July 29, 2011

Protect Yourself From Identity Thieves

Identity theft can be a scary topic.  In this age of technology, an individual’s personal identifying information can pop up just about anywhere.  From banks and credit card companies, to doctors and on-line shopping, more often than not, your personal information, including your Social Security number, is utilized for those and many other services.  Thus, the risk of someone obtaining that information is now greater than ever, and you should always take steps to protect your identity.

Identity theft occurs when someone uses personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other such crimes for personal gain.  According to Wisconsin’s Office of Privacy Protection, identity theft is considered to be one of the fastest growing crimes in the country, affecting nearly ten million Americans each year.  While the dangers of identity theft are high, some simple precautions can help safeguard one of your most valuable assets: your identity.

One of the best ways to protect your identity is to routinely review all bank and credit card statements to ensure accuracy.  If you see a discrepancy, report it immediately.  The same goes with your credit report – be sure to check your credit report on a regular basis.  Each of the three major credit reporting agencies (Experian, Equifax, and TransUnion) allow individuals to check their credit reports for free once per year.  The Federal Trade Commission can assist you in obtaining your free annual credit reports through their Web site at: www.ftc.gov/bcp/edu/microsites/freereports.  You can review all three reports at the same time or spread them out over the course of a year.  Be sure to safeguard all documents, including credit reports, and shred all unnecessary documents containing personal or financial information.   Many communities even offer free shredding days, where you can bring multiple boxes of documents to shred quickly and easily.

When out of the house, carry only the bank and credit cards with you in your wallet that you will need, keeping in mind the fewer cards you carry, the better.  You could even write ‘See Photo ID’ in the signature line on the back of the cards for added protection.  Remember, carrying a credit card is safer than carrying a checkbook, because if someone fraudulently uses your credit card, the most you may be liable for is $50; but if someone steals your checkbook, they can use whatever amount is in your account.

Many thefts have occurred by store and restaurant employees copying credit card information, so it is wise to ensure that your credit card is always in sight when making a purchase.  Medical identity theft is also becoming a serious issue.  Thieves try to steal medical information either to make fraudulent insurance claims and collect the money, or to obtain services themselves by stealing another person’s medical or insurance information.  One way to safeguard your medical identity is by annually requesting and reviewing a listing of all payments your medical insurer made on your behalf.

If you believe you have been a victim of identity theft, it is best to take action right away.  If the theft involved fraudulent charges on an existing account, you may be able to work with the bank or company to resolve the dispute.  Most banks and credit card companies are skilled in handling such issues.  If the theft is more serious, you may want to file a police report and report the theft to the three major credit reporting agencies. The agencies can put a fraud alert or a security freeze on your credit report, thus adding extra precautions in safeguarding your credit and your identity. 

Protecting your identity is definitely worth the time and effort.  Be wise, be smart, and be safe.  For more tips on protecting your identity, visit the Wisconsin Department of Agriculture, Trade and Consumer Protection’s Office of Privacy Protection Web site on-line at www.privacy.wi.gov, or contact my office for any further information or assistance. 

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Sen. Kedzie can be reached in Madison at P.O. Box 7882, Madison, WI 53707-7882 or by calling toll-free 1 (800) 578-1457.  He may be reached in the district at (262) 742-2025 or on-line at www.senatorkedzie.com