FAQ: What is Identity Theft and How Can I Prevent It?

FAQ: Prevent Identity Theft, Credit Card Fraud, Assumed Identity, Personal Information

Identity theft is America’s fastest growing crime. In the last five years it happened to 27 million Americans.

The most common theft is credit card fraud, where an assumed identity is used to obtain credit cards to purchase goods or services. The average loss of this type of fraud is $10,200 per incident.

Other common abuses that can result include:

• Taking over existing credit cards
• Opening an account for a cell phone
• Use of professional credentials to get a job
• Making a major purchase like a car or a house
• And worst of all, going to jail under the assumed identity so someone else is stuck with the criminal record

How does Identity Theft happen?

Most victims discover the crime in some negative way, such as credit card application declined, but most have no idea how their personal information was stolen. Since the vast majority of these crimes are never reported to police, and those reported are almost never solved (1 in 700), the information we have from law enforcement is sketchy, too.

What we do know is that personal information is stolen by numerous avenues and from wherever personal information can be accessed. This includes the mail, the garbage, over the phone, by e-mail, directly from a wallet or purse, from a home PC, or from the trusted custodians of this information - employers, financial institutions, government agencies, churches, organizations, schools, hospitals and merchants.

What can I do to protect myself and my company from Identity Theft?

As Individuals:

• Slow the spread of your personal information, over the phone, in credit applications, and to organizations of all types. Give out only the minimum required.
• Don’t store critical information, such as Social Security numbers or account numbers on your PC.
• Protect copies of your information. Lock them up - even at home.
• BUY identity theft fraud insurance (Home owners policy, rental policy, or major credit card companies) Cost vary greatly.

As an Organization:

• Slow the accumulation of personal information. Collect only what you need - the more you have, the higher your costs to protect it, the more of a target you are and the higher your potential liability for fraud losses, fines and penalties and civil suits.
• Do not share passwords, send them through email.
• Use different passwords at home and work.
• Do not give out email addresses over the phone.

What do I do if I think I'm a victim of Identity Theft?

• Call the police
• Notify the related financial institutions
• Notify the major credit bureaus and have a fraud alert placed on your credit reports.

For more information about how we can establish or improve your business's computer network system, call 1-317-529-0418, or send us an email, or submit this short form:

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Crossroads Business Solutions, LLC    15275 Stoney Creek Way    Noblesville, IN 46060
Phone 317-529-0418    Tech Support 317-770-6400    info@xrbs.com
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