Losing your wallet could cost you more than a few bucks.
In a financial world of online payments, passwords, credit cards, debit cards and Social Security numbers, it is important for consumers to keep themselves protected. Today?s thieves use stolen information to conduct online purchases that max out credit cards, open new accounts and conduct large illegal banking transactions. According to the Wall Street Journal, about $53 billion is stolen from businesses and individuals each year.
The Better Business Bureau of Greater Maryland encourages being careful with personal information and how it is used. Victims are spending nearly 40 direct hours to resolve their cases, with the average amount of fraud per case topping out at around $6,400, a 2006 Identity Fraud Survey Report released by Javelin Strategy and Research and the Better Business Bureau reported.
Prevention is the key when dealing with identity theft and related fraud.
For consumers, the Better Business Bureau says that it can be dangerous for them to reveal a mother?s maiden name or a bank account, credit card or Social Security number over the phone. It is wise to always ask a caller to send information by mail to verify their company?s legitimacy.
“Credit card misuse almost always occurs when the credit card is still in the owner?s possession,” said Kerri Kelly, the director of marketing and public relations for the Better Business Bureau of Greater Maryland. “Too often we think of our home and office as a comfort zone, but unfortunately it?s not the case with our personal information.”
M&T Bank, one of the largest banking institutions in Maryland, encourages its customers to be sure to shred documents when they are thrown away.
Statements and papers containing personal information such as Social Security numbers, account balances, invoices and unwanted preapproved credit cards should be thoroughly destroyed before being discarded.
Other tips provided by M&T include monitoring ATM, debit and credit cardwithdrawals and making sure receipts are accurately reflected in accountants.
This means a regular look at account balances and recorded transactions.
If you find yourself the victim of credit fraud, the Maryland Attorney General?s Office recommends several steps of action that include immediately alerting a credit bureau to stop the opening of a new false account, notifying a local law enforcement agency, calling all creditors you do business with and consulting an attorney.
