Sarah Dinkins asked:




Though such procedure may be a good suggestion, you may wonder whether it’s the optimal procedure in your particular case and whether it is worth the money it cost. Let’s analyze its benefits and drawbacks and what other alternatives you may have.

Credit monitoring is the key to avoiding identity theft; yet, it is not the only measure you can take in order to impede unscrupulous people from obtaining your credit details and social security number to use them for their advantage. There are other things you can do to reduce the risk of being a victim of identity theft and you can even monitor your credit yourself without hiring third party services.

Credit Monitoring Services Explained

A credit monitoring service provides you with updated information as regards to any access to your credit report. Whenever your credit report is pulled, you’ll receive an alert stating why and by whom was it pulled. Thus, you’ll be able to know immediately if your credit report was pulled with or without your authorization and how does that affect your credit score and history.

Any new account or credit line opened will immediately pop up and you’ll be notified. Thus, you’ll know right away if someone is using your name for illegal activities. This is very important because not only your credit can be affected by these practices, you may also have legal problems due to it which can turn out too costly and you can easily avoid them by using such services.

Finally, all other information included in your credit report is monitored, which implies that if any detail is changed for whatever purpose, you’ll be immediately notified so you can analyze whether it is a result of your actions or if there is someone else acting in your name. This lets you act immediately and take the necessary measures to avoid damage to your credit and assets.

Protecting Your Credit And Monitoring It Yourself

In order to protect your credit and identity, you need to be specially careful as to where you use your personal information like your full name, social security number, etc. This information should only be used and known by you unless needed otherwise due to justified reasons. If you need to use this information online, make sure the site is secure and if you doubt, ask for references before submitting such information.

The same goes to other critical details like credit card numbers, bank account numbers and codes, etc. Should you be asked by representatives for that information, make sure that they are entitled to it due to a request made by you and ask for confirmation that your information will be kept safe. There are online companies that can provide confirmation of the reliability and trustworthiness of online companies. Consult them whenever you think it’s necessary.

Though monitoring services provide continued updates on any access to your accounts and credit report, remember that you are entitled to requesting (free of charge) a copy of your credit report stating recent accesses to your credit history from each credit bureau, at least once a year.

Richard

Tom St. Amand asked:




I admit it, I’m an idiot. I heard all those warnings, saw the news reports, thought about doing something about it, but never did. Then it happened, someone got a hold of my personal information, and stole my identity. I think I know how they did it, but I’m not sure. All I know is I felt scared and violated and I learned some hard lessons. One which is: to prevent or reduce the chance of identity theft, establish good credit monitoring habits.

The kind of identity theft I was a victim of was application fraud; when the thief gets your personal information, especially your social security number, and applies for credit cards and loans in your name. In these crimes victims do not learn their identity has been stolen for some time, because credit card statements are sent to a phony address. I was fortunate, in that one of the credit card company’s fraud divisions had called me to confirm that I had applied for a card. That is how I learned the value of monitoring my credit report and will now do so faithfully.

I cannot stress enough the value of checking your credit report on a regular basis, at the bare minimum, once a year. Credit bureaus are required, by federal law, to provide you one free report per year. Take advantage of it! But once a year may not be enough, if you check more often you can catch an unauthorized application early, and minimize the damage.

Here is an extra bonus for residents in Maine, Massachusetts, Colorado, Maryland, New Jersey, Vermont and Georgia. Credit bureaus are required, by state law, to furnish you a free report each year, (Georgia is required to furnish two). These are in addition to the reports required by federal law.

Never give out your social security number over the phone to anyone you do not already trust, and only if you initiated the call! This rule also applies to the internet.

I know you’re not an idiot, like me, so practice good credit monitoring habits and reduce your chances of being a victim!

Credit Bureau Contact Information:

Equifax: P.O. Box 740250, Atlanta, GA 30374- 0241.

Report fraud: Call (888) 766-0008 and write to address above.

TTY: (800) 255-0056

Experian: PO Box 9532

Allen TX, 75013

Report fraud: Call (888) EXPERIAN (888-397-3742) and write to address above.

TTY: Use relay to fraud number above.

Experian: PO Box 9532

Allen TX, 75013

TransUnion: P.O. Box 6790, Fullerton, CA 92834-6790.

Report fraud: (800) 680-7289 and write to address above.

TTY: (877) 553-7803

E-mail (fraud victims only): fvad@transunion.com

Ramon

Lisa Carey asked:




Victims of identity theft are not limited to Americans. It is a crime that affects national economies all over the world and in some cases is a more serious concern than national security or even the war on terror.

The Federal Trade Commission recently reported a loss of approximately $50 billion dollars annually in the United States. In the United Kingdom, the Home Office estimated the cost of identity theft (known as identity fraud in most other countries) as approximately $3.2 billion dollars over the last three years. The Australian Centre for Policing Research estimates the costs of identity theft to individuals to be at $3 billion each year.

