As
you head out to shop this holiday season, beware that a thief could be
watching and waiting to be the Grinch who stole your identity. Identity
theft has been called the fastest-growing white-collar crime. The
Privacy Rights Clearinghouse estimates that 700,000 consumers will
become victims of identity theft this year.
According
to a survey conducted in May 2000*, victims of identity theft spend an
average of $808 and 175 hours actively working to clean up their credit
reports and other complications caused by the thief. Complications
range from the denial of loans and credit to false arrests and criminal
records.
Identity
theft occurs when someone invades your life, taking pieces of your
personal identifying information as his or her own, and ruins your
financial reputation. Thieves can gain access to your Social Security
number or any other personal identifier and can use that information to
open up new accounts in your name or access your existing accounts.
Thieves can be creative in obtaining this information - they can go
through your mail, they can steal your wallet or purse, or they can buy
your personal information from "inside sources," such as a store
employee who has access to a database with information. There are many
other ways thieves can gain access to your personal information over
which you have no control.
"As
long as the financial industry and credit reporting agencies continue
to sell and share your personal information without your consent, you
cannot fully prevent identity theft from occurring with your own
actions. However, there are steps that you can take to make yourself
less vulnerable," stated Emily Hoopes, Consumer Advocate with CoPIRG.
Some of the tips in the CoPIRG report are the following:
Things you can do to prevent identity theft:
1.
Clean out your wallet. Don't carry around your Social Security card or
any other piece of information with that number on it. Don't carry any
more information than necessary.
2.
Don't give out any more information than necessary when shopping.
Colorado does not have a law prohibiting retailers from requiring an
address or a phone number on credit card transactions or a credit card
number for check purchases. If a merchant requires this type of
information consumers should use cash or go to another merchant.
3.
Don't give out personal information such as a credit card number,
Social Security number or mother's maiden name over the phone if making
a purchase unless you know the caller or have initiated the call.
4.
Buy a shredder so that you can destroy all records with personal
information on them before you throw them in the trash or recycling
bin.
5.
Monitor your credit report and your bank statements regularly to see if
there are any mistakes or fraudulent accounts. Be vigilant about
disputing anything that looks strange.
6.
Opt out of information sharing whenever possible. Call 1 888 5-OPTOUT
to stop credit reporting agencies from sending you pre-approved offers
of credit.
7.
Write to your state or congressional representative and ask him or her
to pass laws that will protect you from becoming a victim.
The
report also includes tips for buying on-line, and ways in which
creditors and credit reporting agencies can help prevent identity
theft.
"Our
main advice to consumers is: Be careful with your personal information.
Don't make life any easier for identity thieves," stated CoPIRG's
Hoopes.
