theft, also called "account takeover fraud" or "true name fraud," involves criminals' stealing personal information about individuals and assuming their identities by applying for credit in their name, running up huge bills, stiffing creditors, and generallly wrecking victims' credit histories. Criminals steal personal information from mailboxes and dumpsters, through telemarketing skams, computer hacking, and paying workers in retail establishments or financial institutions to copy down information about customers.

• Don't give your Social Security number or other personal credit information about yourself to anyone who contacts you.
• Tear up receipts, bank statements, and unused credit card offers before throwing them away.
• Keep an eye out for any missing mail.
• Don't mail bills from your own mailbox with the flag up.
• Review your monthly accounts regularly for any unauthorized charges.
• Order copies of your credit report to ensure accuracy.
• Choose to do business with companuies you know are reputable, particularly online.
• When conducting business online, make sure your browser's padlock or key icon is active.
• Don't open email from unknown sources, and use virus detection software.
• Protect your PINs (don't carry them in your wallet!) and passwords; use a combination of letters and numbers for your passwords and change them periodically.
• Report any suspected fraud to your bank and to the fraud units of the three credit reporting agencies immediately. The fraud unit numbers are:
  • Trans Union: (800) 680-7289
  • Experian: (800) 397-3742
  • Equifax: (800) 525-6285

 

Thanks to the American Bankers Association for providing these useful tips.