By Marilyn Barnewall
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We live in an era of white-collar crime. One of the fastest growing crimes in the country is identity theft.
Why would someone want to steal your identity? Because they can buy a new car, a digital big-screen television, take a cruise you always wanted to take but couldn’t afford.
You, not they, get billed for the cost of these things. It can be very expensive and time consuming to get it all straightened out. Creditors bill you for items you did not buy and you have to prove you did not buy them. It is better to avoid the problem, and it can be avoided.
How closely do you guard your Social Security number? Have you ever given it to someone over the telephone? When someone you don’t know asks for your Social Security number, do not provide it. There are rare exceptions to this rule – if you are talking to the Social Security Administration and they ask you for your number, it’s OK to give it to them.
It is not, however, OK to give it to financial contacts over the telephone – your bank, your life insurance company, your credit union, etc. And, there is no need for it. When a credit card service representative asks for your Social Security number, offer to give them the last four digits. That is all they need if identification is all they are seeking.
It is unfortunate that many medical insurance policies use Social Security numbers.? It was a stupid mistake by the Congress to allow it and the practice should be changed. I have not given a credit card company my Social Security number in years.? I have been asked for it numerous times.
When credit card companies send you replacements because your current cards are about to expire, they often ask cardholders to call an 800 number to activate the card. When you call the number, the credit card provider sometimes asks you to input your Social Security number on the touch telephone pad.
Instead, I call the customer service number on the back of the card and offer to provide the last four digits of the number.? I tell them I’m sensitive about giving out my Social Security number.? Done nicely, they tend to understand.
One of the biggest ways you provide information about yourself is… your trash. Have you thrown away bank deposit slips? Old bank statements or tax returns? Invoices from credit card companies once you have paid your monthly payment? If so, you are giving someone information they need to steal your identity. Before you throw financial information?in the trash, look to see if any important information — your Social Security number, date or place of birth, etc. — is on anything.
Companies like Safeway and many other merchants understand the risk of having your card number on a receipt you will likely throw away. Instead of a number on their receipts, there is a row of xxxxxs. You can throw this credit receipt in the current week’s trash. Wait until next week to put the second half in the trash.
There are other ways to protect yourself from identity theft.
For example, have you ever thought about putting your initials rather than your full name on your checks? If the wrong person gets a hold of your checkbook, they won’t know whether you sign your checks with your initials or with your full name… and they won’t know your full name. If you have a post office box, use it as your address. The less personal information you make publicly available, the better.
Keep your Social Security number off of your checks. When I lived in Ohio for three years, Kroger’s would not take a check without a Social Security number. As a result, I didn’t shop there. I complained and before my three years in Ohio were over, they changed their policy.
If someone takes your wallet and has your name, address, Social Security number, credit cards… it is very easy to steal your identity. They can get credit in your name, get phony identification in your name.
It is even easy to get the address on your credit card invoices changed. If you do not get a bill, it’s hard to know someone is using your credit cards.
If the thief uses a new credit card he/she got in your name with the ID from your wallet, they can use a phony address (on the credit application). You won’t know someone has gotten a credit card in your name until a bill collector contacts you because your account is past due.
I do not have my telephone number printed on my personal checks. Only one or two times has someone demanded my phone number. If you have a work telephone number, use it.
When you pay your credit accounts, put only the last four numbers of your account on the “For” line at the bottom of your check. Target, Penny’s and Sears know the rest of the number. The last four numbers is all you need.
My Dad was the credit manager for the Denver Dry Goods during his pre-retirement days and he told me to never return a creditor invoice with my check without filling out the “Amount Paid” portion. This is particularly important when you are paying more than the minimum payment.
The only time we had credit card fraud problems at the bank was when customers did not fill out the “Amount Paid” portion of the credit card invoice. A clerk put in a lower amount than was paid, transferring to another account the remaining balance. It took awhile to catch them, too.
Any piece of paper that has your name, address and a credit account number should be shredded. You can, of course, wait until a leaf burning day and have your own special fire. The point is, do not throw into your trash personal information that can help someone hurt you.
If someone stole your purse or wallet today, do you know what is in it? Most of us have a general idea. Few of us know specifically what we carry in our purse or wallet. If you need to report a theft, you will need to know.
Do yourself a favor. Sit down with a pen and paper. Or sit down at your computer. Write the name of each credit card, the issuing bank, the account number, and the date it expires. Be particularly careful to write down the 800 numbers of any credit card companies you might have to contact. The alternative is, of course, to make copies of everything you carry in your wallet. I prefer keeping a list on computer disk.
If you use the computer, save the information to a disk, not the hard drive. I know you don’t think it’s possible for someone to break into your computer, but it is. A list of credit card numbers is one of the things computer thieves look for.
One easy way to achieve the “Know Thy Wallet” commandment is to go to a place that has a public copy machine. Take everything out of your wallet and make a copy of it. Write the 800 customer service number on the back of the card next to it’s image. If you need to report them stolen, all the information you need is easily at hand.
While it is important to contact credit card companies, it is equally important to contact your local police or sheriff’s department. File a theft report. Reporting the theft of your credit cards immediately to local authorities shows you were diligent. This can impact credit card insurance to help save you from losses.
You also need to contact the three major credit reporting companies. They are: Equifax: 1-800-525-6285; Experian (formerly TRW): 1-888-397-3742l and Trans Union: 1-800-680-7289. By notifying the credit bureaus, any merchant who calls for a credit rating on you — like a finance company if someone tries to buy a car using your identity — will be informed of your stolen credit information.
If someone steals your wallet and fraudulently uses your Social Security number, contact the Fraud Line of the Social Security Administration at 800-269-0271. Fraudulent use of your Social Security number includes using it to: get credit, get a driver’s license in your name, establish a bank account in your name, get a job using your Social Security number, etc., If your Passport was in your purse or briefcase, notify the appropriate federal authorities. Numbers differ for various areas of the country… it is listed in your Passport or the materials that came with it. Write it down next to a copy of your Passport. In this day of terrorism, your Passport is very valuable. It needs to be kept secure.
It’s a sad commentary on modern American life that we need to have this kind of information… but we do.
Marilyn Barnewall, in 1978, was the first female to be named vice president in charge of a major loan and deposit portfolio at Denver’s largest bank. She started the nation’s first private bank, resigned to start her own firm and consulted for banks of all sizes in America and other countries. In June 1992, Forbes dubbed Barnewall “the dean of American private banking.” Author of several banking texts, she has written extensively for the American Banker, Bank Marketing Magazine, and was U.S. consulting editor for Private Banker International (Lafferty Publications, London/Dublin). Article originally appeared in the Grand Junction Free Press. Marilyn can be reached at [email protected].
