Taking Credit: Protecting Yourself From Fraud and Theft

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By Mia Bolaris-Forget

I don’t even have children and my life is so busy that I often find myself walking into a room, and finding I’ve forgotten why I’m there. And, for someone who considers herself organized find myself on a constant search for my glasses among other things. I’ve even been known to leave my purse behind in a store or restaurant or two. Yet, up until know I’ve been very fortunate, both in remembering to turn back “just in time” and retrieving my belongings with none of the contents tampered with or missing.

But, for many the scenario hasn’t been as pleasant. In fact, many have become the victim of not only a stolen purse, but of identity theft as well. And, as per the experts, the problem is likely to grow. And, besides losing many of your valued possessions, including your, up until know, private identity, you can help a total stranger receive loans, new credit, and even a mortgage, all in your name.

So, other than leaving your most “prized possessions” at home, how can you protect yourself? Some of the experts weigh in.

1. Make Copies: Experts suggest that most people, once they realize their wallet or purse has been stolen, make it their objective to protect themselves by putting a stop to the checking account and canceling credit cards. But, now is not the time to waste time looking for important information and phone numbers. With that said, experts suggest photocopying both front and back of all your credit cards and other pertinent information. And, they recommend jotting down the number of the local police department on each. While authorities are not likely to do much, the copy IS a record in case the credit-card companies conduct an investigation. Keep the information in a safe spot in your home or give it to a trusted friend or relative to hold on to. Also, keep in mind that photocopies make it easier to prove you are who you say you are when trying to replace your identification.

2. Put A Limit On What And How Much You Carry: YES, it’s likely you believe that you need to have ALL you information with you, but according to experts the more information you carry featuring your personal information, the easier you are making it for (potential) identity thieves. In fact, they suggest leaving you check book at home. After all is contains you account number, address, and frequently your telephone number; basically all the information necessary for easily stealing your identity. However, if you must carry your check book with you, experts suggest replacing your address with a PO box, using an initial for your first name, and omitting your phone number (write it in later).

3. Cancel ALL cards: While most of us would immediately think of putting a stop on our credit cards, it’s not likely we would think about other cards featuring some of our relevant information, such as AAA memberships, video memberships, etc.

4. Set Up A Red Alert: According to experts, canceling cards is generally NOT enough. Take advantage of credit reports offered by credit agencies and also put a red flag on your file. This will signal creditors to call the number you provided to ensure it’s YOU seeking the credit.