A few weeks ago, my parents were shocked to see how much they were supposed to pay for their monthly credit card bill. When they perused the statement of account, they were surprised to see several online purchases which they were sure they did not make. Both of my parents avoid shopping online because they don't want to divulge their information lest someone hacks into their bank account. But with this strange development, they were convinced that what they feared the most has happened already - they have fallen prey to Identity Theft.
Seeing how the whole thing was such a big inconvenience for my parents, I tried to look into the whole concept of Identity Theft and how to totally avoid it. Thankfully, I found a press release from Affinion which helped me understand and learn valuable tips to avoid Identity Theft.
The press release I found gave me a lot of priceless information through an article entitled Taxes and Personal Date: 5 Tips to Avoid Identity Theft. Here are some of the tips although you may find the entire press release here.
1. Be proactive
Check your credit card and bank statements at least monthly for unusual activity. You should do this regularly, not just when you’ve had a problem. Surprisingly, most people don’t.
2. Know what’s in your credit report
Check your credit report at the three credit reporting agencies — Equifax, Experian and TransUnion. You are allowed to check each once a year for free. Go to www.annualcreditreport.com for the government-authorized free reports. Look for any credit accounts you didn’t open, a sure sign someone has stolen your identity and is opening credit lines in your name. A good proactive practice is to check one of the agencies every four months to help catch any major changes throughout the year.
3. Get secure
Maintain an updated computer security program which includes firewall, virus and spyware software. Computers typically come with some protection, but the effectiveness of these and other free programs is debated among computer technicians. Several software products are offered by companies such as Symantec Corp., McAfee Inc. and Trend Micro Inc. They typically range from $30 to $80 and must be renewed each year.
4. Password protect yourself
Change the passwords on your online accounts. That means bank accounts and any others that have links to credit information or account numbers. It might mean changing e-mail passwords, too. Passwords should include numbers and capital letters. Do not make them the name of your pet, your mother’s maiden name or some other bit of information about you that’s easy to find. It’s wise not to use the same password for every account and to get in the habit of changing them periodically.
Also, change the PIN on your accounts, especially a debit card.
5. Use cards carefully
Remember that a credit card uses the banks money, a debit card uses your money. It’s wise to limit the use of a debit card, especially when it comes to online purchases. If a thief steals a debit card, he’s getting your money out of your bank account. It’s more difficult to get your money back once it’s gone.
Nathaniel Lipman is the current President, Chairman of the Board and Chief Executive Officer of the Affinion Group. Through Nathaniel Lipman's leadership, the Affinion Group has grown to be the world's leader in membership services, insurance providers, loyalty programs, value-added checking programs, and security services.
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