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Identity Theft: How Do You Protect Personal and Company Information?
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Published: May 4, 2010
written by David Westcott
Identity theft is impersonating another person, without their consent, for monetary gain. Identity theft is a serious threat to individuals and companies. Over the years, identity theft became exceptionally easy and profitable. The Internet expanded the opportunity for identity theft, and perpetrators are often located in countries outside the United States.
Common Methods of Retrieval
The most common ways of retrieving personal information include:
- Downloading deceptive software – Exposing yourself to the installation of spyware on your computer through offers of free music, antivirus protection, etc.
- Dumpster diving – Criminals finding personal information in your garbage
- Fraudulent credit card applications – Identity thieves using stolen personal information to complete fraudulent credit card applications
- Lost and stolen credit cards – Fraudsters finding lost wallets and purses containing credit cards, social security cards and other personal information giving them the information needed to commit fraud
- Mail theft – Criminals stealing mail from unlocked mailboxes
- Medical identity theft – Criminals using a victim’s personal information to obtain medical care and file fraudulent medical claims
- Social engineering – Collection of techniques manipulating people into performing actions or divulging confidential information
- Phishing – Criminals seeking to acquire sensitive information such as usernames, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication
- Smishing – Phishing using a cell phone’s text messaging capabilities to obtain confidential information
- Vishing – Receiving a voice message supposedly from a bank requesting personal information
The most common ways of retrieving an organization's information are:
- Account takeover – Fraudulently accessing and/or manipulating existing financial account information
- Bank and loan fraud – Opening bank accounts or loans in your organization’s name
- Hacking and electronic intrusions – Criminals using variations of viruses to take over multiple computers in your organization’s server
- Spearfishing – Fraudsters collecting sensitive information from specific, targeted organizations
Prevention and Safety Tips
Following these prevention and safety tips help prevent you or your organization from becoming a victim of identity theft:
- Not falling victim to phishing scams or any other scams that request person information
- Safeguarding social security numbers, reviewing credit reports and shredding personal documents
- Practicing computer and Internet safety, and opting out of sharing your information will help keep your personal information safe. Do not use simple and familiar names for passwords. Use a mix of letters and numbers. Change passwords often. Do not leave passwords in emails
- Being cautious at ATMs by looking for loose wires or hidden cameras placed on the machine
- Keeping a credit inventory and reviewing your financial statements online frequently will make you aware of any suspicious transactions
- Destroying your old PC’s hard drive before discarding to make sure that the personal information stored in your hard drive will not be accessed by anyone else
If You or Your Company Fall Victim to Identity Theft
If you or your organization fall victim to identity theft, you should:
- First contact the fraud departments of the three major credit bureaus as well as the related credit card companies and financial institutions. Request that they place a fraud alert in your file and tell them to issue a credit freeze
- Order copies of your credit report from the three credit bureaus and thoroughly review them to determine the extent of your victimization
- Close the affected accounts, and order new cards and account numbers
- Report the crime to the local police and obtain a copy of the report. This is important in establishing the criminal activity and the facts
- Make a report to the Postal Inspection Service and the Secret Service
- File an identity theft complaint with the Federal Trade Commission
- Request your credit reports again several months later to confirm that the credit bureaus made the necessary corrections
There is no way to eliminate identity theft. However, if you make identity theft a top priority in your personal and professional life, you can reduce the potential for and mitigate the consequences of identity theft.
David Westcott is an intern at Axley Brynelson, LLP. For more information or for questions, contact Axley Brynelson Attorney Ed Lawton at 608.283.6717 or elawton@axley.com.
Axley Brynelson is pleased to provide articles, legal alerts, podcasts and videos for informational purposes, but we are not giving legal advice or creating an attorney/client relationship by providing this information. The law constantly changes, and our publications may not be currently updated. Before relying on any legal information of a general nature, please consult legal counsel as to your particular situation. While our attorneys welcome your comments and questions, keep in mind that any information you provide us, unless you are now a client, will not be confidential.
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