Ways Criminals Get Your Money

Your credit score is one of the most important things that you will have to manage as an adult. Your credit score is the number one thing that lenders will look at if you ever need to loan money to buy a home, car, or need a little extra cash. Since it is so important, it is important to always know your credit score and how it affects you. By knowing your score you will be able to tell if there is anything being reported that should not be there. You will also be able to keep an eye out for any suspicious activity. Unfortunately, criminals can hack your information, steal your identity, or even spend your money all without you knowing. This article will take a look at some of the different ways that a criminal can access your information. By knowing these tricks you will be better able to arm yourself.

Do you shred all documents that you get that contain your personal information? If you said no, then you might be able to have your identity stolen. Believe it or not, but criminals are not above digging through your trash to get your personal information. This can include back statements, bills, or credit cards. If you are ever in doubt you need to shred or cut it up. An obvious way that criminals can get your information is to steal it. If you are out and about and notice that your wallet is missing, do not waste any extra time, Call your card companies and banks and have them freeze your accounts or change them all together. By doing this as quickly as you can, you decrease the chances of criminals racking up charges in your name.

Criminals are also smart enough to send you fake emails and letters. Your bank should never send you an email asking for your personal information. Also, do not be fooled by those credit card offers. Sure it looks appeasing, but you just never know where it came from. Unless you know for sure do not send your information. Are you still in doubt? Call the company and make sure they have a legitimate reason to need your information. You will probably find that they did not send the information.

One place that you may have not thought about is at a restaurant. Some criminals will work in a restaurant setting just to steal a customer's information. They can take a carbon copy of your card or steal the number if you leave it face up on the table. There is no secure way to prevent this but when you are at the table, make sure that the card is face down and nobody can see the numbers.

Ever get a phone call late at night from a jail house? Well it could be a scam. Unfortunately, criminals in jail can call just about anyone and obtain money by saying that they are a loved one of yours. If you do receive one of these phone calls do not give any information on the phone unless you know it's a legitimate call.

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What Is Identity Theft Protection?

You have no doubt heard the horror stories about identity theft. People who have perfect credit are suddenly denied a loan and realize that this is because someone has been using their identity and racking up two amounts of debt in their name. Getting this straightened out once it has occurred can be a nightmare as you go through months and months of appeals and disputes. Often it is nearly impossible to get everything off your report once the damage is done. This is where the job of identity theft protection comes in.

This type of service takes a proactive rather than a reactive approach to identity theft. The way this works is that if there is any transaction which may have an impact on your credit report or score the company will intercept this transaction before allowing it to occur. You must then follow some sort of procedure to verify that you are okay with the transaction being added to your report and being carried out.

In this way everything on your report which is originated by you is on a white list of items that are accepted. Everything else is automatically on the blacklist and therefore anyone who possesses your identity, social security number, etc. will be unable to use your credit as you will not accept these transactions. Furthermore you can pass on the information that you obtained in the attempt to use your credit to the authorities giving them more time to apprehend these criminals.

Services such as this offer you peace of mind in the knowledge that there is someone regarding your identity and attempting to prevent wrongdoers from doing things in your name.

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Identity Fraud Protection and Education - The Shocking Facts and Figures

CIFAS - the UK's Fraud Prevention Service have published some rather worrying statistics when it comes to identity fraud and general theft of personal data for illicit purposes. Their data shows that there are two types of ID theft:

Identity Fraud - where personal/confidential information which has been stolen is used to obtain goods or services. Or alternatively, the stolen information is often used to forged identity documents including passports, driving licences and more. These false documents can then be used to apply for credit cards, loans or other financial services.

Account Takeover - is another sort of identity theft where an individual's bank accounts are taken over and drained dry.

Neither of these types of identity fraud is pleasant for the victim and in this time of recession within the UK (and worldwide) ID fraud is on the rise. In 2007, 2008 and 2009, there were over 65,000 incidents of identity fraud annually and a sharp rise in the number of account takeovers from 6,272 in 2007 to well over 16,000 in 2009. The steep rise in 2009 onwards, shows that not only that identity theft is becoming more prevalent but also that the knowledge about how to prevent it is not sufficiently widespread. It's not only the individual that suffers from ID theft, but society as a whole. Banking institutions, loan companies, insurance firms and the providers of goods and services all suffer as a result of identity fraud and generally the cost is passed on to the consumer. The result is - everyone suffers. It is estimated that identity fraud costs the UK economy over £1 billion per annum.

