7 Precautions that Minimize Your Risk of Identity Theft
Identity theft is a problem that affects millions of Americans each year, and costs upwards of fifty billion dollars. Yes that's right - fifty billion as in a 5 with 10 zeros behind it, like this: $50,000,000,000. While there is no 100% foolproof way to protect oneself from the threat of ID theft, there are a few simple precautions that you can take to dramatically minimize your risk.
1) Do not provide your Social Security number to anyone unless you are required to by law. Examples where you may have a legal obligation to disclose your Social Security number includes but is not limited to the following:
(a) filling out employment applications, (b) filling out tax forms, (c) applying for a loan or credit card, (d) opening up a bank account, (e) buying insurance, etc.
2) Do not print your driver's license number on your checks.
3) Never carry your Social Security card in your purse or wallet, nor those of your children. Theft of children's identities is a growing problem, so it is important you guard your child's personal information as closely as you do your own.
4) Do not carry your passwords and PINs in your purse or wallet. If you do need to carry passwords and PINs for any reason you can put them on a flash drive, in your cell phone, or digital personal organizer as long as it is password protected and/or encrypted
5) Create strong passwords and PINs. Passwords should be 8 or more characters in length using a combination of upper and lower letters, numbers, and special characters.
6) Opt for paperless e-statements from your bank, credit card issuer, and other financial companies and creditors. If the statement not in the mail, then it's not available for a thief to steal either.
7) Shred, Shred, Shred. One of the most effective ways to stop the loss of personal information is to shred all documents with your name or other identifying information on it. Documents you must shred include bank and credit card statements, pre-approved credit offers, receipts, utility bills, phone bills, etc. A good rule of thumb is this: if it has your name on it, don't throw it in the trash - shred it!
1) Do not provide your Social Security number to anyone unless you are required to by law. Examples where you may have a legal obligation to disclose your Social Security number includes but is not limited to the following:
(a) filling out employment applications, (b) filling out tax forms, (c) applying for a loan or credit card, (d) opening up a bank account, (e) buying insurance, etc.
2) Do not print your driver's license number on your checks.
3) Never carry your Social Security card in your purse or wallet, nor those of your children. Theft of children's identities is a growing problem, so it is important you guard your child's personal information as closely as you do your own.
4) Do not carry your passwords and PINs in your purse or wallet. If you do need to carry passwords and PINs for any reason you can put them on a flash drive, in your cell phone, or digital personal organizer as long as it is password protected and/or encrypted
5) Create strong passwords and PINs. Passwords should be 8 or more characters in length using a combination of upper and lower letters, numbers, and special characters.
6) Opt for paperless e-statements from your bank, credit card issuer, and other financial companies and creditors. If the statement not in the mail, then it's not available for a thief to steal either.
7) Shred, Shred, Shred. One of the most effective ways to stop the loss of personal information is to shred all documents with your name or other identifying information on it. Documents you must shred include bank and credit card statements, pre-approved credit offers, receipts, utility bills, phone bills, etc. A good rule of thumb is this: if it has your name on it, don't throw it in the trash - shred it!
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