Identity Theft
Identity Theft is a form of fraudulent activity, which involves using someone else’s personal details and assuming their identity. There are several forms of identity theft, but the most common are business/commercial identity theft, and financial identity theft – in which the victim’s credit might be severely affected and could be accountable for the perpetrator’s actions. This paper will highlight ways to prevent identity theft, and what to do if you are a victim of identity theft.
The easiest mnemonic to remember in order to prevent identity theft is to remember the word “SCAM”. Remember to be stingy when giving out personal information to others. You should always yourself why certain merchants, creditors, or other agencies need your personal information. Additionally, you should check your financial information regularly. Look through your billing statements for bank and credit card accounts and immediately report any suspicious activity on them. Also, if statements are received late or not received at all, you should report this immediately. Another important prevention method is to ask for a copy of your credit report at least once a year from www.annualcreditreport.com in order to check for any fraudulent or suspicious behavior. Lastly, it is important for you to maintain records of your financial accounts, and further steps such as putting passwords on your credit card accounts, and also the obvious yet commonly forgotten practice to keep your numbers and passwords to yourself and not to share them over any channel, especially in cyber space.
In the unfortunate case that you become a victim of identity theft, you have to act immediately to avoid any damages to your credit report and avoid any financial loss. There are several steps you should take after you learn that your identity has been stolen.
First you need to place a fraud alert on your credit report. This can be done by calling any of the three consumer reporting companies, TransUnion,
The easiest mnemonic to remember in order to prevent identity theft is to remember the word “SCAM”. Remember to be stingy when giving out personal information to others. You should always yourself why certain merchants, creditors, or other agencies need your personal information. Additionally, you should check your financial information regularly. Look through your billing statements for bank and credit card accounts and immediately report any suspicious activity on them. Also, if statements are received late or not received at all, you should report this immediately. Another important prevention method is to ask for a copy of your credit report at least once a year from www.annualcreditreport.com in order to check for any fraudulent or suspicious behavior. Lastly, it is important for you to maintain records of your financial accounts, and further steps such as putting passwords on your credit card accounts, and also the obvious yet commonly forgotten practice to keep your numbers and passwords to yourself and not to share them over any channel, especially in cyber space.
In the unfortunate case that you become a victim of identity theft, you have to act immediately to avoid any damages to your credit report and avoid any financial loss. There are several steps you should take after you learn that your identity has been stolen.
First you need to place a fraud alert on your credit report. This can be done by calling any of the three consumer reporting companies, TransUnion,