One of the worst things someone can steal from you is your identity--and it's happening to more than one person out of six.
Last year alone, more than 7-million people had their identity stolen
, 16 thousand of them from Central New York. With an average cost of 500 dollars to each victim to repair the damage done...last year, Central New Yorkers paid more than 8 million dollars in recovery costs.
Identity thieves can get your personal information from a variety of sources...your bank, tax returns, or even the garbage where you've thrown away your old financial statements. The Internet is also making it easier for identity thieves to go shopping with your money. All they need is your name, social security number and other particulars to get a credit card in your name and start shopping in cyber space. Merchandise bought with your money or credit can be shipped to their address. Your good name and credit can be ruined before you even realize what's happening and the repercussions can be devastating. In a worst case scenario, if someone has opened many accounts under your name and gone interstate with the fraud, it can take you months or years to clear up.
As identity theft continues to rise, businesses across the country will lose billions of dollars every year. But some actually stand to make money from the crime because as your concerns about identity theft grow, calming your fears could prove to be lucrative.
In addition to banks marketing how they can protect your identity, insurance companies are also offering policies that cost between $25 and $50-a-year. But experts say that you should check with your own bank and credit card company before you purchase ID theft insurance. It's very likely that your financial institution already offers the same protection the insurance would.
How can you protect yourself from identity theft?
--Guard your personal information closely, especially your social security number, mother's maiden name, bank account numbers and your birth date.
--Never give out personal information unless you're the one initiating the transaction.
--Monitor your credit often. Now that New York State allows one free credit report a year from each of the reporting bureau's make sure you take full advantage.
--Monitor your bank statements monthly to look for unauthorized charges.
-- Shred all important personal information before throwing it away.
If you think your identity might be at risk, you have to take action immediately:
--Put a fraud alert on your credit report and contact your bank to close any jeopardized accounts.
--Call the Federal Trade Commission ID Theft Hotline at 1-877-438-4338 or at www.ftc.gov
--Contact your local Law Enforcement to report the identity theft.
To Report Identity Theft:
Equifax Credit Bureau, Fraud
1-800-525-6285
Experian Information Solutions
1-888-397-3742
TransUnion Credit Bureau, Fraud
1-800-680-7289
Federal Trade Commission
1-877-IDTHEFT
ID Theft
U.S. Postal Inspection Service
Postal Inspectors
