Identity theft is a huge problem, and it is
only going to get bigger. All executives
have a wallet full of tempting targets for a thief — targets that will give a crook the
information required to live the high life
while the victims are faced with months of
toil just to recover their good name. Crooks
can get information from your computer or
coax it out of you in a phone call.
Identity theft is the most up-and-coming
type of fraud, growing leaps and bounds
over the past five years, according to Sue
Zazon, president and CEO of FirstMerit
Bank in Columbus.
For the thief, identity theft is a quick and
easy way to make a buck. If the thief is a
good talker, he or she can get the smallest
piece of personal information from a person and use it. The thief manipulates that
information to get more personal details
and access to both personal and business
accounts and assets. This type of theft is
not likely to disappear any time soon.
Zazon encourages people to educate themselves on ways to protect personal information and to be diligent about personal
finances. There are many safeguards in place
that people need to utilize instead of viewing
them as nuisances, and if your identity is
stolen, you’ll quickly realize how valuable
they are for you. It is often common sense
and diligence that can protect you and minimize your risk of becoming a victim, she says.
Smart Business spoke with Zazon about
identity theft and how to prevent it.
How does one fall prey to identity theft?
Personal information can be literally stolen
from an individual out of the mail or from
personal belongings, such as a wallet.
Information can also be stolen by phishing.
Phishing occurs when an e-mail is sent from
what looks to be your credit card company
or your financial company. These e-mails
often resemble official e-mails but are actually sent by thieves looking for personal information. These e-mails will ask you to reply
immediately with your account number
and/or PIN or your account will be frozen.
One should be on the lookout for such emails
and never reply. If you reply with such information, a thief has everything he or she needs
to start charging debts in your name.
How can we keep tabs on our identities?
People should be aware and diligent when
it comes to their personal information and
finances. Many times, people realize their
identity has been stolen when they do not
receive a credit statement in the mail. If a person is suspicious that his or her identity has
been stolen, he or she should review his or
her credit report. Everyone is entitled to one
free review of his or her credit report. A
review does show up as an inquiry but is not
detrimental to one’s credit score. The big
three are Equifax, Experian and TransUnion.
Each site has information on freezing credit,
credit scores and credit monitoring.
A fraud alert can also be placed on
accounts if you are suspicious or have been a
victim in the past. These alerts require you to
be notified each time credit is requested.
While this may seem burdensome, it is
designed to protect you as the consumer.
What should someone do when he or she
finds his or her identity has been stolen?
There are four steps people should take
when they know their identity has been
stolen. Diligent documentation can help
them through each step. One, place fraud alerts on all accounts open because a thief
may try to compromise more than one
account. You should also notify the credit
bureau at this time. Only one major creditor
needs to be notified, as it will notify the others. Two, file a police report. Identity theft
should be reported as soon as possible to the
authorities so they can start a formal investigation. Three, close out accounts that have
been compromised. Call and send written
notification to the companies of which you
have been a victim and ask for all accounts to
be closed immediately to prevent future
debts. Include a copy of the police report for
the companies. And, four, file a claim with the
Federal Trade Commission.
Are people held responsible for debts
accrued when an identity is stolen?
Most debts are forgiven with proper documentation and persistence on the part of the
consumer. It takes time and personal energy
to recover such losses. Not all debts are forgiven. Some identity theft victims deal with
credit issues throughout their life. Prevention
is key so identity theft is never experienced.
So how can one prevent identity theft?
It’s paying attention to little things. Do not
place bills or letters with personal or account
information in the mailbox outside of your
home. When the flag goes up to tell the mail
carrier there is mail inside, it is just waving to a
thief who knows he or she can obtain information. Do not leave personal mail by the front
door or out in plain view. If your home is broken into, a thief may swipe such statements.
These often go unnoticed, but if a thief obtains
such documents, he or she can have access to
your assets even after he or she leaves your
home. Do not carry personal identification,
such as a Social Security card in your wallet.
Do not put your Social Security number on
your driver’s license. Password protect all personal and bank accounts. Do not use simple
passwords or include personal information in
passwords. Utilize a shredder for all credit card
offers, bills and any other potentially informative documentation. Finally, utilize the safeguards put in place by companies.
SUE ZAZON is president and CEO of FirstMerit Bank in Columbus. Reach her at [email protected] or (614) 545-2791.