Focus on Finance

Safeguarding Your Financial Information

It can happen to anyone. An Internet user receives a legitimate looking e-mail from an organization asking for his/her personal account information. Or the phone rings and a telemarketer congratulates a consumer on winning a free trip, but requests that the individual divulge sensitive information to claim the prize. Each of these scenarios may be an attempt to compromise someone’s identity.

Identity theft is a growing problem: 9.3 million Americans were victims of identity fraud in 2004. It occurs when someone obtains another person’s personal or account information such as name, Social Security number, or credit card number—without permission—for the purpose of committing fraud or other crimes. Identity theft is an ongoing concern among consumers, the government, and financial institutions. And while you probably can’t protect yourself entirely from identity theft, you can take the following measures to protect financial information including your debit care, credit card, or checking account:

• Memorize your PIN—never write it down. Also, don’t designate your PIN as your birth date, house number, or anything that easily can be found in your wallet.
• Never provide any personal, bank account, or credit card information to anyone who contacts you through a telephone solicitation. Instead, ask that they mail you information so you can further research the company and their products and services.
• Before entering personal or account information online, always look for the “padlock” in the lower right corner of your browser.
• Be sure to make a separate, secure record of your account numbers and contact information for your card issuers and bank.
• Tear up or shred important documents—credit card offers, ATM and bank receipts, and other personal information—instead of just throwing them away.
• Don’t use a computer unknown to you to do your online banking. This includes the library, a coffee house, or even your neighbor’s.
• Never respond to unsolicited e-mails appearing to be from an organization you know if they ask for account or other personal information.
• Put a vacation hold on your mail when you’re going to be away from home to prevent possible theft of incoming mail. Additionally, if the amount of mail you usually receive suddenly diminishes, contact your local post office and ask if a change-of-address card has been filed in your name.
• Review the transaction activity on all your monthly bank statements and credit card bills regularly. With the increasing ability to view credit card and checking account information online, you can review transaction activity more frequently than your monthly statement.

Reporting Identity Theft
Time is of the essence if find yourself a victim of identity theft or your wallet is lost or stolen. Call your local police department immediately to notify them of the potential crime. Immediately notify your bank and card issuers that your cards and/or checks have been lost or stolen. Thieves know they have a very short window between the time they obtain a card or card information and the time the issuer “hot cards” the account.

Next, contact one of the three credit bureaus; the one you contact will notify the other two, and fraud alerts will be placed on your files: Trans Union Credit Services 800-680-7289, Equifax Credit Services 800-525-6285, Experian Credit Services 888-397-3742. You also can contact the Federal Trade Commission’s Identity Theft hotline at 877-IDTHEFT (438-4338), where they’ll assist you with the process of restoring your credit after fraudulent activity or identity theft. Additionally, you can file a complaint online at www.ftc.gov.

Be sure to maintain a reference list of all contacts you make with the various agencies when you report identity theft. You may need to refer to them later, so write down their names, numbers, titles, and affiliated organizations. TPW