Identity Theft

Most of us have security alarms systems at home or on our cars.  Few of us walk away from our cars without double checking to see if we really locked the car.  All of these extra steps only serve confirm just how visual a society we are but yet we live in a world that is anything but visual.  Why is it that we pay so little attention toward preserving the things that we have worked so hard, if not for the time it has taken us to accumulate our assets but also for our precious future.

All that awareness seems to fall away as soon as we see an item being advertised for a lower purchase price.  We quickly pick up our electronic device and start the process of making the purchase.  The Target and Neiman Marcus security breaches should have taught us many lessons but we learnt very little if anything at all. Target sent emails to all those affected offering credit monitoring for a year but one wonders just how many of us actually went through with the application.  Yes we do tend to dismiss the possibility to something happening to us.  Many echo “what are the odds?” or alternatively “I do not have anything that someone would want to steal”.

It will not always be that we are made aware of our information being comprised.  Most organizations have an obligation to inform you as well offer some solution to limit losses but what if the breach was either at your home or maybe via your electronic device.  Do not make the mistake of thinking that since you do not how to monetize stolen data that it is useless information. 

Ensure that protecting your information is second nature to you.  Change your passwords on a regular basis ensuring that you avoid the usual mistakes of using any of the following:

1.      Words you can find in the dictionary.

2.      Passwords shown as "example strong passwords."

3.      Personal information, such as names and birth dates, names of your children.

4.      Avoid sequences of numbers in order as well as keyboard patterns

5.      Repeating characters, such as mmmm3333.

6.      Universal password (same password for all your accounts).

One needs to be equally careful when disposing of mail, i.e. bank and credit card statements; even regular mail that just has your address on it.  Thieves have become extremely resourceful at piecing together any information that you are reckless with, as well as any additional information that they can find online without much effort.  Shredding is the way to go but if you are going to buy one then it is advisable to purchase one that “cross-cuts” as there now is available software that can put together papers that are shredded the normal way.

This past tax season many people had the misfortune of being victims of identity theft with “refund fraud”.  The IRS has "Tips for Taxpayers, Victims about Identity Theft and Tax Returns"“ that are worth your while to read over.  For those that have been victims the IRS has been issuing pin numbers to allow filing your tax return.

Regardless of how tedious this may all seem it is extremely beneficial to follow through with all the suggested precautions as well as checking your credit report annually.  There are also various companies out there that now offer credit protection at differing levels but this too can be pricey.