This is that time of year when we all start getting those emails that want to purloin our secret codes and passwords.  You know the ones that have subject lines like: “Your Account Is About To Be Closed,” “There’s A Block On Your Account,” “Could You Help Me Claim My Funds,” or my all-time favorite “Congratulations – You’ve Won The UK Lottery.”

This is the time of year when we are all shopping for gifts for family or customers, and the last thing we need is for our bank or credit cards account to be hindered.  That is exactly what these “cyber grifters” are counting on, and unfortunately some of us are tempted to follow the instructions sent to investigate.

First and foremost, DON’T FOLLOW THE INSTRUCTIONS IN THE EMAIL!  If you think there might be a problem, access the account in question as you normally do on your PC and not with the link supplied in the phony email.

I’ve had some very authentic looking email supposedly from banks, that even went so far as to copy the colors of the bank logo and stationery style.  But, don’t fall for the scam.  In fact, don’t even open the email, because many are just set to loose a virus program on your computer by being opened.  Simply forward the suspicious email to the “spoof email” address supplied by your bank, or credit card company.

Nearly 10 million Americans fell prey to identity theft last year, costing businesses and individuals billions of dollars.  Here are some other tips to help you:

1.    Understand debit card dangers:  Greater liability than credit cards.  When it comes to fraud, debit cards carry much greater personal liability than credit cards, depending on how quickly you report the loss of the card.  If you fail to report unauthorized use within 60 days of receiving your bank statements, you could lose all the money in the account and be held responsible for the amount of money that has been tapped from your line of credit.
2.    Rethink check writing:  That little slip of paper has way too much information. Some experts advise against check writing because it gives away your address, bank account number, signature and license number to complete strangers.  On top of that, there’s no federal legislation to limit your liability for forged checks (each state has its own set of rules).  Experts advise that you look into automating your bill paying.
3.    Secure your mail:  Your mailbox is a goldmine of information.  Between bank statement, bills, and all those pre-approved credit card offers, your mailbox is loaded with personal data which identity thieves can use to easily apply for a credit card in your name.  Unless you diligently check your credit report, you may never even know about it.  One way to avoid this is to have your mailbox under lock and key, but most of us in Santa Clarita have our mailboxes at the curb in front of our house and the postman frowns on carrying dozens and dozens of keys around.  The other solution is to have a rented mailbox, or to foil “dumpster-diving” thieves by buying a shredder and destroy documents before discarding.
4.    Go virtual:  For shopping online, there are “virtual” card numbers.  These are randomly generated credit card numbers that are disposable and that on-line shoppers use once and throw away.  It’s linked directly to your real credit card account so purchases show up on your monthly bill.  The service is easy to use – and it’s FREE!  All you need to do is register with companies offering the virtual card, and they are MBNA, Discover, and Citigroup.
5.    Create an emergency identity kit:  Would you know how to contact your credit card company in an emergency?  Create an emergency kit that contains: your account number, expiration date, issuing company name, and emergency contact number for each card you own.  While you’re at it, make copies of your driver’s license, social security card, birth certificate and passport and store them in a locked box or file cabinet, or a safe deposit box.  I like the safe deposit box best, because this gives you protection in the event of a catastrophe such as fire, earthquake, etc.

This may all seem like a lot of unnecessary work, but if you’re ever the victim of identity theft – even just once – you’ll realize that it’s well worth the effort.

Many of us forget that were it not for what we carry in our wallets or in our purses, we’re all John and Jane Doe’s if we can’t speak due to injury or are unaccompanied by someone who knows us.  How much less stressful is it to know that in a bank box, no matter where you are, there are items that can verify your identity.  Better to be safe, than sorry!

If you’re one of the almost ten million people who fall victim to identity theft one of the keys in getting the situation resolved satisfactorily is to report it immediately. The problem here is that you may not be aware of the theft until you apply for credit and are turned down, yet you know you’ve always paid your bills timely. Or, a gruff bill collector informs you he’s about to repossess your car unless you pay up today. You try to explain that you’ve not bought a new car.

Expect to be a victim of identity theft and stay one step ahead of the process by planning.
When you report that you’re a victim, a lot of detailed information will be required. Make copies of all credit cards and social security cards. Keep a list of the numbers to call in case of theft and keep at least two copies in different locations. If your wallet is stolen, this is not a good place to keep the list.

Different types of identity thefts require notification to different authorities. You can start with your local police department but many times they will only take the information by phone or not at all.

Be persistent because some companies require a copy of the police report to initiate action. Also be specific and notify the proper company that pertains to your theft such as check theft, credit card, social security, phone service, drivers license or passport theft.

If your credit card has been stolen, call the respective card company. Other agencies you may want to call include the Federal Trade Commission, Social Security Administration and the office of the Attorney General. It’s good to notify these agencies in an effort to establish if any pattern of theft is occurring.

Have all your information at the ready when reporting a theft. Keep complete records of your phone calls including time, date, who you spoke to and what was promised or determined. A theft report requires a lot of detail and the more you have when you make the call the faster the matter will be resolved.

Notify the fraud department of the three credit reporting companies. These are Experian, Equifax and TransUnion. Usually call one of these companies and they will notify the other two for you. Note that some of these companies will take advantage of the opportunity to sell you credit management tools.

You can place a fraud alert for 90 days. During this time keep a close check on your credit reports and report any suspicious activity. You can request copies of your credit reports free and also a 7-year extension to the fraud alert.

Reporting an identity theft can be a long and involved process. Records show that victims can spend up to 40 hours getting the situation resolved in a satisfactory manner and the target age is between 35 and 44. A sad statistic is that almost half of identify thefts are perpetrated by someone you know, either a friend or family member. Because of this, many of the criminals go unpunished.

Most agencies are cooperative but if you do not receive satisfaction don’t hesitate to contact an attorney. Identity theft happens every day and we’re all potential victims.
The best deterrent is prevention.