SavvySugar

The Most Basic Way to Protect Against Identity Theft

SavvySugar — Fri, 28 Aug 2009 08:30:21 -0700

Everyday folks aren't armed with the high-tech equipment to battle elaborate identity theft schemers, but we do have one thing going for us - our common sense. Setting up various, unpredictable passwords for your online accounts is one way to guard yourself, and we can thank Mrs. Federal Reserve Chairman for demonstrating another basic lesson.

Ben Bernanke's checking account was one of hundreds that was wrapped up in an identity theft ring after his wife Anna's purse was stolen at a Starbucks. The thief hit the jackpot with that steal; not only did she keep her checkbook and IDs in her purse, it also contained her social security card. Access to someone's social security number makes stealing identities a breeze for scammers.

Protect yourself by leaving your social security card locked in a safe place at home; there's no reason for you to carry it around in your wallet.

Money Tip: Invest in a Shredder

SavvySugar — Mon, 10 Aug 2009 12:00:40 -0700

It takes up a little bit of room, but buying a shredder is a smart use of your money and space. You've heard the horror stories about identities stolen because of careless disposal of things like credit card offers and bank account statements. A shredder can help you avoid trouble, protect yourself, and keep your table junk-mail-free.

I like to destroy the necessary envelopes as I go through the mail to prevent clutter and save time. You can purchase a shredder from any office supply store and they run as low as $50. Is shredding part of your routine?

Airlines Will Require Your Birthdate When Booking Tickets

SavvySugar — Tue, 02 Jun 2009 04:30:08 -0700

The TSA is making travel even more personal. While the whole-body imaging machines that virtually strips passengers are about as intimate as the airport gets, you'll soon be required to provide more details when booking your ticket for air travel.

The new Secure Travel program will be rolled out over the next 18 months, and beginning later this Summer passengers will be asked to supply a date-of-birth and gender when making a plane reservation. The goal is to reduce the misidentification of passengers with names that match monikers on government watch lists. The additional information will cut the frequency of pointless pat-downs, because TSA officials will run suspect names before the passengers even arrive at security.

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Identity Scammers Targeting Online Job Seekers

SavvySugar — Sun, 26 Apr 2009 11:00:09 -0700

An internal red flag should go up whenever you're asked to provide your social security number. Always ask yourself why the person would need your SSN for their purposes. Sure, it makes sense for a credit card carrier to ask for the number to verify your identity. But something is seriously off when a so-called recruiter who saw your resume online asks for those nine digits.

According to consumer finance guru Steve Weisman, scammers are taking advantage of the flood of online job seekers. The scammers contact hopeful individuals who have posted their resumes online with the premise that they are recruiters for legitimate employers. They say they want to set up an interview but need to do a background first check, which - you guessed it - means supplying your social security number.

Weisman reminds us to withhold personal details until you've met a recruiter or employer in person, and encourages us to verify the legitimacy of an employer through the Better Business Bureau. Is your resume posted on an online job site?

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Your Two Cents: Have You Tried ID Theft Prevention Services?

SavvySugar — Fri, 24 Oct 2008 14:00:44 -0700

A company called Lifelock has been getting a lot of attention for its generous and confident ID Theft Prevention plan.

Lifelock boasts a $1 million service guarantee that it will protect your identity and money. A membership costs about $110 a year and Lifelock works with credit bureaus to set free fraud alerts on your behalf, checks in with the bureaus every 90 days, requests that your name be removed from preapproved credit-card and junk-mail lists and offers a complicated identity monitoring package. Its motto is "We will do whatever it takes to help you recover your good name and we will spend up to $1 million to do it."

More than 65 percent of SavvySugar readers have had their credit information compromised before so I assume many of you have researched protection services. Have you tried any?

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What Forever 21 Has to Do With Your Credit Report

SavvySugar — Tue, 12 Aug 2008 08:00:54 -0700

Last week, in the biggest case of identity theft ever, 11 men in five countries were charged with stealing more than 40 million credit card numbers from US retailers. Unfortunately, 73 percent of you aren't strangers to having your credit card information compromised, but it seems that some of us might be in the dark about our card's safety.

According to The Wall Street Journal, most states require full disclosure to customers when credit-card data is stolen from a company's stores. Of the stores involved in the security breach affecting millions of people, TJX Cos., BJ's Wholesale Club Inc., DSW Inc., Dave and Buster's Inc. didn't let much time pass before they told their customers about the instance. Find out how Forever 21 fits into the equation when you read more.

