The document provides tips on how to safeguard against identity theft and what to do if you become a victim. It advises that if you are notified that your identity has been stolen, verify the reliability of the notification before responding. It then recommends contacting consumer protection agencies like the FTC and agencies in your state for help with identity theft resolution. The document also offers tips to minimize risk of identity theft such as being cautious online, checking your risk level on free websites, vetting tax preparers for honesty, and being wary of IRS impostors.
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Safeguard Against I.D. Theft
1. Safeguards Against I.D. Theft
Submitted by Larry Frank Sr. on Fri, 03/22/2013 - 12:00pm
Someone just stole your name, your Social Security number, your credit
card information. They ran up a big bill. What do you do? And how do you
avoid it in the first place?
When you get the dreaded news you’re a victim of identity theft, it’s a
shock. This news takes a while to sink in. Can it be true? Who could
masquerade as you? What are they doing as you? What damage have
they done? The questions never end. You are awash in anxiety. Now
what do you do?
First, who contacted you about the theft? Are they reliable? Do you do
business with them, and how would they suspect identity theft?
Sometimes identity thieves are fishing for information, and try to get it by
alerting you to a theft that hasn’t occurred yet. They want you to identify
yourself – and reveal your secrets. In other words, stop and think before
responding to that alarming email.
Some scammers have a great deal on gold to offer you. Or they pretend
to be the Internal Revenue Service and ask you to reveal vital data. Read
more on scams in my blogs. If you Google “identity theft” you get many
results, but concentrate at this point on the federal and state government
official websites.
Okay, so let’s say the warning appears to be real. Contact who notified
you – not by email. In person or by phone. How do they know about the
scam? You’ll need that information to file a police report.
A few consumer resources to help you resolve identity
theft are: IDtheft.gov, the Federal Trade Commission’sIdentity Theft
site, U.S. Department of Justice and the California Department of
Justice, in the state where I live, or Google your state’s DOJ for identity
theft help.
2. Here’s how to minimize your risk of identity theft:
1. Be on guard when you are online. Some scammers, claiming to be
from a reputable company like Microsoft, call to tell you that your
computer is infected with viruses. They talk you into granting remote
access to your machine.
I don’t necessarily endorse non-government websites. They are merely
provided as possible additional resources. Consider carefully what you
do with any website before you enroll in a program, send money or
provide personal information. Most legitimate websites on this
topic provide services free of charge and don’t need personal information
to help you.
2. See if you are you at risk before the unthinkable happens.
MyIDScore.com is a free analytics site so you may check your risk and
take appropriate actions to reduce your risks.
3. How honest is your tax preparer? Few people think of this, but your
preparer gets all kinds of handy information that may also be used for
identity theft. Various states have sites to check out yours. Where I live,
there’s the California Tax Education Council’s website to verify your tax
preparer. Are they legitimate? Look for helpful information links on the
side panel navigation bar once on the site, especially the “Verify a Tax
Preparer” link.
4. Be especially careful about IRS scams. You won’t get a phone call or
email “out of the blue” from the IRS. You will get official correspondence
by snail mail first. Before you do anything, I suggest you talk to your tax
preparer who filled out your return. If you don’t have a tax preparer,
contact a certified public accountant or tax lawyer.
Many people fret about their data getting compromised on some server
somewhere. Those servers are getting harder for a common thief to
crack; and more sophisticated criminals are after bigger fish. So the
common thieves go after the softer target – you.
Follow AdviceIQ on Twitter at @adviceiq.
Larry R. Frank Sr., CFP, is a Registered Investment Adviser (California)
in Roseville, Calif. He is the author of the book, Wealth Odyssey. He has
an MBA with a finance concentration and B.S. cum laude in physics with
which he views the world of money dynamically. He has peer-reviewed
research published in the Journal of Financial
Planning. www.blog.BetterFinancialEducation.com.
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