MoneyWatch: February 2006

Identity Theft

Identity theft is on the rise - last year alone, there were just over a quarter of a million reported cases in the United States. Of those, 7,155 were in Ohio. According to the Federal Trade Commission, identity theft accounted for 37% of all customer fraud complaints.

The most common types of identity theft complaints are:

Credit card fraud
Phone or utility fraud
Bank fraud
Employment fraud
Government document/benefit fraud
Loan fraud

To safeguard against identity theft, treat all of your personal information - your social security number, driver’s license, credit cards, credit card bills etc. - like any other valuables. Secure them in your home, keep track of them in the office and only release them to trusted sources. Specifically, some things you can do to minimize the risk of becoming a victim of identity theft include:

Check your credit report at least every 12 months for any unusual activity.
Don’t give personal information over the phone, through the mail or on the internet unless you’ve initiated the contact.
Treat your mail and trash carefully.
Don’t carry your Social Security number card and only give out your social security number when absolutely necessary.

For more tips and detailed information visit the Federal Trade Commission’s web site, a “one-stop national resource” for identity theft prevention, victims and those assisting victims.

If you are a victim of identity theft, you can also call the Federal Trade Commission’s Identity Theft Hotline toll free at 1-877-IDTHEFT (1-877-438-4338) or go online and visit the FTC’s identity theft web site.

Resources:

Federal Trade Commission
Identity Theft Ohio
Identity Theft Resource Center

Support for MoneyWatch is made possible by Charter One Foundation.

Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration.