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Editor's note: The following article appeared in the January 2005, Vol. 68, No. 1 Edition of the Texas Bar Journal, the official publication of the State Bar of Texas, and is reprinted with permission.
Identity theft can happen to anyone. Previously, criminals wanted your wallet to steal your cash. Now they want your wallet to steal your good name.
What is identity theft?
Identity theft occurs when someone uses your personal identifying information without your permission. This information may include your name, address, driver's license number, Social Security number, mother's maiden name, birth date, or financial information such as your bank account, credit card or PIN number.
How does identity theft happen?
An identity thief may obtain your identifying information by stealing credit card applications, bank statements, or checks from your trash or mail, finding or stealing your wallet or purse, hacking your credit card number from a corporate database, or stealing information from inside a company that holds it.
How is this stolen information used?
An identity thief may use your information to obtain new credit cards, drain your bank account, purchase automobiles, obtain a bogus driver's license or Social Security card, make long distance phone calls, apply for loans, or make purchases using your bank account or credit card.
What are the warning signs of identity theft?
You receive bills from a credit account you did not open. You see unauthorized charges on your credit, long distance, or bank accounts. You are contacted by a collection agency regarding a debt you did not incur. Bank or credit reports show accounts you did not authorize. You are turned down for a credit card, loan, mortgage or other form of credit due to unauthorized debts on your credit report.
What should you do if you are a victim of identity theft?
File a police report with your local law enforcement agency and keep a copy of that report—many banks and credit agencies require such a report before they will acknowledge that a theft has occurred. Contact the three primary credit reporting bureaus to have a security alert or freeze placed on your report: Equifax at (800) 525-6285 or www.equifax.com; Experian at (888) 397-3742 or www.experian.com; and Trans Union at (800) 680-7289 or www.transunion.com. Request a copy of your credit report and review it for unauthorized account activities. Report unauthorized charges and accounts to the appropriate credit issuers and credit bureaus immediately by phone and in writing and cancel the accounts. If your wallet or purse is stolen, immediately cancel your credit and debit cards and order replacements. Put a "stop payment" on all lost or stolen checks.
Is there any legal action that can be taken against an identity theft?
The Federal Trade Commission (FTC) has authority to prosecute identity theft at the federal level. Report ID theft to the FTC by calling (877) 438-4338 or visit www.ftc.gov.
How can you protect your identity?
Memorize passwords and PIN numbers instead of carrying them with you. Do not carry your Social Security card or passport unless necessary. Shred identifying information before throwing it away. Do not give sensitive information to unsolicited callers. Do not print your driver's license number, Social Security number, or phone number on your checks. If your bank or credit card statement does not arrive on time, call the issuer to make sure it is being sent to the proper address. Request a copy of your credit report every year.
