The numbers are staggering. More than 27 million Americans have been victims of identity theft in the past five years, according to the Federal Trade Commission’s Identity Theft Survey Report. Even though identity thieves are finding new ways to steal information over the Internet, the original theft, such as taking out a credit card in your name, tends to be a low-tech crime. According to the Federal Trade Commission, about half the country’s victims know how their information was swiped, and in many cases, the breach was paper − bills, credit card solicitations, and financial statements − pilfered from garbage cans and mailboxes.
eStatements to the Rescue
Banking and paying bills online not only cuts off thieves’ access to the papers they need to commit ID theft, but also helps detect the crime sooner. This is because consumers who bank online check their accounts much more frequently − nearly four times a month compared with once a month for those who receive statements by mail.
It only takes a few seconds to become a victim of financial fraud. But it often takes months to recover. Armed with discarded credit card receipts, checks or deposit slips, today’s crooks are making unauthorized transactions from victims’ accounts and even opening new fraudulent credit card and checking accounts. There are steps you can take to prevent your identity from theft.
Identity Theft Prevention Tips
- Shred all pre-approved credit offers, credit and debit card receipts, insurance forms, financial statements and other paperwork containing personal and financial information.
- Check credit union statements and other financial statements monthly for discrepancies and order a credit report once a year to make sure no one else is using your personal information to obtain credit cards or services.
- Don’t print your Social Security number on your checks and don’t carry your Social Security card in your wallet.
- Be hesitant about giving personal or financial information over the telephone, online or by mail. Make sure you know the source and know how the information will be used.
- Receive your financial statements electronically. Sign up for Chartway’s FREE eStatements online at www.chartway.com .
What to Do If You’re a Victim
The cost of this crime approaches $50 billion a year, with the average loss from the misuse of a victim’s personal information around $4,800. If you ever find yourself a victim of identity theft, take these steps immediately:
- Place a fraud alert on your credit reports, ask for a free copy of your credit report and review those reports for evidence of fraudulent accounts recently opened. Fraud unit contacts are:
- Contact all financial institutions and lenders, credit card issuers, utility companies and the Social Security Administration to notify them of the fraud and take the recommended actions. Follow up each conversation with a letter.
- File a report with law enforcement and insist on getting a copy of the report or the report number.
- File a complaint with the FTC. Visit consumer.gov/idtheft for more information or call toll-free at 877-IDTHEFT.
Chartway Is Here to Help
Chartway is here to help achieve the financial dreams of you and your family, not those of an identity thief. We take security of your financial information very seriously and are here to offer the kind of expert advice and service you deserve to help protect your financial identity. If you have any questions, please don’t hesitate to call or stop by and speak to one of our trusted staff.