Protect Identity: Prevent Fraud
Identity theft does not always happen because of what you do with your personal information. According to the Identity Theft Resource Center, it is a crime that feeds on the inability of consumers to control who has access to sensitive information and how that information is safeguarded. Many people haven’t given this type of theft their full attention, but it has become the nation’s fastest growing crime and is the number one concern among people who contact the Federal Trade Commission. Most studies show that the victim population is about 10 million per year. That means that every minute, about 19 people become a new victim of this crime. The emotional impact on victims is likened to that of more violent crimes— often feeling dirty, ashamed and embarrassed.
Most identity theft starts with the theft of a wallet, purse or mail. Phishing is a popular and growing method of identity theft, typically performed either through email or through the creation of a web site that appears to represent a legitimate company. Victims are asked to provide I personal information such as passwords and credit card numbers in an email or at a bogus web site.
There is an endorsement that can be added to your homeowners, renters or mobile home policy that can help you recover from this theft. The cost is minimal—$25 per year—and provides up to $15,000 toward expenses incurred as a result of identify theft including: legal fees (defending of lawsuits brought against you by merchants or financial institutions or removing criminal or civil judgments wrongly entered against you); loan reapplication fees when the original loan was rejected solely because the lender received incorrect credit information; telephone and certified mail charges; and lost wages for time taken off work. The endorsement would not cover losses for fraudulent charges made under your name, such as credit card purchases or loans—these are often absorbed by banks or other credit grantors.
Keep informed of trends occuring with identity theft by checking www.consumer.gov/idtheft. tpw
Most identity theft starts with the theft of a wallet, purse or mail. Phishing is a popular and growing method of identity theft, typically performed either through email or through the creation of a web site that appears to represent a legitimate company. Victims are asked to provide I personal information such as passwords and credit card numbers in an email or at a bogus web site.
There is an endorsement that can be added to your homeowners, renters or mobile home policy that can help you recover from this theft. The cost is minimal—$25 per year—and provides up to $15,000 toward expenses incurred as a result of identify theft including: legal fees (defending of lawsuits brought against you by merchants or financial institutions or removing criminal or civil judgments wrongly entered against you); loan reapplication fees when the original loan was rejected solely because the lender received incorrect credit information; telephone and certified mail charges; and lost wages for time taken off work. The endorsement would not cover losses for fraudulent charges made under your name, such as credit card purchases or loans—these are often absorbed by banks or other credit grantors.
Keep informed of trends occuring with identity theft by checking www.consumer.gov/idtheft. tpw