Identity Fraud Facts and Figures

The facts and figures of identity fraud are pretty shocking:

The average amount stolen from a victim through identity fraud is over £1,000, yet only 7% of people have been a victim. Despite this, 95% of Britons believe ID fraud is a direct threat to them.

25% of people in the UK do not shred confidential documents at home.

96% of people believe that organisations do not handle their data correctly and as a result they might be at risk of ID fraud through the actions of others.

In the UK, there are around 4.3 million victims of identity fraud to date and the number of victims continues to grow.

Statistics show that around 18 million households in the UK are failing to properly protect themselves from the risk of ID theft.

Yet identity theft protection is simply a matter of education in prevention methods. In many instances, this simply involves encouraging home owners and individuals to shred important and confidential documents before disposing of them in their weekly rubbish - because this is where the biggest threat lies - criminals rifling through your rubbish. Obviously shredding all your paperwork is a hassle and takes time, but there is an alternative. The Japanese have invented an ID protection stamp, which is a simple stamp that when used quickly and easily covers and obscures personal data and cuts out the need for shredding. Confidential waste can then be put to better use and recycled rather than thrown in the landfill - while you can remain confident that your data is safe and secure.

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How To Deal With Identity Theft

Identity theft is when a person's personal information is stolen for the purpose of criminal use. Unfortunately it has become a growing epidemic. Most people don't even know that they are a victim of this type of fraud until they are contacted by creditors and so we need to take precautions to ensure that we are not a victim of this crime. Here are some ways in which you can deal with identity theft:

Protect Yourself - There are ways you can protect yourself from identity theft. Always protect your personal information. Shred your confidential documents and only use secure sites when purchasing online.

Notify Credit Bureaus - If you suspect fraud you must first be sure that it is in fact fraud. If there's a charge on your credit card statement that you do not recognize, call the credit card company and find out more about the charge. Some vendors hold their credit accounts under a different name so you may not recognize the charge. Once you eliminate the scenario that it was an error and you're sure that it's fraudulent activity then you should contact the credit bureau to establish fraud alerts. Your account will be flagged so that all creditors will contact you before extending any credit.

Request A Copy Of Your Credit Report - Once you receive your credit report, examine it carefully. Make sure the information is accurate and report all fraudulent activity, in writing, to the credit bureau and also to the creditor. Don't forget to continually monitor your credit reports!

Debt Collectors - If you're being contacted by a collector to pay the balance on a fraudulent account, get the name of the person calling, the collection company name, phone number, address, the creditor info, the amount of the debt, the date of charges and account number. Explain to them that you are a victim of fraud and that you are not responsible for the balance. You may need to complete a fraud affidavit form. Follow up the call with a letter and ask for a letter back stating that the account has been closed and that you do not in fact owe the debt.

Lost or Stolen Wallet/Purse - If you have lost your wallet or purse or had it stole, report it immediately. Call all credit card companies and get new cards with new account number sand change your password to a new one. Closely continue to monitor your bank accounts.

Identity theft is a big problem and it's really difficult to catch people who have stolen other's identities. If your identity has been stolen then it can take a lot of work to clean up the mess. Educating yourself will help you deal with Identity theft.

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How to Prevent Corporate Account Takeover

There are people out there who will take advantage of a company's assets in a way that negatively impacts that company's bottom line. As companies conduct an increasing amount of business online every day, many find themselves susceptible to various types of fraud. One prevalent type of fraud is corporate account takeover - when an unauthorized user obtains a company's vital information, re-routes all official mailing to his or her own address, then uses that company's information to make charges or even apply for credit.

The most important step in avoiding corporate account takeover is to recognize the different methods unauthorized users employ to obtain information. Social engineering, finding online filings, dumpster diving, and gaining internal access are all common account takeover strategies. Each is explained below, along with steps that can be taken to prevent each from happening.

Social Engineering:

What is it?

Social engineering is when an unauthorized user calls a company, asking for vital information such as electronic passwords, under the pretense that he/she is conducting legitimate business.

How to avoid it:

Prevent social engineering by knowing who your trusted business partners are. Most of these partners have the information they need about your company and will never call to ask for more information.

Finding Online Filings:

What is it?

