Year ago, identity theft is seen as an imagination only thought up to dramatize movies. These days, it is a very real threat to the freedom of the economy. A thief can sign up new credit facilities, open bank accounts, and even get a job in your name. They can then drain out all your credit and money before you even know it. To make it worst, they might get into trouble with the law and a warrant for your arrest is issued. This is scary stuff.
If you believe that you have been a victim, here are some steps to take.
- Immediately contact all your card issuers to notify them about possible compromise. You will usually be able to either change your PINs and passwords, temporarily freeze the accounts, or close the account with the issuance of a new card.
- Send the credit bureau an initial fraud alert. Your credit rating will taking a beating when your cards are continually charged without payment. Be prepared to offer your personal details to verify your identity. This alert will be at a heightened diligence when issuing facilities in your name.
- File a police report in the community where you believe the theft took place. You need to do this so that creditors and bureaus can validate that you have indeed been a victim. It’s just like making a claim with travel insurance about the loss of belongings. You need a police report to file your claims.
On the subject of insurance, there are actually identity theft insurance plans in the market. But before agreeing to take them up, you should read up what they protect you from and decide if it is worthwhile at all. In any case, insurance always have a way to get to our heads. It’s like you will never really know the priceless value of travel insurance until emergencies arise where they come into play.
People anywhere can attempt to steal your identity
Protection from fraud
- You are responsible in protecting yourself. You cannot depend on big daddy all the time. Here are some tips you can use to prevent yourself from being a stressed out victim.
- Always keep the receipts from card transactions. Don’t leave them with the cashier and avoid dumping them into public trash bins. If you have to, at least tear them up before disposing them in public places. The best action to take is to bring them home or to the office to shred them completely.
- Scrutinize your credit card statements ever time you receive them. Most people do not review these statements are it is such a chore to do so. But if you want to play an active role in theft protection, you should go through them to verify that you indeed authorized all listed transactions. Contact the bank immediately when you find unauthorized use.
- Don’t leave any statements with personal information lying around. You either file them up properly and hide them or you shred them completely. This is especially important when dealing with mail that contain PINs, passwords, and account information.
- If you are making online transactions, only use your credit card on reputable websites that have credibility. Don’t assume you are safe just because you are using a third party processor like Paypal. For example, Paypal does not protect you at all when you are buying digital products and intangible services they classify as digital.
- Do not fully trust a website just because of it’s professional appearance. These appearances can be simple templates that are easily uploaded. In fact, a professional look that is too good to be true is a sign that you should be cautious.
- Be wary of dealing with people outside your country. Especially those who got a hold of you via unsolicited email and cold calls. Check their physical addresses and phone numbers to be sure that you are dealing with a legitimate company.
- If you are extremist, you could also consider signing up to one of those credit monitoring services. They typically send you email or SMS alerts every time there are key changes to your credit. Whether it is worthwhile to pay for such services is a decision you have to weigh up.