Outwit Identity Theft

Consider these questions as you review the examples below. Try the quiz from the left menu: What Have You Learned? after you’ve spent some time with this section.

Todd Davis is the CEO of LifeLock, a company that protects individuals against identity theft. As part of their advertising campaign, Davis placed his U.S. Social Security Number (SSN) on numerous T.V. commercials to prove that LifeLock worked.  To date, the LifeLock CEO has had his identity stolen 13 times and the company was fined $12 million in March by the Federal Trade Commission for deceptive advertising.

Photo from Wired.com.  Read the full article here.

Other people can use your private information for personal gain. If you submit any kind of information on the internet, you need to be aware of the ways in which identity theft can happen.  Identity thieves can:

• set up a phony public account in your name and damage your reputation
• gain access to your passwords and email accounts
• purchase services or items, including telephone numbers, using your name and address
• apply for and use bank accounts and credit cards in your name

In order to avoid the above from happening to you, you need to protect these 5 details that identity thieves use to impersonate you,

• Social Insurance Number (SIN). Note: The only people that should ever require this information from you are employers, financial institutions and the government.
• Bank account numbers. Note: Also avoid using debit cards online.  Credit cards offer better leverage if you run into trouble.
• Birth date
• Phone number(s)
• Address

Be very careful with whom you share this information and avoid making it accessible on social networking sites such as Facebook or My Space.

Check your bank accounts and credit card statements regularly and contact your bank about any suspicious charges.

Don’t forget that identity thieves use other strategies, not just the internet. For this reason, always shred or tear up letters and documents that have any personal or financial data on them before recycling, and be cautious when giving information out over the phone.