Armed with technology, skill and just a little information, a criminal could steal your identity. That criminal could then start writing checks on your account, making purchases with your credit card, and generally causing financial havoc in your life.

Think it couldn’t happen to you? Identity theft is one of the fastest growing crimes in the U.S. The Federal Trade Commission (FTC) announced in January that identity theft complaints far exceeded other areas of consumer fraud, with more than 200,000 complaints filed in 2001.

Think it couldn’t happen here? According to the FTC’s Identity Fraud Information Clearinghouse, Minnesota is among the 10 states with the highest numbers of police reports related to identity theft. 

Common Types

The Identity Fraud Information Clearinghouse reports that the most common types of identity theft are:

¨       Credit Card Fraud – Cards opened in a victim’s name or unauthorized charges are made to existing card;

¨       Unauthorized Phone or Utility Services – Service is established in victim’s name;

¨       Financial Institution Fraud – A new account is opened in a victim’s name, fraudulent checks are written, or unauthorized withdrawals are made from an account;

¨       Fraudulent Loans – Personal, business, auto or real estate loans are obtained in a victim’s name;

¨       Government Documents or Benefits – Access is gained to a victim’s government documents, such as driver’s license or Social Security Number; a tax return is filed fraudulently; or government benefits are obtained through fraudulent means.

What You Can Do

The Minnesota Bankers Association makes these recommendations:

1.      Don’t provide your Social Security Number or personal credit information to anyone over the phone unless you have initiated the call and are familiar with the business.

2.      Tear up all credit card receipts, account statements, and credit card offers before throwing them away.

3.      Protect your Personal Identification Number (PIN) and other passwords by changing them frequently, not using obvious numbers, and not writing the PIN on your ATM card.

4.      Check your credit rating once per year with the three credit bureaus:
www.experian.com
www.transunion.com
www.equifax.com

5.      Keep a list of all credit cards, account numbers, expiration dates and customer service phone numbers in a secure place (not your wallet).

6.      Don’t print your Social Security Number on your checks or keep it in your wallet.

7.      Cancel unused credit cards.

8.      Check your account statements closely for any irregularities. On average, 12 months elapses between the date that identity theft begins and the date it is discovered by the victim. You can minimize problems by being vigilant.

9.      Never provide your credit card information on the Internet unless you are on a secured site, and never send it by unprotected email.

Computer technology makes our lives easier, but it also makes the lives of criminals easier. By protecting your personal data and being vigilant about the way you conduct your financial business, you can reduce the likelihood of becoming a victim.

For more information:
www.minnbankers.com  
www.consumer.gov/idtheft/