Identity Theft

Are you at risk of becoming an identity theft victim?

A simple answer to the question “Can you hear me?" could make you a victim of identity theft. If the scammer records your answer of "yes," it could be used to authorize bogus charges on a credit card or a phone bill. Other variations of the scam include asking other yes or no questions such as “Are you the homeowner?"

According to the Federal Trade Commission, if you receive this kind of call - don’t respond, just hang up! It’s a pre-recorded robocall – even though it sounds like a real person – and it’s illegal.

Identity (ID) theft is a crime where a thief steals your personal information, such as your full name or Social Security number, to commit fraud. Identity theft affects millions of people each year. The identity thief can use your information to fraudulently apply for credit, file taxes, or get medical services. These acts can damage your credit status, and cost you time and money to restore your good name.

You may not know that you are the victim of ID theft until you experience a financial consequence (mystery bills, credit collections and denied loans) down the road from actions that the thief has taken with your stolen identity.

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IdentityTheft.gov

The Federal Trade Commission has launched IdentityTheft.gov, a resource that makes it easier for identity theft victims to report and recover from identity theft. A Spanish version of the site is also available at RobodeIdentidad.gov.

The new website provides an interactive checklist that walks people through the recovery process and helps them understand which recovery steps should be taken upon learning their identity has been stolen. It also provides sample letters and other helpful resources.

In addition, the site offers specialized tips for specific forms of identity theft, including tax-related and medical identity theft. The site also has advice for people who have been notified that their personal information was exposed in a data breach.

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Tax-Related Identity Theft

Tax-related identity theft occurs when someone uses your stolen Social Security number (SSN) to get a tax refund or a job. For more tips on preventing tax identity theft, visit NCUA's Tax Identity Theft Awareness Week page.

How to Safeguard Your Accounts and Protect Your Identity When You Are Involved in a Third Party Data Breach

Assess the Situation

While it can be very unnerving to receive notification that your personal information has been compromised in a security breach, please know that millions of people every year receive such notification but they do not become victims of identity theft. This isn't to say that you should take the situation lightly.

The first thing to do is gain as much information as you can about the data breach including what information was included in the compromise. If a police investigation is not underway, then you may notify the proper authority.

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Frauds Against the Elderly: Protecting Yourself From Identity Theft

In September 2003 the Federal Trade Commission (FTC) released a survey stating that over the past five years 27.3 million Americans have been victims of identity theft, including 9.9 million people in the past year alone. An earlier FTC report indicated that 10% of identity theft victims are age 60 or older.

Identity thieves use the information to open new accounts, misuse checking or saving accounts, rent housing, obtain medical care or employment, or to obtain government records such as tax returns. Some thieves even use stolen identities when being charged with crimes.

The FTC offers these tips to protect yourself and elderly relatives:

Don't give out personal information on the phone, through the mail, or over the Internet unless you've initiated the contact or are sure you know whom you're dealing with.
Guard your mail and trash from theft. Deposit outgoing mail in post office collection boxes or at your local post office instead of in an unsecured mailbox. Remove mail from your mailbox promptly.
Tear or shred your charge receipts, copies of credit applications or offers, insurance forms, physician statements, check and bank statements, and expired charge cards.
Before revealing any identifying information (for example, on an application), ask how it will be used and secured, and whether it will be shared with others.
Keep your Social Security card in a secure place and give your SSN only when absolutely necessary.
Limit the identification information and the number of credit and debit cards that you carry.
Keep your purse or wallet in a safe place at work and at home.

Are Relatives Using Your Identity?

The numbers are staggering. More than 27 million Americans have been victims of identity theft in the past five years, according to the Federal Trade Commission' Identity Theft Survey Report, issued Sept. 2003. Even more shocking is the number of thefts by relatives. Of 4,057 people surveyed who reported identity theft to the FTC, 9% said a family member was responsible.

Financial experts say parents who destroy their own finances increasingly are tempted to "borrow" their children's good credit. As co-signers, all they need is a birth date and Social Security number, information they either know or have easy access to.

Other family "thieves" include children, siblings, cousins, aunts, and uncles. Unfortunately, the only options for victims of familial credit abuse are paying off the debt in large chunks or filing a complaint that could send your relative to jail.

Experts recommend you order a copy of your credit report annually from each of the "big three" credit reporting agencies: Experian, 888.397.3742; Equifax, 800.685.1111; and Trans Union, 800.888.4213. Victims should request that a red flag be placed in their file to help prevent anyone else from opening fraudulent accounts.

Obtain a free credit report.