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Monday, December 10, 2012

Should You Pay Your Bank for Their Identity Theft Prevention Services?

Should you trust your bank when it tries to sell you its identity theft prevention services? Or is there something here that doesn't quite make sense to you. Is it possible that you don't really need to pay for the kind of protection they offer you if you shop elsewhere? In fact, look at the forums, and you find that consumers have plenty of complaints against the identity theft prevention services they buy from their banks. And the regulators are not happy with them either - as they begin to challenge the banks on how effective their products are.

Go to any website these days and the banner ads are all about how Bank of America or Morgan Chase or Citibank wants you to buy their identity theft prevention package. They are going all out marketing their plans. If it isn't advertising on websites, it's when you stand in line when you visit your local branch. Or there are flyers in your mail. What they charge you is about $10 a month - about the same as what you pay for third-party services like ID Patrol and LifeLock. Citi offers you your first month nearly free and charges you normal fees after that.

So what exactly do they do for the money they charge you? To begin with, they monitor your credit to find out if there is any kind of change to your credit score day-to-day; and they try to check to see if there are any new bank accounts, credit cards or loan applications that have come up against your name. If anyone out there is trying to use your name or your financial information to apply for a loan or a credit card or something, they promise to alert you right away. They will monitor all the chat rooms that they believe data theft fraudsters use to buy and sell information. And they'll send you an alert.

There is a reason that the banks very eager to sign people up to these services - they've really been stung by the new consumer friendly laws that have come about that make it difficult for them to charge you a reasonable fee for services you don't want. They need to sell you new services to make up for the money they've lost. The problem with buying these services is that they are unregulated. There is no one actually checking to see if they really offer you value for your money. There is no one checking to see if they do a good job. What kind of problems are expected?

To begin with, these banks don't actually provide you with the services themselves. They outsource to other companies. And these companies usually have truly awful customer service records. And they have lawsuits pending against them. These are the kind of services that the banks are happy to sell you for your $10. And anyway, the protection they sell you doesn't usually keep you safe from Social Security number fraud or medical identity theft. That's how most people get blindsided.

Anyway, you can always apply with the credit bureaus to be alerted if there is unusual activity. And it's free.

Learn The Cold Hard Facts Of Identity Theft Before It's Too Late How Can an Identity Thief Obtain and Use Your Personal Digital Profile? Your Personal Finances Are at Risk: Prevent Identity Theft Tips for Not Becoming an Identity Fraud Victim Stop Identity Theft With Five Tips Using Private Investigators for Business Success

Getting Needed Protection With Lifelock

Identity theft is a very real problem in today's world of ever increasing ease of information. It is possible for anyone to actually be victimized and to have their life stolen from them. Plus there is no way to be warned if it is going to happen which is why Lifelock has the perfect solution. This is one company that has taken identity theft protection to the next level with a variety of special services that can help to protect everyone from the unthinkable.

One big mistake that most people make is to throw away some type of junk mail or paper that features too much of their personal information. In addition, many people find themselves in the unexpected situation where they have had their wallet stolen. In order to protect themselves, they need to turn to a special service that will prevent identity theft.

The best part is that with the right company, these services are not even expensive but rather something that everyone should be able to afford. Now finding the right place to secure identity theft protection with might be tricky at first since so many choices are available. However one great way to decide is by looking at all of the services that are available from different companies and organizations.

Making sure that one that is chosen offers all of the requirements that are needed is easy. This is because there is a ton of information available on the services online. Just going to the website and reading about them can really save time and energy.

Identity protection is something that everyone should think about because no one wants to go through the headache of piecing their life back together after their identity has been stolen. These special companies actually watch a variety of databases in order to protect and make sure that their client's information is not being put into these databases. Plus, most of the companies offer additional monitoring on credit cards as well.

Credit card monitoring is equally important because it is easy for someone to steal a credit card number and rack up hundreds of dollars worth of charges for someone else. If this were to happen and someone had the identity theft protection, they would be called immediately. This would give them the chance to notify credit card companies and instantly put a stop to the fraudulent charges.

Obviously, no one wants to have problems with their credit and this is just one easy way to help protect it. Just by knowing how well identity theft protection can work it can easily be seen how this is a necessity in today's society. With the internet and things getting out of hand much quicker then in the past this is just one way to avoid such problems.

Learn The Cold Hard Facts Of Identity Theft Before It's Too Late How Can an Identity Thief Obtain and Use Your Personal Digital Profile? Stop Fraud in Five Easy Steps: The Ultimate Identity Theft Protection Guide Your Personal Finances Are at Risk: Prevent Identity Theft Tips for Not Becoming an Identity Fraud Victim

Lesser Known Facts About Identity Theft

Many facts about identity theft are now common knowledge. Identity theft has been rising every year for at least a decade, and it has exploded wildly along with the growth of the Internet. Some hackers steal personally identifiable information and then sell it in private forums to other, would-be thieves. Phishing websites collect your personal information to facilitate identity theft, the list goes on.

