Become Identity Theft Educated
By Larry HarbPresident- IT Risk Managers, Inc.
Identity theft is the fastest growing crime in America today. Identity theft occurs when someone other than you, uses your good name, credit history and assets for their personal gain. It is said to be the crime of the new millennium. You don’t need a computer to commit an identity theft event, but technology has made it easier to sell the information acquired, making identity theft a very lucrative crime.
Identity theft afflicts millions of U.S. consumers, according to a study released April 2006 by the U.S. Department of Justice about 3.6 million households were victims of the crime last year. In all, one in every 33 households were victims of an identity theft event last year and the number is expected to grow. In Michigan, the Federal Trade Commission reports that 7% of residents experienced an identity theft event, making us the 15th most active state in the country.
According to the survey by the U.S. Department of Justice, the average victim spent $1,290 in out-of-pocket expenses to resolve an identity theft event, not including lost wages or legal expenses. The average person spent 1-2 months to resolve credit card, financial or personal information identity theft.
This is a crime that can affect all individuals, both computer users and non-computer users alike. Everyone is at risk of becoming an identity theft victim, regardless of race, sex, age, or religion. Even if you don’t use a computer, your personal information is being stored in databases that are being filed on a computer that is connected to the internet, which makes you vulnerable.Identity theft can happen to you or your parents, your kids, your friends, your extended family, your co-workers, or your employees.Everyone is at risk and the risk cannot be eliminated!
Although you cannot eliminate your chances of becoming a victim of identity fraud, there are steps you can take to reduce your risk. Here are a few of the steps to follow to protect yourself from identity fraud.
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Review your
credit report frequently
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Protect your
Social Security number
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Never use
your birthday or mother’s maiden name as a password
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Do not reply
to Spam
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Do not use
checks to pay for store purchases
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Opt-out of
the credit bureaus prescreening list (888-5OPTOUT)
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Shred all
pre-approved credit card applications you do receive
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Pay
attention to monthly credit card bills and bank statements
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Never put
bills in an unsecured mailbox
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It is very
important to have your bills, bank statements and other pieces of mail
containing personal information delivered to a secured mailbox or post office
box.
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Set up a
public e-mail address
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Check the
Members’ Only section of www.myidsite.com
for back issues of the newsletter and alerts, for further suggestions.
About the Author:
Lawrence
E. Harb is the
President and CEO of IT Risk Managers, Inc. IT Risk Managers is the industry’s premier broker of Internet &
Technology (network) Insurance. IT Risk Managers provides risk management
solutions for companies that are in the technology business or for companies
that use technology.
In addition, IT Risk Managers is the program administrator of the Identity Theft Product program, an online educational and recovery program for identity theft for individuals.
Mr. Harb started insuring technology risks and exposures in the late 90’s as the Internet and Internet businesses started growing. His company specializes in helping company’s risk manage their network’s risks and exposures.
Prior to insuring technology risks, Mr. Harb served as Chairman and CEO of Financial Solutions Insurance Services. Financial Solutions was a holding company for six different Aon Corporation subsidiaries, each specializing in insuring financial institutions. He was responsible for sales, marketing, underwriting and claims for four major insurance companies and Lloyd’s of London.
Mr. Harb has spent his entire career working in different aspects of the financial services industry. He holds a Master of Management degree from Northwestern University's Kellogg School of Management and a Bachelors degree in Management from Northern Illinois University. He co-authored the book Reinventing the Retail Bank published in 1994. Mr. Harb has also written numerous articles and is a frequent speaker at industry and trade association conferences.
