Identity theft: prevention and intervention

How many times over the past year have you entered your name, address, phone number, email address, birthdate and other sensitive information into a sign-up form?

Unfortunately, this information can be used by fraudsters to usurp your identity, allowing them to obtain credit in your name or perform other criminal acts. Here’s how you can reduce the risk of identity theft, and what you should do if it happens to you.

Prevention
While a large proportion of personal information is leaked through corporate data breaches, it’s still important to exercise caution. Here’s how to minimize your risks:

• Always check your bank and credit card statements for suspicious activity.
• Only use trusted and protected websites to make payment transactions.
• Don’t use password auto-fill features, as these store all your passwords in one place, which could be disastrous if someone gains access to it.
• Shred documents containing sensitive information when you don’t need them anymore.
• Never give sensitive information (like your credit card or social security number) over the phone or by email.
• Leave your passport and social security number at home unless you absolutely need them.
• Consult your credit report once a year.

Intervention
If you think you’re the victim of identity theft, contact the police immediately and then notify the relevant governmental authorities, your financial institution, the credit companies you have accounts with and any other organization who could be affected by the incident.

Additionally, you should ask for your credit report and close any fraudulent accounts. You’ll also need to cancel all unauthorized transactions individually by contacting the affiliated creditors directly.

Rebuilding your credit after someone steals your identity may be challenging. Some experts recommend investing in identity theft and fraud insurance, which is sometimes offered by financial institutions.

To report a fraud to the Federal Trade Commission or to receive further prevention tips, visit identitytheft.gov.