Yet there are lesser known facts about identity theft that may help shape your plans to prevent it and how to monitor for it.

Many, but not quite a majority, of cases of identity theft involve family members and close friends. Parents have used a child's Social Security Number to get credit cards and even home mortgages after their own credit is shut down. Unfortunately, this ruin's their child's credit just as they are starting their own lives. And many financial institutions won't let the loans be forgiven unless the child presses charges against the relative. Making up a Social Security Number (SSN) on a credit card application is identity theft as well as fraud. Since credit reporting is based on the Social Security Number, using a false one results in them checking someone else's credit. Illegal aliens using your Social Security Number are committing identity theft as well as fraud, whether they use your name as well or only your SSN along with their name. This is done to pass background checks and determine if they are legal to work in the United States. Identity theft has also involved American born children of illegal aliens. Once the child has a Social Security Number, the parent uses that SSN to work and apply for credit. Unfortunately, the teenager can discover they now have a long work history and are at risk of audits by the IRS when they try to work at a fast food joint. The IRS may say they owe taxes on another job or have to explain the Earned Income Tax Credit (EITC) claimed when they were a minor. Impersonating someone's identity is increasingly used to gain access to health benefits. From using another's Medicaid card and ID to listing the health insurance information of a friend, this permits someone not entitled to the benefits to get free or discount care. Unfortunately, it also adds incorrect information to the correct person's medical records. This can result in bills sent to someone who never even received care. In rare cases, the medical insurance cap is reached and the person paying the health insurance premiums is unable to get care due to the health insurance fraud. If someone is working using your Social Security Number and then claims retirement benefits, the payments go to whomever retires first. If it isn't you, you will face an uphill battle to prove the money is going to the wrong person. And there are as of yet no court cases in which the person received the benefits paid to the identity thief. Basic shredding of your bank statements is sound advice but of limited use. Anywhere your Social Security Number and contact information are listed is vulnerable to ID theft. Your doctor's office can be hacked and your personal information stolen as easily and reliably as the Department of Motor Vehicles. An attorney's records include the SSN, address and phone number, allowing those who steal legal records to gain access to even more information for identity theft. You cannot control the information security of all of these hundreds of locations where this information is stored.

While you can never be 100% safe from identity theft, it's important to remain alert. Catching identity theft early is the key to preventing financial ruin. There are services to help protect your identity, but everyone's situation is different, so this may not be the best option for you.

Recovering From Identity Theft - 3 Ways to Get Your Identity Back After It's Been Stolen

If you suspect that your identity has been stolen, regardless of what tipped you off, report, document in detailed files and make changes. You may be spending months or years getting back your identity and your good credit. Be proactive. Do not allow yourself to be defeated. You have worked hard to attain your assets. Go to bat for them.

Report

1. To police in the jurisdiction where the theft occurred

2. To all creditors and businesses with whom you do business

3. To the Federal Trade Commission (FTC)on the online form

4. To all three credit reporting agencies: Experian, Equifax and TransUnion and file fraud alerts

5. To your bank and change all account numbers and debit cards

6. To the Social Security Administration even if your card was not stolen

7. To the U.S. State Department or consulate if your passport has been stolen

Document

1. Conversations you have with collection agencies with whom you have spoken

2. The FTC Identity Theft Report you have filed

3. Regular credit reports from alerts you have placed on them

4. Police reports if you can actually get them

5. All your bills for the last six months

6. Every conversation and report and contact you have made about the theft

7. All promises you have received in writing from any agency involved-"get it in writing"

Change

1. Bank accounts and credit cards and debit cards and account numbers

2. All you passwords and make each one different

3. Your security information from mother's maiden name to something hard to steal

4. Your Personal Identification Numbers (PIN)

5. Use of your personal information by opting out with each business with whom you deal

6. How your mail is delivered by investing in a vandal proof steel locking mailbox

7. Research online for a locking mailbox that is ¼ in thick steel and has a lock only you can open.

Sadly, you must accept that you will have to monitor your personal and business affairs very closely for the rest of your life. Once a thief has been able to profit from stealing your identity, he will seek more information about you. He may even sell your information to another criminal. Even when you notify everyone you can about the theft, an identity thief can open new accounts, rent a home or purchase a vehicle using your identity.

So, if you see charges you didn't authorize, your credit card is denied, your bank statements are incorrect or your bills cease to arrive as usual, Report, Document and Change as is stated above.

