Identity Theft Scam

Identity theft can be a nightmare for those experiencing it. If you are a victim of identity theft, you're probably experience headaches and frustration. It's difficult when this happens because more time is spent trying to repair your reputation. The digital age makes it easier for people to do this.

When a person commits identity theft, they usually have enough information about you to assume your identity. The scammers can conduct an "account takeover", which is when your bank account and credit cards are being used by the scammer. The scammer also runs up enormous bills on your behalf. There's also application fraud. With this identity theft scheme, the scammer gets your personal information and opens up new accounts in your name. It may take a while to discover this one because the scammer can provide a different address. You usually don't find out about this scenario until you get collectors calling you for a past due bill.

Scammers are able to get your identity by looking at the information on a loan application or credit card applications that were discarded. Even the credit card slips have enough information for a scammer to steal your identity. They sometimes try to get close to you as you enter your PIN in the ATM machine. The pre-approved credit card offers that come in the mail; anyone could fill those out and get a credit card in your name. There is the infamous link embedded in the e-mail waiting for you to click on so the scammers can get your personal and financial information. Scammers have creative ways to find out more about you and your personal information. They'll use public records and other sites to get information. They can pose as your employer and contact the credit bureau to get personal information about you. Whatever they need to do to get what they want, the scammers will find a way to do it.

When you think you're the victim of identity theft, gather all your credit and debit cards, with contact phone numbers. You should only carry one credit card and one debit card on your person. If you use an ATM, use your hand to cover the PIN number as you enter it.

You should also do the following:

• Check your credit report at least once a year. If you see anything out of the ordinary, report it and get it corrected. Check your bank account and credit card statements every month.
• Invest in a shredder. They don't cost a lot, and it's good to have one to dispose of credit and debit card information.
• Scammers will try and get one over on you by calling you and making up a story to get your financial information. Don't fall for this trick.
• If you use the computer to conduct banking transactions, be sure to have an anti-virus and firewall software installed.
• If you're purchasing something with a debit card, make sure the person doesn't try to use a skimmer to run it more than once. Scammers use the skimmer to get your personal information.

Don't leave without your receipt. They can get your information that way also, even though your entire debit card number is not listed. Use wisdom and be cognisant of your surroundings. Your identity is at stake.

The 'Even The Score' e-book covers the following scams and frauds: