Identity Protection and Paper Shredders

Identity Theft and Paper Shredders ?

Warren Buffett ‘s first rule of investing is “don’t lose money” his second rule is “don’r forget the first rule”.  In this day and age he might like to consider a third rule “don’t have your identity stolen” !

Identity theft is big business and inolves someone using your personal information, e.g. name, credit card number, etc… without your permission, and committing fraud or creating credit card and bank accounts in your name.

The FTC reckons that up to 9 million Americans are victims of ID theft each year. The first you will know about it is when you receive an unpleasant credit report or statement and discover charges you didn’t make.

Thieves can steal your identity in many ways, on the Internet of course, but also outside your own home by “dumpster diving”, which involves sifting through your trash to find the bills or statements that you throw away. It is essential therefore that you protect yourself against people getting hold of your trash, and that you shred any information, either by hand or using a home or office shredder.  Shredders  don’t cost much – decent ones start at around $50

Once people get hold of your personal information they can do a number of things with it such as:-
open new credit card accounts in your name.
change the billing address on your credit card so you don’t receive the bills, and then charge purchases to your account.
open a phone or wireless account in your name
use your name to get services such as electricity, heating, or cable TV, online stock trading.
create counterfeit checks in your name.
open a bank account and write bad checks.
clone your ATM or debit card and drain your accounts.
take out a loan in your name.
get a driver’s license or official ID card issued in your name but with their picture.
use your name and Social Security number to get government benefits.
file a fraudulent tax return using your information.
get a job using your Social Security number.
rent a house in your name.
get medical services in your name
give your name to police during an arrest.

scary stuff, but easy enough to protect against – just destroy your statements, by hand or by burning them, or if you have a lot of statements then get a paper shredder – click here for more info -> paper shredders.

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