Citizens of the UK can request a copy of their credit report from the three major credit reporting agencies of Callcredit, Experian or Equifax to monitor their credit. But, in the UK those who discover they have been victims of identity fraud must first attempt to resolve the disputed credit through the lending agency and then if unsuccessful report that they dispute certain information on their credit report. This makes it much more expensive and time consuming for victims to resolve identity fraud.

Spyware is the most often used information gathering tool in the UK. Approximately 91% of all computers are estimated to have been affected by spyware. The most common forms of identity fraud are not necessarily those involving credit, but it has been determined that personal information is being used to obtain fraudulent passports, health services, driver’s licenses, money laundering, and other forms of government benefits.

In Canada, identity fraud is one of the fastest growing crimes. The credit agencies of TransUnion and Equifax report 1800 Canadians file complaints every month. Other common forms of identity fraud in Canada include the obtaining and use of Social Security benefits (Social Insurance Numbers). The Canadian government reported that there are approximately 2.4 million more social insurance numbers than there are actual Canadians. This brings into question the security of the social benefits systems, as well as the security of the full amount of money lost to the government through this abuse.

Can identity fraud be more frightening than terrorism? In Singapore, Malaysia, and Hong Kong; it is. Many banks, businesses, and the government have placed tighter security measures on the release and use of personal and financial information, citizens still feel threatened by identity theft. In these countries, the most common form this crime takes is the abuse of credit/debit card theft. Next in most frequent theft results are fraud that occurs as a result of online shopping and/or bill paying. The most frequent information gathering tool in these countries is the use of Trojans and spyware, with an estimated 20% of people affected through these systems.

Twenty five percent (25%) of reported frauds in Australia involve assuming a false identity. A study of birth certificates indicated that 13% of the sample resulted in false or inaccurate information. One popular method of obtaining information to establish a new identity in Australia is the use of “identity kits,” easy to purchase of such high quality that it is easy to fool people. Banks report that a loss of approximately $25 million dollars has occurred s a result of identity fraud. In 2007 it was estimated that approximately 2 million Australians have had their personal information stolen and used fraudulently. A poll conducted in 2007 indicated that 87% of Australians were more “concerned about identity theft” than terrorism.

This crime is not limited to the United States, but statistics do indicate that the US has some of the highest ranking incidences of identity theft. There could be several reasons for this: either it does not occur at the level it does in the US, other countries simply do not keep or report the information United States does and the differences in terminology may cause confusion.

It is clear that identity theft is a global problem, however, how do some countries have such a low level of incidents compared to the US? There are five reasons why the US residents and citizens may be at a higher risk for identity theft.

1. Social Security numbers, though issued by other names (such as in Canada and Great Britain) in many countries are not used for a catch all identifying number. Account numbers are used to indicate identity, and those are issued by the credit agencies or businesses making it more difficult to have access to personal information.

2. There are laws in many Western European countries that prohibit the sharing, selling, or releasing your private, personal, or financial information. However, in the US it is a common practice for marketers to obtain mailing list and other information from many different sources, therefore information in the US is more likely to be accessible.

3. Credit reports are designed differently in many other countries. In France, Spain and Denmark only negative information may be reported. In many other European countries credit information is limited to specific banks that have been approved to have access to the information. In the US, access to credit information is far too easy to obtain and it has more information than we may wish to have available.

4. In many other countries credit cards are not used on a regular basis for purchases. For the majority of Europeans, a debit card is used limiting not only the purchase power to the amount in their bank but limiting the use of the card by others. Credit cards are also more difficult to obtain.

5. In the US credit cards use a magnetic strip with the account information imprinted on it, making it easy for anyone with a “skimmer” to find out the account number for the card and use it. However, many European countries utilize a “smart card,” that uses a computer chip that requires a pin code to be accessed. In France, since the introduction of the smart card identity fraud has decreased by 50%.

No country has been able to eliminate identity theft, and while the methods for obtaining information changes it does not stop identity thieves from finding ways to obtain personal and financial information. One fact is clear; identity theft is a top concern among many nations. With this being the circumstance; citizens, banks, businesses and government must continually change their habits to keep their information safe.

Anthony

Ken S asked:




Did you know an identity is stolen every three seconds? It is true. Identity theft the fastest growing crime in America. Over the last three years, approximately 49 million Americans were told that their personal information was lost, stolen, or improperly disclosed by government agencies, banks, or various other companies, according to a recent study. Although most respondents said nothing negative happened as a consequence, 19% reported that those breaches led to unauthorized credit card charges, bank account losses, or other forms of identity fraud. Nineteen percent may not seem like a lot, but when you do the calculations, that equals over 9.3 million people!

