What can people do to protect themselves?
Fortunately, there are several simple steps you can take to prevent identity theft:
Protect your Social Security number. Never carry your Social Security card with you. Memorize the number and store the actual card along with any other important documents in a secure place, such as a personal safe or safe deposit box. Additionally, never give your Social Security number out over the phone or to someone that you do not know. Banks will never ask for this information via phone or Internet, so don’t be fooled by a solicitor claiming to be from your financial institution. When in doubt, hang up and call your bank immediately to report such a query.
Reconcile your financial statements. When you receive your financial statements in the mail, be sure to reconcile them immediately and report any discrepancies to the company.
Check your mail daily. Each day, we are inundated with preapproved credit card applications, banking statements, credit card statements, etc., through the mail. All these highly sensitive documents are like gold to a would-be scammer. If you do not get a financial statement that you are expecting, contact the issuer to check that your address has not been changed without your knowledge. You should sign up for electronic statements when possible.
Shred all financial documents. You should shred all financial documents — bank statements, tax returns, etc. — that you don’t need. Don’t throw them in the trash. In addition, shred any documents that contain personal information, such as name, address, date of birth, when they are no longer needed. A household cross cut shredder can be an affordable and effective tool to protect your identity.
Be on guard when using the Internet. The FTC cautions that, while the Internet can give you access to information, entertainment, financial offers and countless other services, it can also leave you vulnerable to online scammers, identity thieves and more. For practical tips to help you be on guard against Internet fraud, secure your computer and protect your personal information, visit www.OnGuardOnline.gov.
Select intricate passwords. Another good point from the FTC: Avoid using easily available information like your mother’s maiden name, your birth date, the last four digits of your Social Security number or your phone number, a series of consecutive numbers, or a single word that would appear in a dictionary. Combinations of letters, numbers and special characters make the strongest passwords.
Store information in secure locations. Keep your personal information in a secure place at home, especially if you have roommates, employ outside help, or are having work done in your house. Share your personal information only with those family members who have a legitimate need for it. Keep your purse or wallet in a safe place at work; do the same with copies of administrative forms that have your sensitive personal information.
What else should someone consider?
Be cautious about mystery inheritance letters and offers to earn money by working from home. Usually you are aware if money is coming your way. Many of these schemes promise a large monetary gain for little work or effort. Know what the deal is and with whom you are dealing if you agree to participate. As the old adage says, ‘If it sounds too good to be true, then it probably is.’
Denise Owens is vice president, Fraud Services for Comerica Bank in Dallas, Texas. Comerica Bank is a commercial banking subsidiary of Comerica Incorporated (NYSE: CMA), the largest banking company headquartered in Texas. In addition to Dallas/Fort Worth, Comerica Bank locations in Texas can be found in Austin and Houston. To receive e-mail alerts of breaking Comerica news, go to www.comerica.com/newsalerts.