Identity theft fraud in America has reached epidemic proportions having surpassed 27 million cases and increasing every year.
The banks are taking identity theft fraud very seriously and have
taken substantial measures to protect your identity and your accounts
against scammers.
They have implemented a password protection for online
transactions. When you use your online services, keep your secret
password protected so only you know what it is.
All online bank transactions are now encrypted which converts
your information into a secure code, protecting you against would be
hackers.
To protect yourself here are a few more things you should know about preventing identity fraud :
1. Never give out information such as checking and credit card numbers or your Social Security number to anyone you do not know.
2. Notify your bank immediately if you lose or have your checks
stolen. They can be flagged with a fraud notice to block payment.
3. Don't give the PIN number on your ATM card to anyone and never
write the number down and keep in your wallet. Always take your ATM
receipts with you after a transaction.
4. Shred any financial papers you receive before disposing of
them. This includes any solicitation notices that you may receive for
any credit cards or mail from other financial institutions.
5. If you don't receive a regular monthly bill, call the company to find out why.
6. Check out the bills you do receive to make sure all the
transactions are legitimate. If there is anything suspicious call the
company immediately to stop any fraud from going any further.
7. Check your credit report at least once a year to make sure the information is correct.
In December 2004 the Fair and Accurate Credit Transactions Act
was put into effect and one provision requires that the three major
credit reporting agencies are to provide consumers with a free copy of
their own credit report.
Another provision to help fight identity theft is the National
Fraud Alert System. This allows consumers who reasonably suspect they
have been a victim of identity theft can place an alert on their credit
files. This alert will tell potential creditors that they must proceed
with caution when granting credit.
Scammers can get the information they need to assume your
identity from a variety of sources. They range from stealing your wallet
to digging in your trash. They may approach you in person, by telephone
or on the Internet.
The sources of information about you are so numerous that you
cannot totally prevent the theft of your identity. But identity theft
fraud can be minimized by just becoming aware of the possibilities.
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