Protecting your financial information is a critical factor in preventing identity theft, but too often, consumers fail to take even the smallest precautions. Unfortunately, these oversights can wind up costing them significant amounts of time and money to restore their identities.
Clearly, the best way to deal with identity theft is to avoid it altogether, but that requires an understanding of what the biggest risks are and how to protect against them. Following are a few valuable tips on safeguarding financial information:
– Lock up the mail. Regular mail, whether it’s an incoming offer for a new credit card or an outgoing bill being paid with a signed check, can contain enough information for an identity thief to set up a new identity, and ID thieves love to rummage through other people’s mail.
– Shred “actionable” materials. It’s not enough to just throw away credit card receipts, credit card offers and other papers that contain personal data. ID thieves are happy to engage in “dumpster diving,” i.e., wading through garbage for information and offers that can be used to establish false identities.
– Ignore unsolicited, unfamiliar e-mails and web links. Identity thieves who use “spam” to target their victims count on curiosity, urgency and ignorance. E-mails that promise readers something that sounds too good to be true are usually just that — too good to be true. Never supply personal information — bank or credit card account numbers, Social Security numbers and more — in response to an unsolicited e-mail or e-mail link.
– Protect passwords. Online transactions, including banking, shopping and more, continue to rise, as do attempts by hackers and other cyber-thieves to find ways to tap into that “market.” To protect their financial information, consumers need to develop online passwords that can’t be guessed or deciphered.
– Store financial documents safely. This may seem like an obvious tip, but too many consumers throw their credit card receipts into their shopping bags rather than storing them in their wallets or purses. Once the shopping bag is thrown out, so is the receipt, and all it takes is one enterprising dumpster diver to create a whole new identity.
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