Thwarting Identity Thieves
Most people associate identity theft with high-tech criminals using sophisticated computer systems to hack into banks and credit card companies. In truth, much identity theft is decidedly low-tech, and often it takes place within a few feet of your front door. Here are some ways bad guys can get to your personal information, along with strategies for stopping them in their tracks.
Mailbox theft
One of the most common types of identity theft occurs about once a month in many households. You write out a check to the credit card company, seal it in an envelope with your statement stub and place the envelope in your home mailbox for pickup by your friendly carrier.
Unfortunately, by doing this, you are also giving a criminal an invitation to steal your identity. (Perhaps that's why some mailboxes come equipped with red flags.) In addition to offering criminals your credit card account number, you're also revealing your name, address, phone number and two other especially valuable pieces of information: your checking account number and bank routing number.
Want to eliminate the risk of mailbox theft? Simply take your mail to the post office or use a regular drop box.
Here are some other ways to battle identity thieves:
- Pay online — provided you have appropriate protections on your computer, including firewall software and antivirus and anti-spyware software that you keep up-to-date (most security software can be set to automatically download updates). Another advantage to setting up online access to credit card accounts is that you can monitor them between monthly statements to check for fraudulent charges.
- Shred "preapproved" credit card offers in a crosscut shredder (the type that turns them into confetti) before tossing them out. You can stop receiving these offers in the first place by calling 1-888-5-OPTOUT (1-888-567-8688) or visiting optoutprescreen.com. You'll be able to opt out permanently or for just the next five years, and you can choose to opt back in at any time.
- Keep track of new cards. Whenever you're notified that you've been approved for a new card you've applied for, record the date. If a week goes by and you still haven't received the card, call the issuer in case it's been intercepted. Although your liability is limited to $50 for unauthorized use of your credit cards, the hassle factor surrounding a stolen credit card can be enormous.
Take the next step...
If you suspect a breach of the account held for your benefit with The Principal, call our fraud hotline at 1-800-642-3788 or report unethical or fraudulent activity via our website.
