Protecting Yourself Against Identity Theft

Over the course of the last few years, Identity Theft has become a major epidemic in today's society. Identity Theft occurs when a criminal utilizes another person's personal information to take on that person's identity, whether it be through the misuse of a Social Security number, credit cards, mail, bank accounts, money laundering, personal assets, insurance policies, or any other form of abuse of a victim's identity.

The Fair and Accurate Credit Transaction Act, known as FACTA, was put into effect in the United States to help to protect consumers from identity theft and to aid in its prevention. FACTA ensures that all citizens are treated fairly when they apply for a mortgage or other form of credit and it entitles them to a free annual credit report to verify its accuracy.

There is no guarantee that you will never be a victim; however, there are steps you can take to minimize your risk. Here is a list of things you can do:

1. Manage your personal information cautiously and with a new awareness that identity theft can occur anytime anywhere and when you least expect it.

2. Ask about security procedures in your workplace, doctor's office, or other business or organization that routinely collects relevant and personal identifying information as part of doing business or providing a service. Find out who has access to your personal information and verify that it is handled securely. Inquire about their disposal procedures and if your information will be shared with anyone else (namely third parties such as mailing list companies, marketing and survey companies, etc.).

3. Instead of giving your Social Security Number, inquire if you can use other types of identification. Use your Social Security Number with caution and only when absolutely necessary.

"Your Chances of becoming victimized by some form of identity theft is one in ten," according to the Federal Trade Commission.