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Credit Fraud and Identity Theft

THE CRIME

Rather than approach the subject of identity theft or credit fraud from the "what if" perspective, characteristic of so many other credit information sites, we assume that you are here because you have been, or believe that you might be, a victim of either or both. Of course, we will give you pointers as to how you might better protect yourself against, or recover from, being a victim. However, we want you to understand one inescapable fact: there is no way for you to stop the free flow, or exchange, of your personal identifying information.

It has always been, and will continue to be, somewhat easy for professional criminals to obtain and fraudulently use your personal information. Though the Internet provides greater access to information, it's still easier and cheaper for criminals to simply steal your mail or use other existing and well-known information gathering techniques which we, for the betterment of the credit industry, will not discuss here.

There is no question that being a victim of credit card fraud, or identity theft, will cost you time and, in many cases, money. However, the real agony comes when you begin the painstaking process of notifying your creditors and the major credit reporting agencies, as well as explaining any negative credit information to potential creditors that might appear on your credit report as a result of the theft or fraud.

IF YOU'RE A VICTIM

In the event you are a victim of credit card fraud, the first thing you should know is that your responsibility for the debts incurred from the fraudulent use of credit cards is fairly limited.

In the worst case scenario, you can be held liable for the first $50 of the loss for each card. Regardless of this, you should immediately notify all of your financial institutions once you become aware of such fraud. Quick action can result in catching the thief. If you become the victim of identity theft, your first priority is to prevent further use of your identity. In either case you should:
 

1. Immediately contact your local police department. It's a good idea to go there in person.
    
2. Provide as much documented evidence as you can. Or, at least write down how you were able to determine that you have been victimized.
    
3. Ask for a copy of the police report. Some local police departments refuse to write reports on the crime of identity theft or credit fraud. Keep at them. Demand a report! Explain that your creditors may require submission of the report to confirm the crime.
    
4. Immediately notify all of your credit card issuers.
    
5. Request that they cancel your cards and close your accounts.
    
6. Ask them to send you a letter confirming that your accounts have been closed.
    
7. Request that they update your account information with all appropriate credit reporting agencies indicating:
    
   1. the accounts have been closed; and,
       
   2. that they were "closed at consumer's request."
       
8. Get replacement cards with new account numbers.
    
9. Notify all of your financial institutions that you are a victim of identity theft.
    
10. Cancel all of your checking and savings accounts and open new accounts. Indentity thieves will use your information to open bank accounts in your name and then "bounce checks all over town."
     
11. Request a secret password to be used in every transaction.
     
12. Submit stop payment orders on any check that doesn't seem familiar.
     
13. If you have an ATM card, immediately cancel it and designate a new password.
     
14. Do not create a password with familiar numbers like your Social Security Number or birthday. You can bet that the thief probably already has these.
     
15. If bank accounts have been fraudulently established, or checks were stolen, report this to:
    CheckRite: (800) 766-2748
    Chexsystems: (800) 328-5121
    CrossCheck, Inc: (800) 552-1900
    Equifax: (800) 437-5120
    National Processing Co: (800) 526-5380
    Shared Check Authorization Network (SCAN): (800) 262-7771
    TeleCheck: (800) 366-2425
     
16. Call the fraud victim assistance units of the three major credit reporting agencies.
    Experian: (800) 301-7195
    Trans Union: (800) 680-7289
    Equifax: (800) 525-6285
     
    • Obtain your current credit report from all three of the national credit reporting agencies and make sure that the information is accurate. For fast service, you can order a 3-bureau credit report and request the overnight delivery option.
       
    • Request that each agency immediately place a "fraud alert" or "consumer statement" on your credit report:
      Example: "I have been the victim of credit fraud. Before issuing any credit in my name, please verify my spouse's and my son's middle names. They are: Betty and Adam."
       
    • Ask how long they will permit the "fraud alert" or "consumer statement" to remain on your report.
       
    • Request that they maintain it for the maximum time permitted.
       
17. Notify your telephone, electric, gas, and water utility companies that you have been a victim of identity theft.
     
18. Inform them that someone may attempt to establish new service, at a new address, using your identificaton.
     
19. Contact the security department of your long distance carrier. Request that they issue a new telephone credit card and immediately review current account activity.
20. If you believe that your mail was stolen for the purpose of obtaining your identifying information:
     
    • Notify your local Postal Inspector. Mail theft is a felony.
21. If your Social Security Number has been compromised resulting in credit fraud and bad checks:
    Contact the Office of the Inspector General:
     
    • via voice (800) 772-0271
       
    • via email oig.hotline@ssa.gov
    
    In certain cases where extreme hardship occurs due to identity theft, it might be appropriate to request a new Social Security Number. This action should be taken only as a last resort. If the Social Security Administration agrees to assign you a new Social Security Number, it is imperative that you immediately notify all appropriate governmental authorities, banks, credit card issuers, utility companies, etc. and all three major credit reporting agencies of this change.
     
22. In credit card fraud cases, the Secret Service has jurisdiction. Unless the dollar amount is high enough, they generally do not get involved. To get their attention, request that the fraud department of your credit card issuers, or bank, contact a Secret Service Agent with whom they have a working relationship to review the case.
     
23. In bank loan fraud cases, the Federal Bureau of Investigation has jurisdiction.
     
24. Contact your State Department of Motor Vehicles to get a new driver's license number, if someone has been using yours as identification.
     
