Get the top eight tips for identity theft protection. Learn how to stay safe from identity fraud whether you're at home, working on your computer, or connecting with friends on Facebook.
Money Girl
199 MG Eight Smart Tips for Identity Theft Protection
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Hi everyone, and welcome back to Money Girls Quick and Dirty Tips for Richard Life. I'm Laura Adams. Identity Theft is a growing crime that affects 1 in 20 Americans. So in this podcast, I'll give you 8 smart tips for preventing it. On the blog at moneygirl.quickanddirtytips.com, I've included some bonus audio. It's an interview with John Silio, an Identity Theft expert and author. You won't want to miss my conversation with him about how Identity Theft cost him over $300,000, destroyed his business, and almost landed him in jail. Even though identity monitoring services can't eliminate fraud, John recommends a service that you've probably never heard of. His experience is a good reminder that almost half of the worst identity crimes are committed by people the victim knows. To make sure you don't become a victim of Identity Theft, here are 8 important tips to follow. Tip number one, carry less data. If you don't carry sensitive information in your wallet or purse, it can't be taken from you. So, pair down what you carry to the bare essentials and do it right now. You should never carry your Social Security card because you don't need it on an everyday basis. Eliminate paper checks from your wallet and use a debit or credit card to pay for things instead. Debit cards aren't as safe as credit cards, but they're much safer than paper checks. That's because checks reveal your bank account and routing number, and it just takes one stolen check for a thief to make an endless number of copies. If you must carry checks, don't keep a high balance in your checking account. Transfer excess money into a savings account so you limit your risk. Additionally, never have personal information such as your Social Security number, driver's license number, address or telephone number printed on a check. Tip number two, review your free credit reports. There are three credit agencies that maintain your credit files, Equifax, Experian and TransUnion. The official website to get your free report from each of them once a year is annualcreditreport.com. Space out your requests so you get a different report every four months. One of the reports show your credit score because you have to pay for those, but they will show you if an identity thief has gone on a spending spree using credit opened in your name. Tip number three, freeze your credit. A credit freeze is an agreement that you make with the credit agencies that prevents anyone from opening a new account in your name. A credit freeze doesn't protect you against fraudulent use of an existing account, like a credit card you already have, but it's a proactive measure that gives you control over who can access your credit file. Depending on where you live, there may be a small fee to place a credit freeze or to have it lifted. Take a look at the credit freeze rules for your state at financialprivacynow.com. Tip number four, shred confidential documents. You've probably heard that you should shred every piece of paper that contains personal information before throwing it away, especially pre-approved credit card offers. But what you may not know is that even a tiny receipt that shows the last four digits of your credit card number can be used against you. A cross-cut shredder that makes confetti out of your documents is the best kind to use. Tip number five, stop giving your identity away. Whenever an individual or a company asks you to share private information, ask yourself and them why they need it. Don't give up your data without a darn good reason. When I got a flu shot last month, I was given some paperwork to fill out. In a rush, I mindlessly wrote down my information, got my shot and left. As soon as I got home, I wondered why they needed my Social Security number. But by that time, it was too late. I can only hope that my paperwork doesn't fall into the wrong hands. I should have politely challenged the nurse about why your company would need my Social Security number. It's likely that the information wasn't absolutely necessary, and I could have kept that information confidential. Tip number six, protect your computer and mobile devices. More and more of our confidential information is kept on computers and mobile devices, like cell phones and iPads. Just like with your wallet, eliminate every bit of private data from your hardware that you don't absolutely need. Password protect your devices, so if thief can't easily get your information if your computer or device is lost or stolen. Always use strong passwords that have more than eight characters and use a combination of numbers, letters and symbols. Download security software for your computer from companies like AVG, Symantec, and McAfee, that include firewall, antivirus, and anti-spyware programs. Set the software to update automatically and run a full system scan at least once a week. Tip number seven, minimize social sharing. Social networking sites like Facebook and LinkedIn are great for connecting with people. But make sure you don't share information that could be used against you. Even selecting the tightest privacy controls doesn't guarantee that your data won't be exposed. Never include the following information in your social profiles or status updates, the year you were born, the city where you were born, or home address, the names of your children, or the days you'll be away on vacation. Even small pieces of information like the date and place of your birth can be used to predict your social security number or to gain access to your bank accounts. I love learning and anything that makes learning easier. If you're a parent and your child needs some homework help, then IXL is a right for your family. 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Visit ixl.com/moneygirl to get the most effective learning program out there at the best price. Imagine earning a degree that prepares you with real skills for the real world. While universities' programs teach skills relevant to your career so you can apply what you learn right away, learn how Capella can make a difference in your life at Capella.edu. AI might be the most important new computer technology ever. It's storming every industry and literally billions of dollars are being invested. So buckle up. The problem is that AI needs lots of speed and processing power. So how do you compete without costs spiraling out of control? It's time to upgrade to the next generation of the cloud. Oracle Cloud Infrastructure, or OCI. OCI is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds, offers one consistent price instead of variable regional pricing. And of course, nobody does data better than Oracle. So now you can train your AI models at twice the speed and less than half the cost of other clouds. If you want to do more and spend less like Uber, 8x8, and Databricks Mosaic, take a free test drive of OCI at oracle.com/advanced. That's oracle.com/advanced, oracle.com/advanced. Tip number eight, move your finances online. You may think that a recommendation to do more online, especially your finances, may seem counterintuitive when it comes to preventing identity theft. After all, isn't that where many criminals are lurking? The quick and dirty truth is that one of the best ways to stay safe is to stop receiving and sending documents through the mail that contain personal information. Even if you have a mailbox that locks, an identity thief can forward your mail to their address without you knowing it. Receiving financial documents and paying bills online is much safer. But you should only log into your financial accounts from a secure internet connection. Never pull up anything personal on a public computer or from an open Wi-Fi connection. Financial documents that you receive in a digital format are always in your control. You can save them to your computer, an external hard drive, a remote storage service, or print them out if necessary. Online banking also allows you to see your transactions as often as you like and to set up account alerts. So if someone tries to steal from you, you'll know about it right away. It's impossible to completely prevent identity theft. However, when you catch it in its earliest stages, you can stop it more quickly and with less potential hassle and expense. Remember that staying safe isn't a set-it-and-forget-it process. You have to stay vigilant and build layers of protection over time. Catch my interview with identity theft expert John Silio for more about how to stay safe. It's on the Money Girl section at quickanddirtytips.com under episode 199, eight smart tips for identity theft protection. From now until the end of the year, I'm doing something special to thank you for being a part of the success of the Money Girl Podcast. The show has been downloaded over 7 million times, so I'm giving away seven personal finance books, written by various authors, including me. There will be one winner each week, and all you have to do to be eligible to win is sign up at smartmoves2growrich.com. Keep these books for yourself or turn them into great holiday gifts. Again, register to win free books at smartmoves2growrich.com. I'm glad you're listening, cha-ching. That's all for now. Hurry to see if Money Girl, you're guide to our richer life. Imagine earning a degree that prepares you with real skills for the real world. Capella University's programs teach skills relevant to your career so you can apply what you learn right away. 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