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General
Identity Theft
By Howard Gartenhaus
President, Gartenhaus Financial Corporation
Identity theft is such a hot topic these days. With the increased technology and creativity by thieves, we are faced with the responsibility to protect ourselves. There are many services available, but before you shell out beaucoup bucks on these services, really understand what they do and what type of value they add. According to Pat Regner in an article in Money magazine, "there are limits on what most ID protection services can do to soften the blow." He continues, "None of this is 100% protection - no such thing in our data-drenched world. Yet credit-monitoring services say they can close the gap. This is true. But by how much? And what's that worth? Over an adult lifetime, a deluxe monitoring service that watches all three bureaus may cost you more then $9,000 in today's dollars."
Some people are at greater risk than others. For most people, the tips below can be enough to keep themselves safe, however there are no guarantees. Pat Regner contends that, "If you want to spend money feeling safer in life generally, you may benefit far more from, say, long-term disability insurance. And yet most people have too little of it."
One last thought: Isn't it ironic that the same credit card companies that bombard you with the junk mail that you are supposed to shred, are the ones trying to sell you the ID protection?
Ways to protect your personal information:
Don’t give out personal information over the phone, through the mail, or over the Internet unless you have initiated the contact or you are sure you know whom you are dealing with.
Don’t carry your Social Security card or Birth Certificate on you; keep it in a secure place.
Secure personal information at home, especially if you have roommates, employees, or outside help doing work in your home.
Guard your mail and trash from theft. SHRED ANYTHING WITH PERSONAL INFORMATION ON IT THAT YOU ARE DISPOSING OF (ex. Credit card receipts, copies of credit applications, bank statements, etc.)
Place passwords on your credit card, bank, and phone accounts. Use passwords that are difficult to figure out. Avoid using birthdays, social security numbers, your mother’s maiden name, or a pet’s name. Use a combination of random numbers and letters and keep those passwords in a secure place.
Give out your social security number only when absolutely necessary.
Pay attention to billing cycles. Follow up with creditors if your bills do not arrive on time.
Be wary of promotional scams.
Check your credit reports at least once ever six months.
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