Steps To Avoid Identity Theft

Worried about becoming the victim of identity theft? Not sure what steps you can take to help protect the identities of you and your loved ones? If so, then this article on steps to avoid identity theft is definitely for you. I'll discuss a few easy ways you can safeguard yourself and some red flags to keep an eye out for.

Guard all of your information when it comes to finances - The only time you want to give a bank account or credit card number is when you are physically paying for something.

Social security numbers stay confidential

- This is the key that will unlock your entire identity. Never give this to anyone unless you can be sure of why it is necessary to give it out and who you are giving it to. To stay on the safe side ask that your health insurance company or any other companies that use your social as an ID number give you a different substitute number instead. If your motor vehicle agency uses it for your driver's license ask that they also give you a different number instead.

Guard against imposters

- There are many dishonest people pretending to work with businesses you do business with. They may try to email or call you saying they need to verify sensitive personal information. If this happens be very suspicious! Before giving out any information, contact the company yourself to confirm that the email or call is actually from them.

Guard your mail

- Most people overlook this but your mail is something that needs safeguarding as it has personal account numbers and other valuable information. Always collect if from your box as promptly as possible and have the post office hold it if you're away for any reason. Also when sending out mail be sure to send any type of bill payments directly from the post office or other public mailbox and not from your home. Dont throw your mail in the trash. Shred it!

Keep your PIN numbers and passwords memorized

- Do not leave these numbers in a wallet, desk or anywhere else where somebody could easily find it. Also be sure to make them difficult to crack. Don't use birthdays, kid's names or anything else someone might be able to guess or figure out.

Get your names off any credit marketing lists

- The credit bureaus create these marketing lists for all types of pre approved credits offers. These can be a treasure trove for anyone trying to steal your identity as they can steal the offers from your mailbox and then apply for a card under your name. To get off these lists simply call 888-567-8688. You need to be sure to have your social security handy as you'll need to verify yourself to be removed. Getting off this list has no effect on your chances when trying to apply for credit.

Lock Up Valuable Info

- Have a spot where you can keep all of your personal information secure whether at home, school, in your car or at work. The harder it is to get access to the harder it is to steal

Hopefully, this article on steps to avoid identity theft has shown you a few of the ways to keep your valuable information free from the prying hands of others. When it comes to protecting your personal information be diligent, as a stolen identity is a nightmare and not something you'll ever want to have to deal with.

Learn The Cold Hard Facts Of Identity Theft Before It's Too Late How Can an Identity Thief Obtain and Use Your Personal Digital Profile? Stop Identity Theft With Five Tips Using Private Investigators for Business Success

What Is Child Identity Theft?

Identity theft is a rampant problem especially now that there are so many ways to get vital information from people. From skimming credit cards to sending phishing messages to just stealing information from certain databases. But what is child identity theft?

One of the most alarming cases of identity theft is when it occurs on a child. If your two-year-old for example has been getting calls from credit card companies or other banking institutions, you better check what's going on because someone might be using your child's name.

This crime occurs when a child's identity or name is used by an individual for the latter's personal gain -personal financial gain to be exact. What is worse is the perpetrator can be a member of the child's family. Another possible scenario is the use of the child's identity by a family friend. According to authorities however, the perpetrator could also be someone that the family of the child does not know.

Why a child's identity though?

Authorities say this method is chosen by criminals because it takes time before the crime is discovered. Although there are cases that may appear as child identity theft, e.g. receiving a pre-approved credit card under your child's name, parents should still beware of this crime. Child identity theft occurs when your child's Social Security Number (SSN) is utilized in establishing new lines of credit.

The question is, how is this possible? Many do not know that creditors cannot verify the age of their applicants. Most application forms are taken at face value. This is a flaw in the system but there is yet another flaw that the government should take a look at. The credit reporting agencies and the Social Security system do not share information with each other, making it impossible for the CRAs to know that certain applications are fraudulent. This means that a perpetrator of this particular crime can say he or she is 30 and the CRAs will believe him or her unless of course someone files a complaint.

Parents of the victim are the first ones who would usually notice something is amiss. This usually happens when the parents of the child try to open a savings account under the child's name but are denied because of a bad credit record. Another flag is when parents keep receiving checks, credit cards and bills under the name of the child. More often than not, parents discover that their child's identity was stolen when they start receiving calls from collection agencies or when they start receiving letters about certain bank accounts that were not opened by their child.

Trouble later in life

Adults whose identities were stolen when they were children are usually denied credit and won't be able to get a loan even if they never incurred any debt from any banking institution. They are also usually denied utility or phone service and sometimes even tenancy. This crime can really affect a person's life and might even get arrested for something that they do not even know about.

If you think you or your child is a victim of child identity theft, it would be best to file a complaint and investigate as soon as you can.