Everything You Need To Know About Identity Theft

Protecting Your Identity
Identity theft can be one of the most difficult situations to deal with. Often, the ill effects of becoming a victim can last for years. Some of the common problems victims face are:
Money is fraudulently withdrawn from checking or saving accounts
Mysterious charges appear on credit card bills
Credit score is damaged
Experience difficulty opening new banking or credit card accounts
Calls from collection agencies
Ending up with a criminal record in error

Identity theft has been called one of the fastest growing white-collar crimes in America. According to Javelin Strategy & Research, Inc., in 2005, over 9 million people were directly affected with total losses exceeding $56 billion. But it doesna??t stop there. It actually affects everyone due to rising costs from merchants and banks to offset their losses. With identity theft growing to an all time high, it is important to do everything you can to keep yourself from becoming a victim.

Ways To Prevent Identify Theft
While there is no way to 100 percent guarantee that you will not become a victim of identity theft, there are some steps you can take to decrease the likelihood that it will happen to you. Follow the steps below to reduce your chances of becoming a victim:

1. Protect your social security number. The number one way criminals are able to establish credit in your name is by having your social security number. Here are some suggestions to better protect your social security number:
Do not give your full social security number over the phone (most reputable companies will request only the last 4 digits).
Do not carry your social security card in your wallet.
Secure or shred any documents that contain your social security number .
2. Protect your incoming and outgoing mail. Many criminals seek out credit card pre-approval offers by sniffing through their victimsa?? mailboxes. Here are some suggestions to better protect your mail:
Put all outgoing mail in an actual post office mailbox instead of your home mailbox.
If you do leave mail in your home mailbox, avoid putting the flag up.
Shred any pre-approved credit offer letters.
Keep trash cans in a location that is viewable by your neighbors.
3. Protect your computer. Do not allow hackers easy access to your personal data on your computer. Here are some suggestions to better protect your email:
Make sure you have up-to-date anti-virus software loaded on your computer.
Make sure you have up-to-date anti-spyware software loaded on your computer.
Avoid clicking on links or opening emails from unknown senders.
Never send sensitive information regarding your personal identity within an email.
Ways To Detect Identity Theft
The sooner you discover an incident of abuse, the better. By doing so, you reduce the amount of money that may be stolen and it becomes less difficult to repair the damage. Here are some simple steps to you can take to detect identity theft early:
Subscribe to an online credit monitoring service. These services send you email alerts when changes occur within your credit file. The service can be very inexpensive, starting as low as $6.95 a month or lower. Most services include some form of 3-in-1 credit monitoring package.
Read your bank and credit card statements every month to ensure they do not contain any unauthorized charges. If you do not recognize a charge, call your bank or credit card company immediately.
View your full credit report 2 times a year minimally. Be sure to compare each one to the previous report.