The Three D’s of Identity Theft: Deter, Detect, and Defend

DETER:

Most of us have heard the warnings about identity theft and know many of the ways to deter it.  However, in the interest of being thorough, let’s review them again.

• Safeguard your Social Security Number.  Despite the use of the word “social” in its name, a social security number should never be shared except in its official capacity.
• Verify the identity and purpose of anyone wanting your identity information.
• Cross-shred, or otherwise securely dispose of, documents containing billing or personal information.
• Select “high security” passwords—the kind that are randomly generated using as many types of characters as the program will allow (numbers, symbols, upper and lower case letters).

DETECT:

Early detection of identity theft is the key to minimizing its damage.

• Review bank statements and financial information monthly.
• Review your credit report annually.
• Be alert to the signs of identity theft:
  • Accounts you don’t remember opening.
  • Inaccurate information on your credit report.
  • Debt collection communication you don’t expect.

DEFEND:

Hopefully, most of you reading this article have not had to defend yourself against an identity theft.  However, if your identity is stolen, here are some steps you can take to “get your life back”:

• Send written fraud alerts to the credit bureaus.  Be sure to contact the Big 3:  Experian, TransUnion and Equifax. 
• Report the fraud/identity theft to all of your financial institutions.  Many companies have their own fraud reports, so be sure to fill out the proper forms.
• File a complaint with the Federal Trade Commission: 1-877-ID-THEFT or https://www.ftccomplaintassistant.gov/.
• File a police report.
• Keep copies of all of the above.