Just four months ago, personal information was compromised for about 800,000 individuals who applied for jobs at the Gap when a laptop was stolen from an employee. The stolen computer held personal data, including social security numbers, for people who applied online or by phone for positions with the company’s Old Navy, Banana Republic, Gap, and outlet stores in the U.S. and Puerto Rico between July 2006 and June 2007.

As recently as last month, Horizon Blue Cross Blue Shield of New Jersey notified its members that an employee laptop computer containing personal information for about 300,000 individuals was stolen in Newark, New Jersey on January 5th. Although the computer contained no medical information, it did contain the names, addresses, and social security numbers of these individuals.

The health insurance giant, serving more than 3.3 million people across the state, said there was no reason to believe any of the information was compromised because it was protected by password and other security features on the computer. The scary thing though, is that the data was not encrypted. Because of this, affected individuals were offered free credit monitoring for one year. That way, if any seemingly fraudulent activity were to occur, individuals would be notified by the service right away.

Identity theft is an ever growing risk. Identity monitoring should be a part of your ongoing identity theft prevention and detection practice. There are two of ways that you can go about it. Do it yourself, or have a service do it for you. If you do it yourself, be very diligent and check your credit report every four to six months at the very least. Monitoring your credit report may not prevent your identity from being stolen, but statistics show that if an identity theft goes undetected for 6 months or longer, the victim will suffer greater financial damage averaging $5,000, and a more difficult resolution taking an average of 400 hours to resolve.

Whether you choose to do it yourself, or use an identity monitoring service, recognize that the risk of identity theft is real. You must be proactive to combat this crime. If you do not protect yourself, you are at risk. It is that simple.

Joseph

Mike Clover asked:




Identity theft is at an all time high as a result of the digital age of paperless transactions and online databases. Why would anyone want to steal someone’s identity? Some people think it is just for the purpose of starting fresh or getting away from their previous life, but the vast majority of identity thieves do it for money. If they have your personal identity information they can also retrieve your banking information, credit card numbers, and more. Those who are using other identities are usually using many identities for the purpose of stealing money from all of them, perhaps by withdrawing funds from their bank or setting up a credit card in their name. The scary thing about identity theft is that the violators have little care that they may be taking everything another individual owns as well as destroying their credit for a number of years. If a victim is unable to detect identity theft for over six months, it can do severe financial damage. You can of course investigate your own credit reports and accounts regularly, or you can pay for a credit monitoring service to investigate for you.

One of the greatest advantages to using a credit monitoring program is the convenience. Instead of living life, constantly paranoid of identity theft, credit monitors can do the worrying for you. Odds are, a monitoring program will also investigate more thoroughly than the average citizen. Monitoring services commonly monitor new account activity, address changes, collection accounts, changes to account information, credit limit increases, credit inquiries, changes in public records, changes in current accounts, and recently closed or flagged accounts. Yes, all of these things can be equally investigated by an eager individual, but routinely checking all of these cues for identity theft can be tedious and unpleasant. Regardless, it is important to check all or more of these areas to keep a close watch on the possibility of identity theft. Early detection is the key to monitoring your credit before the financial loss has become too great, and with an online identity theft monitoring service, you can just go on living life without the burden of becoming a part time investigator.

When considering a monitoring service, you should first consider where that provider receives information. It is most desirable for an identity theft service to obtain information from the three major credit agencies. How often the service monitors your information is also relevant. The frequency of your credit monitoring will increase your chances of early detection. Various services and programs also vary in how often they release reports and give updates, and some provide actual identity theft insurance in the event that they make a mistake and overlook a thief.

There are a host of things to take into account when deciding how to keep a close eye on your credit information. Identity theft is a very real problem that no one believes will really happen, but the reality is that it happens every day. If you choose not to use an online identity theft service or other credit monitoring program get organized so that you can closely monitor the activities associated with your identity. It will save you so many problems in the future.

Cheryl

Dr. Mark Clayson asked:




How can you protect yourself against identity theft? It may seem a tough job but in reality some of the best steps you can take are cheap and easy. And you should consider doing them right now and not wait until you have been a victim.

Watch bank and credit card accounts – look at statements, login to you accounts regularly, check transactions for any suspicious and unusual activity.

Get rid of paper where possible – clear mailboxes, shred sensitive documents, remove anything that has your data on it if you possibly can – how about getting things delivered electronically?

Take care of your wallet and only carry information that you will really need. Most trips require simple, straightforward and essential things. A full wallet contains valuable information for criminals.

Online accounts should be protected with hard to decipher passwords. Change them on a regular basis and choose ones that cannot easily be guessed.

There is a move to be being provided with free credit reports. These are useful and can show you if someone else has been applying for credit in your name. You can get one per year from each of the three credit monitoring companies.

Apply to a credit monitoring service to watch over activity in your accounts. They will alert you to all transactions and requests on your credit status which you can then check yourself for accuracy. As mentioned, companies also provide free annual credit reports if you ask them – you can stagger your requests so that you get one from each company every 4 months.

Tonya