Last year, there was a new identity theft victim every two seconds in the Unites States. The 2015 Identity Fraud Study, released by Javelin Strategy & Research, found that $16 billion was stolen from 12.7 million U.S. consumers in 2014.
Each year the Federal Trade Commission receives millions of consumer complaints regarding identity theft and consumer fraud and in 2014, for the 15th year in a row, identity theft was the No. 1 type of complaint.
While the numbers are certainly scary, the fact is, there are multitudes of ways you can help safeguard yourself against identity theft. One must be aware of the inherent dangers of being a consumer in the modern age while still managing to equip themselves with the proper knowledge and tools to protect one's own identity and financial information.
How To Protect Yourself From Identity Theft:
- Protect your Social Security card at all times. Do not carry it around in your wallet or purse and only give it out to trusted sources when absolutely necessary.
- Install firewalls and virus protection systems on your computer to fend off hackers.
- Always cover your pin number with your hand when paying for items.
- Shred all bank statements and credit card information after use and protect your mail from strangers an "dumpster divers."
- Review your billing statements regularly. Be aware of any suspicious purchases.
FYI: There a number of third party identity theft protection services for consumers such as LifeLock or Identity Guard. Consumersadvocate.org provides reviews and information on a number of safe, trusted identity theft protection services that may be worth a look.
If your identity has recently been stolen or you've noticed fraudulent charges on your credit or debit card, please follow the following steps:
- Alert your bank or credit card company immediately. They will help you file a claim and recover your lost funds.
- Order your credit reports and review your credit score.
- Consider requesting a credit freeze.
- Review all other credit cards for unusual activity.
- Submit an identity theft claim to the FTC.
Most major banks and credit card companies are pretty good about catching identity thieves and spotting suspicious charges, but it's still up to you to be on your guard.
Keep in mind; the holiday season is the most common time of year for identity theft. Whether someone recovers your information via the Internet, by "shoulder surfing" at the store, or simply by locating your lost credit card, if you follow the steps above, you'll have the best chance of protecting yourself now and in the future.