25. If you have been the victim of identity fraud, you may want to notify your local passport office to be on the lookout for anyone attempting to apply for a new passport using your personal information.

The following will help improve your chances to avoid identity theft:
 

1. Minimize the amount of information a thief can get, if you lose your wallet or purse:
   Unless it is absolutely necessary, do not carry the following items with you:
    
2. Credit cards that you do not use regularly
    
3. Your Social Security card
    
4. Your birth certificate
    
5. Your passport
6. Minimize the amount of your personal information which is easily obtainable:
    
   • Remove your name from the "pre-approved offers of credit and marketing" lists of the major credit bureaus.
     
     The "Opt-Out" Hotline for each reporting agency: Experian (formerly TRW), Equifax and Trans Union is:
     
     "Opt-Out" Hotline: 1-888-567-8688
      
   • Sign up for the Direct Marketing Association's Mail and Telephone Preference Services. This will assure that your name is added to computerized name deletion lists used by nationwide marketers.
     
     Mail Preference Service
     P.O. Box 9008
     Farmingdale, NY 11735
     
     Telephone Preference Service
     P.O. Box 9014
     Farmingdale, NY 11735
      
   • Have your name and address removed from telephone directories and reverse directories.
      
7. Cancel any unused credit card accounts.
    
8. Always take your credit card receipt with you when you complete a transaction.
    
   • Retain your credit card receipts to check against your monthly statements.
      
   • Never discard credit card receipts, or carbons, in a public trash container.
      
   • Shred credit card receipts, or carbons, before you discard them in your garbage at home.
      
9. If a new, or reissued, credit card doesn't arrive when you expect it should, immediately contact the issuer.
    
10. When you order new checks, pick them up at the bank, do not have them delivered to your home.
     
11. Whenever you close a bank account, destroy all unused checks immediately.
     
12. If your bank, or credit card issuer sends you courtesy checks, either destroy them or store them in a secure location.
     
13. Mail your paid bills from the post office, not from home, or any street corner mailbox.
     
14. Install a locked mailbox at home.
     
15. Keep a list of all vital credit card and banking information in a secure place, or sign up for a credit card protection service.
     
    • In the event you prefer to keep your own records, do not keep the list in your wallet.
       
    The list should include:
     
    • All account numbers;
       
    • All expiration dates; and,
       
    • Telephone numbers for the banks' or card issuers' customer service and fraud departments.
       
    • Never provide information regarding your credit card number, Social Security number, birthday, mother's maiden name, etc. over the phone to anyone unless:
       
    • You have a trusted relationship with the company; and,
       
    • You initiated the phone call.
       
16. Obtain your credit reports from all three credit reporting agencies at least twice a year.
     
    • You can purchase a credit report directly from each credit reporting agency, or you can visit our www.credit.com site and obtain a free credit report.
       
    • Review all accounts for accuracy.
       
    • Make sure that you are aware of every account.
       
    • Check to see if there is any unusual activity indicating possible fraud.
       
    • For extra protection when creating passwords, or personal identification numbers (PINS), do not use:
       
      • Your birthdate
         
      • your middle name
         
      • your pet's name
         
      • the last four digits of your Social Security Number
         
      • consecutive numbers
         
      • other information easily discoverable by identity thieves
         
17. Ask banks to add extra security protection to your account verification process.
     
    • Many will permit you to use an additional code (a word, or number) when accessing your account. The code you designate should be more creative than your mother's maiden name.
       
18. Do not write down your list of passwords on anything that you carry with you. Commit them to memory.
     
19. When using an ATM machine or phone card, shield your hand.
     
20. Your Social Security Number is one of the, if not "the," most sensitive pieces of personal information about you. It should be released only when necessary.
     
21. It is as private as your net worth and tax information;
     
22. It is the gatekeeper to your credit and bank accounts; and,
     
23. It is an identity thief's lottery ticket.
     
24. It should never be printed on your checks.
     
25. It should never be printed on your resume.
     
26. It should not be written on the back of any of your checks by a salesperson.
     
27. Carefully review all credit card and telephone bills, especially cellular phone bills, for unauthorized use.
     
28. Shred all personal information, especially pre-approved credit offers, before you discard it in the garbage.
    You must not allow the following information to be reconstructed:
     
    • "Pre-approved" credit card offers
       
    • credit card, or ATM, receipts
       
    • phone, or other utility, bills
       
    • voided checks
       
29. Always keep canceled checks in a locked, preferably fire-proof, storage container.
     

While all of the above should prove helpful, none of the above is completely fail-safe. We do believe, however, that if you follow these guidelines, you should recover from the trauma of identity theft in a reasonable period of time, in pretty good shape. And, you can put yourself in a much stronger position to either avoid, or at least, minimize the significant damage that can be done to your credit history in the event you are a victim of this crime.

In all cases it is important to understand:

The need for comprehensive documentation:

When dealing with government agencies, financial institutions, credit extenders, utility companies and the police, it is imperative that you:
 

• Keep a log of all conversations, specifically noting names, dates, times and telephone numbers;
   
• Send all correspondence by certified mail, return receipt requested;
   
• Keep copies of all letters and documents (including the envelopes in which they were sent); and,
   
• Include your police report number whenever you report the crime.