Despite the millions of cases of identity theft seen around the world, there is no doubt that the need for identity protection is something that many people take for granted. Unfortunately, until it happens to them, most people don’t understand the gravity of the situation and therefore do not take steps to protect themselves.
If you are just waking up to the idea of identity theft but don’t yet understand how important it is to protect your identity, take a look at these identity theft horror stories, as well as ways to get the right amount of protection for you and your family.
Identity Theft Horror Stories
Divorce was a tough enough cross to bear for Paula Sampson; however, her hardships were far from over. Shortly after her divorce, she applied for a mortgage on a new home only to learn from her loan officer that she had recently acquired a $50,000 loan to purchase a new Audi.
Knowing she had the same Honda for 10 years, she investigated her credit report, only to discover that someone had sent in several hundred applications for credit cards in her name. Many of them were approved and some exceeded $40,000 in credit.
Sampson was lucky because her perpetrator was found and arrested. However, the thousands of dollars and hours she lost trying to repair credit issues could have been spared if she had protected her ID.
Adam Josephson found himself in a similar situation after realizing he had become the victim of identity theft shortly after turning his first profit as the CEO of his own Internet startup. His fraudster purchased his personal information from a third-party vendor for pennies on the dollar, ran his credit report and was able to create fraudulent checks online that drained his direct accounts.
But that’s not all. The fraudster also opened several legal credit card accounts in Josephson’s name. When all was said and done, he was drained of over $500,000 and has been stuck for years with the job of fighting to recoup some of his money and clean up his now damaged Social Security number.
Between just these two stories, hundreds of thousands of dollars were lost. Neither person committed a crime that deserved any type of punishment, yet they were both punished many years after their ordeals due to someone else’s criminal activity.
What Kind of Identity Protection Is Necessary?
Unfortunately, approximately 10 million people have their identities stolen each year. This means you are just as much at risk as any of the people who have already been victimized. Because there are so many ways to have your identity stolen, it’s important to look at just what is needed to make sure your identity is protected the right way.
- Regularly monitor your credit report: It’s important to check your credit reports from the three credit bureaus, but it’s even more important that you regularly monitor them. The more often you monitor them – by receiving updates as your reports are updated – the more quickly you can react if you see incorrect information pop up.
- Monitor your identity: Another way to protect your identity is by having your identity monitored regularly. Companies like Go Identity Protect can review Internet chat rooms and newsgroups to ensure that no one is fraudulently utilizing your identity.
- Acquire loss reimbursement insurance: Identity theft can easily cost its victim thousands of dollars. By acquiring insurance, you can recover some of what was stolen from you in money, if not in time and stress.
By getting your hands on identity and credit protection, you decrease your chances of having your identity stolen. And if you work with the right company, you could spend as little as $15 per month to do so.
Other Ways to Protect Yourself
In addition to keeping up with how your identity is or could be used by others, it’s important to make sure that you protect your personal information so that no one has access to it. Here are a few ideas to consider:
- Shred your documents: Make sure to shred financial documents or any other paperwork that contains your personal information. Don’t just throw it away.
- Guard your birth certificate and Social Security details: Try to avoid carrying around your birth certificate and Social Security card (or a copy of the number) when you leave the house unless absolutely necessary. Also, don’t give out your Social Security number over the phone, through the mail or over the Internet unless you’re sure the means of communication is secure.
- Make sure websites are secure: If you’re giving out personal information on a website, make sure that the URL starts with https and that there is a small lock icon somewhere in your browser that offers security and privacy information for the site.
- Avoid unfamiliar links: Don’t click on unsolicited links in emails or on your social networking profiles. If you think you’re getting a request from a bank or other personal site, visit the secure site directly to ensure you’re entering your details in the right place.
- Steer clear of obvious passwords: Don’t use passwords that someone could easily guess like those containing your birth date, mother’s maiden name, other family member or pet’s name, or any part of your Social Security number.
Guarding yourself from identity theft should be a major priority in your life. It only takes one thief to make your life a living Hell. Don’t let a lack of information, indifference or laziness result in you losing your identity and so much more. Begin the steps necessary to protect your identity today.