Since the Secretary of State began allowing businesses to file annual reports online, unauthorized users have found ways to access those filings and add themselves as company officers. Once listed as a company officer, the unauthorized user just has to do a little more research for credit information and can use this information to apply for credit as a company officer.

How to avoid it:

Monitor your online filings, and ensure that only the appropriate contacts are listed on the filing. Also, continue to ensure that your correct corporate address is listed on the filings.

Dumpster Diving:

What is it?

Have you ever heard the saying "One man's trash is another man's treasure?" Dumpster diving is a low-tech, common method of obtaining a company's vital information, and is a great example of how the things we throw away can be valuable to others. Combined with mail-watching, unauthorized users can access both personal and business information which can be used to access accounts by simply digging through the trash.

How to avoid it:

Shred any sensitive materials prior to disposal. An in-office machine is inexpensive at office supply stores. If possible, have all of your business' mail delivered inside your office location to reduce exposure to unauthorized users. Avoid using common passwords that can be easily compromised.

Gaining Internal Access:

What is it?

Both current and former employees have the ability to commit account takeover, as company information is readily available for their use. Unfortunately, sometimes it is used for personal gain, particularly if an employee has sole access to a particular account.

How to avoid it:

Avoid this form of account takeover by establishing a strong monitoring system over company accounts, so that all spend that occurs on these accounts has oversight. Also, it is widely considered a best practice to set more than one person as an administrator of corporate accounts, which gives each account an additional layer of monitoring. Finally, when an employee leaves the company, immediately block his/her access to secured data and sensitive information.

Working with a corporate purchasing partner who can help you monitor suspicious activity on your accounts is the first step towards making sure your profits are protected. When looking for a provider, make sure it has programs in place to detect potential fraudulent transactions before they become a problem.

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How to Choose an ID Theft Prevention Service

Most of us know the prevalence, dangers, and consequences of identity theft. It is the fastest growing white-collar crime. To proactively combat identity theft, more and more people are turning to ID theft prevention services to regularly monitor fraudulent activity.

Unfortunately, not all identity theft prevention services are the same, and selecting the best one for you can be confusing and frustrating. There are dozens to choose from and each offers varying levels of protection for a monthly fee.

Before you even start shopping for an ID theft prevention service, it's important to know that there are many things you can do to proactively defend against ID theft at no cost. For example, you can monitor your credit for free once per year with each of the three major credit reporting bureaus, and can implement a credit freeze to prevent any new accounts from being opened in your name.

One form of ID theft you can't directly guard against is a data breach, which occurs when an identity thief hacks into the database of an organization that has your personal information on file (such as a bank or a doctor's office). There were 662 data breaches in 2010 according to the Identity Theft Resource Center, up from 498 in 2009, proving that no one is immune to ID theft.

Considering the growing threats, subscribing to an ID theft prevention service is definitely a good idea. But before you decide to pay for one, do your research and ask whether the service:

• Offers monthly, weekly, daily, or even real-time credit monitoring. Time is not on your side when your identity is stolen, so real-time or at least daily credit monitoring is recommended.

• Provides ID theft prevention services, such as setting-up fraud alerts, obtaining credit bureau reports, and monitoring credit card activity. Although you could complete these services yourself for free, it's a time-saver to have them performed by the ID theft prevention service.

• Monitors all three credit reporting bureaus. Some services only monitor one of the three agencies, which isn't enough protection when you consider that a potential creditor usually only checks with one of them.

• Provides unlimited access to your credit scores. Keep in mind that many ID theft prevention services do not provide access to your FICO score.

• Has customer support. Live representatives should be available 24/7 if you suspect a problem.

• Provides ID theft insurance. Although it does not cover damages resulting from identity theft, ID theft insurance reimburses the costs involved in restoring your identity.

• Offers recovery assistance. Services vary greatly, and you want to know how much help you can expect in the event of ID theft. Some services only provide you with fraud affidavits to complete, while others actually contact creditors, law enforcement agencies, and other entities on your behalf.

You will also want to compare costs of the various ID theft prevention services, remembering that the price doesn't necessarily reflect the level and effectiveness of the service.

With all of the ID theft prevention services available, choosing the best option can seem like a daunting task. But it doesn't have to be. Professional practices and individuals alike turn to The Identity Advocate to rest easier. Get tips to start protecting your identity by visiting http://www.TheIdentityAdvocate.com or calling 310.831.4400.

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