Tips and tools to avoid identity theft and stay safe from cyber crime.Like what you hear? Help us out by writing a review at iTunes. Questions go to money@qdnow.com. Thank you!
Money Girl
121 MG The Case of the Missing Identity, Part 1
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Fortunately, I have so many tips and tools to help you prevent identity theft and win the war against cyber-crime that I needed to break the topic up into two shows. Identity theft is a serious crime that happens online as well as offline. It's estimated that about 25% of all cases are internet-related. Identity theft happens when someone steals your personal information and uses it to commit fraud or other types of crime without your knowledge. A thief could use your name, social security number, driver's license number, or various bank or credit card numbers, for instance, to wreak havoc in your life. Once your identity is jeopardized, getting it cleared up can cost time and money, not to mention you'll be left to deal with the really botched credit score. In order to prevent identity theft, it's helpful to understand how the thieves do what they do. They have a variety of ways to get your confidential information, like your social security number, and you can be sure that they're scheming up new methods all the time. One way they get your information is by stealing it from businesses. Perhaps they work for a company that has you listed in their database. Maybe they hack into a business's records or bribe someone who has access to them, or they take information from your credit reports by abusing their employer's authorized access. Another way identity theft happens is when criminals get information directly from you. They may steal your wallet or copy your credit or debit card numbers. They could steal your mail or dumpster die for information in your trash. And sometimes criminals actually change your mailing address so that your mail gets sent to them, which gives them access to your personal information and account numbers. One of the most common ways thieves get information is by posing as a legitimate company, such as a bank. Often they'll claim that there's a problem with your account which needs immediate action. They may call or email you to request your personal information under the guise of solving the phony problem. I'm sure most of you know that sending scam emails like this is called phishing. That's P-H-I-S-H-I-N-G, and it's how most cyber crime victims get taken. In part two of this episode, I'll share tips on how to quickly recognize a crooked anglers bated hook. After a thief gets your personal information, they can attempt to open new accounts in your name, spend like there's no tomorrow, and severely damage your credit report. They could apply for new credit cards or open a checking account in your name. They could also file tax returns in your name, give the police your name if they were arrested, buy a car by taking out an auto loan in your name, or even get a driver's license with their picture in your name. Yes, the skies, the scary, scary limit. September is a great month for planning. We start thinking about the rest of the year, whether it's back to school, big year-end work projects, holiday plans or travel, planning ahead is crucial in life, especially when it comes to what happens when you're gone. Getting life insurance may sound daunting, but policy genius makes the process a breeze. With policy genius, you can find insurance policies that start at just $292 a year for a million dollars of coverage. Some options offer same day approval and avoid unnecessary medical exams. Policy Geniuses technology lets you compare quotes from America's top insurers in just a few clicks to find your lowest price. It's the country's leading online insurance marketplace. 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There are only a handful of situations where you might need to reveal the number, such as for new employment, opening accounts with financial institutions, tax-related matters, or applying for credit or insurance policies. If you must submit your Social Security number online, look for the closed padlock symbol on the bottom or top of the webpage that indicates it's a secure connection. Click on the padlock to determine if the security certificate is up to date. Number 3. Never use your Social Security number or any part of it as your username or password for online accounts. If a password was automatically issued to you using those numbers, be sure to promptly change it. Number 4. Sign all new credit cards right away and never carry any financial cards, checks, or ID that you don't need to. Number 5. Take your credit and debit card receipts from all purchases, match them to your statements, then shred them before putting them in the garbage. And speaking of shredding, number 6. Set all documents that have any personal information or account numbers on them, including unwanted credit card offers. That way, the only thing those dumpster divers will get is dirty. And 7. Follow up on missing statements or bills. If they haven't arrived in the mail, it could indicate that someone has changed your mailing address. Consider going paperless with e-statements and e-bills when possible. We must stay informed to keep our identities and our money safe. So join me again next week for more tips on this important topic. Chaching, that's all for now. Courtesy of Money Girl, your guide to a richer life. With the Wells Fargo Active Cash Credit Card, you can earn unlimited 2% cash rewards on purchases you want and purchases you need. That means you earn on what you want, like trying out that new workout class and 2% cash rewards on what you need, like a foam roller for your sore muscles. That's the beauty of the Active Cash Credit Card. 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