This is a follow-up to my previous post about
credit card fraud. Hopefully you won't
ever need to worry about this, but with recent incidents at Target, Home
Depot, and others, this is important information to keep handy.
Minimizing the risk and damage
of identity theft:
- There are companies that specialize in
preventing and minimizing the damage done by identity thieves, and help in
repairing your identity and credit history. Investigate these companies to find the
one that works best for you before subscribing.
- Take advantage of text, e-mail or phone
alerts that your bank offers to allow you the quickest notification of
suspicious activity. Remember how I
began my story, "My bank
alerted me of the activity before I noticed it myself." Your bank may have similar safeguards
that are available. Ask a customer service representative to help you take
advantage of them.
Things to remember related to
the security of your wallet/purse:
- Make a copy of all of the cards or
documents contained in the wallet -- front and back. This serves as a record of everything that
the thief might have access to, and provides you with a copy of the
account numbers and contact numbers (back of card) to reach the bank or
other credit card issuer. Most
cards have a special number to call and report lost or stolen cards. Go ahead and copy everything: driver's
license, rewards cards, medical insurance cards, membership cards, etc.. The information will be helpful in
securing replacement cards and in helping prevent unauthorized use. Keep these copies in a SAFE place at
home, and take them along with you when you travel -- making sure to keep them
in a very secure place while traveling (obviously not in your wallet or
purse). If the copy of your information
is to be stored on your smart phone, secure it with appropriate password
protection.
- Never keep your Social Security card in your
wallet. Also, don't keep
infrequently used cards or any particularly sensitive information in your
wallet. The Social
Security website has
information about what to do if your Social Security card is lost or
stolen.
- When traveling, take only what you need in
terms of cash, cards, identification and documents -- and keep them on
your person, securely. A handbag or
backpack could be simply left behind by mistake, but the effect is the
same as if the items were stolen.
Have a travel companion keep a card from a different account that
you could access in the event another card is lost or stolen. Do the same for your companion.
Some of these lessons have
been learned the hard way: by personal experience, or by the experience of friends
and family. Others have been avoided
after taking advantage of advice from experts and by implementing new
technology. The most important thing to
remember is that you must be diligent to protect your financial resources, and
you should be quick to report suspicious activity and take action when you
believe your information may have been compromised.
David Payne, Accounting Manager
