Identity theft is one of the fastest growing white-collar crimes in the United States. ID theft occurs when someone steals another person’s personal information. According to a 2024 Consumer Affairs Report: “2024 Identity Theft Statistics”, Identity theft has soared 584% over the last 20 years (https://www.consumeraffairs.com/identity-theft-statistics.html).
How is illegally obtained personal data used?
Fraudsters are known to use a variety of sophisticated and unsophisticated ruses to get their hands on one’s personal information. Some of these rather cleaver approaches include:
Calling credit card companies pretending to be the card holder and asking to change the mailing address on the account. Thus, keeping the true card holder in the dark during the scam.
Opening new credit card accounts using the stolen identification.
Establishing phone and wireless accounts using purloined identification.
Opening bank accounts and writing bad checks on those accounts.
Taking out loans using illegally obtained information.
How can ID theft be prevented?
With respect to ID theft prevention, it is time for seniors and juniors of all ages to trade in their flip phone for a smart phone and begin protecting themselves from the jaws of fraudsters.
The following tips can substantially help reduce victimization:
Regularly ordering credit report copies from all three reporting agencies – Equifax, Experian, TransUnion.
Joining credit monitoring services to help catch fraudulent behavior before it cleans out your savings account and destroys your reputation.
Using strong passwords that contain upper case and lower letters, numbers, and symbols (i.e. $%#@) Never use passwords with family names, dates of birth, ages, addresses, etc.)
Never automatically save passwords on your computer.
Always know who you are speaking with before giving out personal information.
Always shred documents that contain sensitive information.
Always deposit mail in official U.S. Post Office Mailboxes. A good rule to follow is to lookup mail pickup times and place your package in the box just prior to mail pickup.
Use gel-tip pens when writing checks. Gel tip pens contain special ink that fends off scammers from using special chemicals to remove the ink and alter the check.
When possible, use compactor services in lieu of dumpsters.
Pay strict attention to billing cycles and follow-up when bills are late in arriving.
Always update computer virus protection and install updates when available.
Never download unknown files
Avoid unsubscribing from annoying marketing emails. If you want to unsubscribe, go to the incoming company’s website, and unsubscribe from there.
Always use firewall technologies to curtail illegal hacking.
Never throw away old computer equipment without destroying the hard drive assembly. Simply deleting data via keyboard is not enough, experts know how to retrieve previously deleted data.
Always take advantage of “opt out” programming options.
What to do if you are the victim of ID theft?
ID theft prevention practitioners suggest if you suspect that your personal information has been compromised consider taking the following seven steps:
Follow-up with the source of the fraudulent behavior
Get a copy of your credit report and check it out line by line.
Place a fraud alert in your file.
File disputes on all fraudulent activities.
Close all accounts that have been compromised.
File a police report.
File a complaint with the Federal Trade Commission. (www.reportfraud.ftc.gov)
An ounce of prevention is worth a pound of cure!
All ID thefts cannot be prevented, but they can be reduced by managing one’s personal data wisely. The keys to preventing ID thievery begins and ends with taking direct responsibility for safeguarding one’s personal information. Regardless of whether it’s a senior citizen or junior citizen, it’s extremely important to be thermostats not thermometers when it comes to safeguarding personal information.
Resolving identity thievery is a time-consuming endeavor and an extremely frustrating task indeed. The good news is that you do not have to be deeply steeped in the abyss of ID theft deceit, you have a path forward to get back on the road to fiscal solvency.
As Walt Disney was quoted as saying “the way to get started is to cease talking and start doing”. The power of prevention is far greater than the power of despair. Seniors and juniors of all ages should climb aboard the ID theft prevention express and enjoy the ride to fiscal stability and security.
