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Loss of Personal Data
And they have good reasons to worry. Or do they? The loss of personal data is not as serious as it may seem at first glance. The actual use of this stolen data to create false identification is actually a small percentage of what is actually reported stolen.
In order to use the data for nefarious ends, the thief would need to be able to utilize the stolen property and this would depend on the kind of data that was lost or stolen.
Many credit cards and debit cards have protections built into them and it is very unlikely that a thief could create an identity from just those numbers. The built-in safeguards may be troublesome as well. The false sense of security we may be developing as the government and credit issuers step-up security may actually lead us to drop our defenses.
In order to protect yourself from the inconvenience of having to deal with the possibility that your credit will be damaged, your bank accounts will be rifled through, your computer will be compromised, or even worse, your identity will be stolen, you need to do five simple things on a weekly or monthly basis.
The first is a regularly scheduled phone call to your credit card's automated systems and your debit card's list of transactions. Many card companies will alert the card carrier of any out-of-state or worse, out-of-country activity. (Remember to alert your card company if you plan on doing out-of-the-normal traveling.) By phoning once a week, you can not only better balance your debit usage by be alerted to unusually low balances in your bank account and unusually higher ones on your credit cards.
The second involves your wireless computer activity. If you have Wi-fi in your home, use the password protection provided by many wireless routers. If you are in the public domain such as your favorite coffee shop or in an airport, resist the temptation to log on to commercial sites that might allow you to buy something. These public places are the easiest way to capture an errant "wireless" credit card number as you purchase something.
The third involves getting your free credit report on a yearly basis. The site Annual Credit Report will give you a truly free report. Most of the big credit reporting agencies supply a free report but only after you sign-up for monitoring services. In many instances, you will find a error on the report. It happens 25% of the time.
Fourth: Drop your outgoing mail at the post office and shred any and all mail that contains your name and any other personal information including all credit and loan offers.
The fifth involves a common sense approach to protecting yourself. Everyone needs to be diligent about who and when he or she is giving out personal information. And if they know of a vulnerable elderly person, helping them avoid fraud or theft builds good karma, which may or may not build good creditworthiness or protect your personal data but the effort will make you fell good.
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