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IDENTITY THEFT: DON’T LET IT HAPPEN TO YOU!
Could you become a victim of identity theft? It’s more
likely than you might expect. Identity theft occurs when
someone uses your identification-—such as your Social
Security number or credit card number—-without
authorization to commit a crime. When it comes to
identity theft, prevention is the best defense,
according to the National Crime Prevention Council. The
Wisconsin Institute of CPAs offers these tips and
observations to help you avoid becoming a victim.
HOW IT WORKS
Identity thieves may use your credit card or bank
account numbers to make illegal purchases that are
charged to you. Or, they may open a new account in your
name using your Social Security number. Another ploy is
to change the billing address on your credit card, so
they can run up bills in your name that you know nothing
about.
KEEP YOUR EYE ON YOUR WALLET
How do they get your account numbers? The easiest way is
to steal your wallet, mail or check. They can then use
information on your bank statements, Social Security
card, ATM card, driver’s license, credit card or other
pieces of ID to get important identification numbers and
other data, such as your date of birth.
If you suspect anything with personal information has
been stolen, be sure to alert the institution that
issued the ID immediately. To speed up the process, keep
a list of your account numbers and organizations’
customer service telephone numbers in a safe place so
you can contact them easily when you need to. Remember,
too, that while credit card holders usually are not
liable for more than $50 of unauthorized purchases,
debit card holders have fewer protections and may be
responsible for the entire loss. Find out which forms of
ID leave you most vulnerable and try to carry them with
you less often.
DON’T TRASH YOUR IDENTITY
In addition to theft, scammers often go through trash to
find discarded account statements that contain the
information they need to make fraudulent purchases. To
prevent this, use a paper shredder to destroy documents
that contain personal information. Or, simply tearing
apart the paper on which your account number is printed
also can deter thieves. In addition, be sure to take
your credit card and ATM receipts with you when you get
them. Tear these receipts before you discard them in
order to destroy your account number.
GET YOUR CREDIT REPORT
If an identity thief has invaded your accounts, their
activity will probably show up on your credit reports.
Under federal law, you can request a free credit report
from each of the three major credit agencies once a
year, and it’s a good idea to do that annually. Privacy
rights organizations recommend requesting a report from
each agency every four months to get a regular update on
whether you have recently been the victim of identity
theft. Make sure all transactions are valid and that
there aren’t any unusual purchases or unfamiliar
accounts.
You can find more information on the Federal Trade
Commission Web site at
http://www.ftc.gov/bcp/conline/pubs/credit/freereports.shtm.
PROTECT YOURSELF
There’s no one way to prevent identity theft entirely,
but there are many smart steps you can take to minimize
your chances of becoming a target. Your CPA can advise
you on the best way to avoid being victimized by
identity fraud and on smart steps to protect your
assets.
The WICPA is the premier professional organization for
Wisconsin CPAs, with more than 8,200 members working in
public accounting, industry, government and education.
Please include the CPA credential in source
identification. Like other professionals, certified
public accountants are required to obtain additional
education, take a rigorous exam and become
certified. Please identify all CPAs by including the
credential with their names. This identification
enhances the accuracy and credibility of your reporting.
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Produced in cooperation with the AICPA
©2006 The American Institute of Certified Public
Accountants
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