Ways to prevent identity theft

Given below are a few strategies that can help to prevent identity theft and minimize the risk of being victimized. It is very necessary to protect your phone accounts, bank accounts and credit card through difficult to crack passwords. Change your password regularly and see to it that it is not easy to guess.

You can also take the subscription of an identity theft prevention service. This agency will always alert you if anyone attempts to hack into your identity.

Whenever you receive your bank or credit card statements, go through the charges carefully and look out for irregularities.

Desist from printing your driving license number or social security number on your checks. You also need to protect the personal information stored inside your computer from hacking. So you always need to update the virus protection and it’s better if you can install a firewall.

If someone, whether known or unknown badgers you for your social security number or credit card number, driving license number, bank account details and other such personal information over the phone or in person, don’t divulge the details.

If you have to, please contact the business concern or organization from which he claims to come and see whether he actually works for them or not. If you receive emails that contain your personal information then you will do better by not storing them in your email inbox.

Your purse or wallet may get stolen. So always keep copies of the contents inside your wallet handy. Crosscut shredders are available in any hardware or crafts store. Get one for yourself and shred credit statements or old bank statements or credit card offers etc into pieces and destroy them thoroughly and then dump the mangled remains in the trash bin.

You should order the report of your credit frequently and oversee and regulate the credit at regular intervals. Don’t carry your social security number card with you everywhere. You would do better by leaving it where it can stay safe and secure. All unused credit card accounts should be cancelled with alacrity.

While giving out personal details during payments at places which require the details, enquire about their security policies and systems.

Social security number should be closely guarded at all times, your personal information details should be kept off-limits and out of bounds for domestic helps, plumbers, cooks, or roommates and other such people.

Technorati Tags: Identity Theft, stop identity thieves, ways to prevent ifdentity theft

The Aftermath Study reported findings by the Internet Theft Resource Center that nearly 10 million Americans were victims of identity theft in 2003 and 2004. The findings estimated the hazards of identity theft experienced by unsuspecting people and the type and extent of the damage it can inflict.

It is a unique crime where the victims only get to know their identities have been tampered with for committing crimes much later after serious damages are done. About 38-48% of the unsuspecting victims know that a predator had stolen their identity within 3 months. It takes more than 4 years to realize that their identities had been tampered with by 9-18% of the victims.

When a credit card is lost along with the social security number leading to a dual offence, repairing the damage can take many months which otherwise can be solved in a matter of three hours. But the average time taken for victims to repair damages is about 330 hours. Depending on the time taken for legal cases and the extent of the damage, 26-32% takes 4 to 6 months with their case while 11-23% victims take 7 months to a year to resolve.

According to Aberdeen Group estimates, identity thefts are responsible for $221 billion in losses yearly by business globally while nearly 40% business costs are more than $15000. Victims have to spend time on the cases loosing from $1820 to $14340 in wages as their legal and other costs range form $851 to $1378.

Identity theft damages the victim’s credit rating and his chances of getting future loans. 47% victims have trouble getting loans later on and insurance rates piles up for 16% due to identity theft. Emotional and social costs of victims of identity theft can be huge. Negative and damaging information in their records affect 70% while 11% find their chances of getting a job much less after identity theft.

70% of the victims find it hard to cleanse their records after predators hacked into their personal information and made them liable for crimes they never committed. Nearly 40% experience stress from the damage and have problems with their relationships at home or with their partners subsequently owing to the pent up anger and frustration. In this category fall nearly 85% who continue to be victims of anger and rage.

As identity thefts can occur very subtly and the victim is seen as having committed a crime which he hadn’t, 60% loose trust in the police and 42% find it difficult to confide in to anybody after the identity theft. Nearly 43% of the victims know the imposter who stole their identity while 14-25% feels that agencies and institutions holding their personal information and identity details may have something to do with the theft.

Technorati Tags: Identity theft facts and figures