The Fastest Growing Crime in America

In recent months several high profile security breaches have brought the subject of identity theft back into the national spotlight. Most recently, Hannaford Bros., an east coast grocery store chain, said that it was hit by a data breach that exposed more than 4.2 million credit and debit card numbers. So far, more than 1,800 cases of fraud have been reported in connection with the breach.

It is the fastest growing crime in the nation and no one is immune. Anyone can become a victim. Identity theft is when someone obtains your personal information - such as your bank or credit card account numbers, information about your income, your Social Security number (SSN), or your name, address, and phone number - and uses it without your knowledge to commit fraud or theft.

Identity theft is a serious crime. People whose identities have been stolen can spend months or years - and their hard earned money - cleaning up the mess the thieves have made of their good name and credit record. Some victims have lost job opportunities, been refused loans for education, housing or cars, or even been arrested for crimes they didn't commit. According to the Federal Trade Commission, each year almost 10 million people - or about 5 percent of the adult population - discover that they are victims of some form of identity theft, and that number is growing each year.

Minimize Your Risk

Although you probably can't prevent identity theft entirely, you can minimize your risk by managing your personal information wisely. Following is a list of ways you can protect yourself from identity theft:

• Monitor the balances of your financial accounts. Look for unexplained charges or withdrawals.
  
• Order a copy of your credit report and make sure it's accurate. An amendment to the Federal Fair Credit Reporting Act requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months. For more information visit www.annualcreditreport.com
  
• Before disposing of documents and junk mail, shred or destroy bank and credit card statements, bills, pre-approved credit offers, and anything that contains personal information such as your SSN and income or tax information.
  
•  Update your virus protection software regularly. Computer viruses can have damaging effects, including introducing program code that causes your computer to send out files or other stored information.
  
• Don’t download files from strangers or click on hyperlinks from people you don’t know. Opening a file could expose your system to a computer virus or a program that could hijack your modem.
  
• Use a firewall, especially if you have a high-speed or “always on” connection to the Internet.
  
• Read Web site privacy policies. They should answer questions about the access to and accuracy, security, and control of personal information the site collects, as well as how sensitive information will be used, and whether it will be provided to third parties.
• Use intricate passwords when online, change your passwords on a regular basis, and don't use the same password for every website.

For more information on what to do if you believe your personal information has been compromised or your identity has been stolen contact the Federal Trade Commission (there is a lot of valuable information on the FTC website). We are all at risk. It is worth your time and effort to get informed about identity theft and to take precautions to protect yourself and your family from fraud.