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Protect Your Money & Yourself from Identity Theft

Despite legislation designed to protect identity theft victims, some surveys have found that bankruptcy filers still sometimes list identity theft as one of the reasons they had to file for bankruptcy protection. And it’s no wonder: being the victim of identity theft can be frustrating and seriously damaging to your finances and credit history.

Identity theft is a difficult crime to predict, but there are some things you can do to make yourself less vulnerable to thieves. Here’s a look at some of those strategies, adapted from this article:

  • Opt out of pre-approved offers: For many of us, the sight of pre-approved credit offers in the mailbox is perhaps more familiar than we’d like. After all, those offers can come with sensitive personal information pre-entered—and all an identity thief would have to do would be pluck one out of the trash, fill it out and voila! your identity would be stolen. So consider opting out of pre-approved offers, which you can do here.
  • Thin the herd: By cutting down your total number of credit cards, you can cut down your risk of identity theft (as in, fewer chances of losing a card, fewer chances of a bill getting in the wrong person’s hands, fewer chances of having your number taken from online, etc.). Some insiders recommend sticking to credit cards that have your photo on them for maximum protection.
  • Guard your SSN: It seems like you can hardly turn around without someone asking for your Social Security Number—and if you aren’t comfortable giving that piece of information out to just anyone, you’re not being paranoid. Many companies that request your Social don’t actually need it, so always whether it’s absolutely necessary, and if it is, ask how it will be used.
  • Pick up checks and credit cards: It may be slightly inconvenient to drive to the bank to pick up new checks or an updated card, but making the trip takes potential theft out of the equation. Plus, you’re less likely to leave sensitive documents unopened in a stack of unread mail when you pick them up yourself.
  • Learn to shred: We all have to get rid of documents with our personal information on them (doctor’s bills, bank statements, credit card bills, etc.). And, while high-tech identity theft is certainly a concern, plenty of identity thieves still get their information from sifting through the trash or recycling. So make sure you shred any sensitive documents before tossing them.

Identity theft can lead to someone draining your bank account, running up a steep balance on your credit card, opening new lines of credit in your name and other frightening financial moves. So keep yourself and your credit safe by guarding your personal information the way you would your other valuables.

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