Identity Theft Insurance is not something most people think of as a necessity. The threat is often viewed as something out there, but you can only see it on television. People who assume this are so wrong!
Identity theft is a growing concern. While Identity Theft Insurance policies can help to reduce the threat, there are also basic preventative measures that everyone can take to make sure they are protected.
Let’s first clarify what identity theft is. Identity theft occurs when someone uses our personal information, such as name, address, and date of birth without our knowledge. If you really think about it, they can obtain credit cards, loans and change the details of existing accounts. They can also get passports. Although this is not a cost to them, it can be a significant and costly expense for us and our credit ratings. It is important to remember that if this happens to you, you will have to pay the bill.
Vigilance is the first thing that can be done to combat identity theft. We can prevent identity theft by being aware of the ways fraudsters get personal information without our knowledge.
Below are some ways criminals can get personal information.
- Criminals can also be interested in the cash inside your purse, wallet, or handbag. A fraudster could take your purse, wallet, or handbag and use your driver’s license details or any other documentation or ID to identify you.
- Tossing out your mail and other documents in the trash is a common mistake. Fraudsters will not hesitate to search your trash can for bank statements, utility bills, or any other documents that may contain your personal information. There has never been a better reason to purchase a shredder.
- Robbery – Criminals might be more interested in documents that you have in your home, including your bank information or personal details. They can use the information to pose as you, get a loan or credit and then buy 10 wide-screen televisions.
- Phishing is not a spelling error and there’s no rod involved. It is considered a form of fishing. Fake emails are sent out by fraudsters to request personal information. These links can lead to fraudulent websites that allow you to give your personal details to them. While most people can see this, fraudsters sometimes feel the need to take your details. Be suspicious of anyone asking for your information. If they’re the real deal, they’ll understand what you are asking and will do everything they can to prove it!
- Card cloning is something you often see on television. Fake ATM machines and card processors in bars or stores. Once your card is placed in one of these machines, the fraudster can copy your card details! Any machines that appear suspicious or stand alone should be avoided.
- Internet spyware – Rogue viruses and malware can install spyware on your computer or laptop if you don’t have enough protection. Spyware is used by fraudsters to steal passwords and personal information. They can view everything you enter online and take control of any accounts you have online.
You can take action to stop fraudsters from stealing your information by being more vigilant and aware of the methods they use. Identity theft insurance policies are available online, via financial advisors or brokers, and are affordable and easy to obtain.