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Protect Yourself From Identity Theft

Identity theft is the fastest growing financial crime in America and the precursor to other crimes, including terrorism. It ranks first on the American Bankers Association’s list of fraud concerns.

The U.S. Federal Trade Commission estimates nearly 10 million incidents of identity theft occur annually in the United States. Associated losses for individuals, businesses, and financial institutions total over $50 billion each year.

Identity theft occurs when someone acquires your Social Security number, credit card number, bank account number, or other personal identifying information and uses that information to commit fraud or other crimes. Local criminals commit identity theft crimes individually or as members of rings – so do organized crimes syndicates and international terrorist organizations.

Identity thieves acquire your personal identifying information in many ways. Some computer-savvy criminals exploit opportunities created by the Internet. Others access public records, employ trickery, or steal business information. Still others rely on old-fashioned methods, like mail theft, stealing wallets and purses, and rummaging through trash.

Regardless of how it is obtained, identity thieves will use your personal information to make withdrawals from existing accounts, open new accounts, apply for loans, or commit other crimes - in your name.

Typically, victims are not aware for more than a year that their identity has been co-opted. The first sign often comes from a bill collector, law enforcement officer, or through an unexpected refusal of credit. By that time, substantial damage already may have been inflicted on the victim’s assets and credit standing.

Victims of identity theft generally spend 175 hours over two years and pay out-of-pocket expenses between $800 and $1,700 to repair the damage. Less easy to quantify, but often more damaging, is the impact on the victim’s good name and sense of well-being. Oakland Commerce Bank wants to help you understand identity theft and know how you can protect yourself from this crime.

Deterring Identity Theft
While it is fairly easy for criminals to steal your identity, common sense can help lessen your risk of falling victim to this crime. These basic guidelines will make it more difficult for fraud artists to target you:

• Be careful disclosing information to strangers via the Internet, telephone, applications or through the mail.
• Be especially cautious when sharing information over the Internet. Make sure Web sites have a closed padlock icon in the corner of the screen before submitting data.
• Understand how your information will be used before sharing it with merchants and others. Know if you have a choice about how it is used.
• Do not share personal information through Internet chat rooms.
• Install firewall and anti-virus software on your home computer.
• Avoid using obvious passwords and personal identification numbers on your computers and credit/debit cards.
• Use a separate credit card for online transactions.
• Have checks printed by a reputable check printer that uses paper stock embedded with security features that exceed industry guidelines.
• Don’t include your Social Security number, driver’s license number or other unnecessary information on checks.
• Order a copy of your credit report from each of the three credit bureaus at least once a year.

If You Fall Victim to Identity Theft

Sometimes identity thieves can strike even if you’ve been careful about protecting your personal information. The most important thing you can do if someone steals your identity is to act quickly. Identity thieves can cause a lot of damage in a short amount of time. The moment you suspect you're a victim of identity theft, take the following steps:

• Contact all affected credit card issuers, financial institutions, telephone service providers and any other organizations that you have relationships with.
• File a report with your local law enforcement agency, or the one where the crime occurred. Get a copy of the police report.
• Contact the fraud department at any one of the credit bureaus. Whichever bureau you contact, it will notify the other two.
  - Ask that a fraud alert and victim’s statement be placed on your account file and request a copy of your credit report.
  - Review your credit report(s) carefully for fraudulent activity. After four months, order copies of your reports again and repeat the review process.
• Immediately alert financial institutions, credit card issuers or any other organization if there is new fraudulent activity occurring.
• If the crime involved theft from the mail, contact your local Postal Inspection office.
• Call the Federal Trade Commission identity theft hotline to file a report.

Additional Precautions
There are many other things you can do to help prevent identity theft. These activities can keep your information out of the wrong hands, and can help you detect possible fraud faster:

• Shred or destroy credit card offers and other documents that contain personal information.
• Consider purchasing a locking mailbox.
• Don’t leave sensitive mail in your mailbox.
• Remove credit card numbers from receipts submitted for rebate offers.
• Photocopy both sides of all credit cards and store copies in a safe place.
• Pay attention to billing cycles for missing bills.
• Don’t leave personal information lying around your house.
• Don’t carry your Social Security card or birth certificate.
• Examine statements for unauthorized charges.

Important contact numbers

Equifax - www.equifax.com
Order a credit report: 1-800-685-1111
Report fraud: 1-800-525-6285

Experian - www.experian.com
Order a credit report: 1-888-397-3742
Report fraud: 1-888-397-3742

TransUnion - www.transunion.com
Order a credit report: 1-800-916-8800
Report fraud: 1-800-680-7289
Federal Trade Commission
1-877-438-4338

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