OfficeMax Inc., Barnes and Noble Inc., and Sports Authority Inc. would not disclose whether or not they'd shared this information with their customers, while Boston Market Corp. and Forever 21 Inc. confirmed they did not disclose the breach to customers.

They've kept tight lips because they never verified that any numbers were stolen from their databases, but the Fed's indictments are clear about which retailers were targeted. Because companies aren't always up-front when their data has been stolen, make sure you protect yourself by checking your credit report a few times annually to ensure nobody has been using your information to open accounts.

Has Your Card Information Ever Been Compromised?

SavvySugar — Thu, 07 Aug 2008 06:30:54 -0700

Yesterday, my fiancé tried to use his debit card at the gas station and was told by the machine that it couldn't authorize his card. He discovered a strange purchase on his online account, and when he called the bank, a customer service representative told him a freeze had been placed on the account because of the mystery transaction. Seems someone in another country somehow got ahold of his details, so thank goodness they immediately caught it.

He certainly is not alone - just this week, 11 men in five countries were charged with stealing more than 40 million credit card numbers from US retailers. Has someone ever stolen, or tried to steal, your card information?

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Ask Savvy: My Boyfriend's Parents Ruined His Credit

SavvySugar — Mon, 07 Jul 2008 12:34:16 -0700

Dear Savvy,

My boyfriend's family has had a lot of money problems in the past few years that they kept hidden from him. Things all came out in the open when he was kicked out of school because his parents couldn't pay his tuition, which they had told him was already paid. Turns out they had almost lost their house and had to resort to opening credit cards in both his and his brother's names, which they couldn't afford to make payments on.

He's been working hard to try and pay off the debt his parents put him in, but it seems like every time he gets close they tell him of another loan or credit card in his name that he didn't know about. He can't even go back to school because he can't get a loan anywhere to pay for it, and is now afraid he will never be able to get a good job. Is there anything he can do to help his situation, or is his credit going to be bad forever?

See my answer when you read more.

Your boyfriend's parents have stolen their son's identity. They've taken advantage of him and put him in a terrible position; how selfish to use their son's blank slate and put his own financial health in jeopardy. His parents might have a good reason for not selling their home and downsizing to something cheaper, but it's obvious they aren't concerned with taking responsibility for their situation and instead rely on their son's credit to get by.

This type of thing is unfortunately not uncommon for parents feeling desperate and just a couple weeks ago a man was arrested for using his 8-year-old son's social security number to rent his apartment. The first step is damage control: I suggest that your boyfriend request an extended fraud alert on his credit report through all three credit bureaus. He would be notified if there are any attempts to check his credit (when his parents inevitably try to open another account in his name) and would have to give permission for the alert to be lifted. Make sure that he reviews his credit report for any accounts he didn't know existed, and if he finds any he can sign an affidavit of fraud and begin the process of having those accounts removed.

Your boyfriend does have the option of filing a fraud report to dispute the existing charges, but this could prompt a criminal investigation of his parents. That's some very serious business and so is identity theft - your boyfriend needs to weigh his options and decide how far he wants to take things. Learn more about identity theft and victims' options by visiting the government's website dedicated to this type of fraud.

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Have You Ever Had Something Stolen?

SavvySugar — Wed, 25 Jun 2008 14:04:29 -0700

Arriving to a broken-in apartment after Thanksgiving break during college was an overwhelmingly violating feeling. Laptop? Gone. DVD collection? Vanished.

It was upsetting to me and my roommates that someone had forcefully entered our apartment and made our lives harder by having to buy replacement items, but we understood they were just things and felt lucky nobody was hurt. Have you ever had the unfortunate experience of someone stealing from you?

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Do You Sign the Back of Your Credit Card?

SavvySugar — Tue, 29 Apr 2008 08:32:22 -0700

There's plenty of varied logic when it comes to signing the back of credit cards - some cardholders simply provide a signature, some sign but include a note to "See ID" and some write see ID in place of a signature. Your credit card agreement tells you that not singing the card is in violation of that agreement, and VISA's merchant guidelines say that a cardholder with see ID in place of a signature should be asked to sign her card on the spot.

Whatever signing (or not) practices we've adopted, we've made a reasoned choice based on what we believe to be most secure. What has been your card signing habit?

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