ABAGNALE'S ADVICE

SAFEGUARDING YOUR IDENTITY

By Frank W. Abagnale

According to the Federal Trade Commission, identity theft will cost financial institutions over $5 billion each year, and over 750,000 Americans will be victimized this year alone. Although banking and credit card fraud victims are liable for no more than the first $50, estimates show that the average victim will spend an average of $1,173 and 175 hours to clean up the credit and other complications resulting from identity theft.

Stealing someone’s identity today can easily be accomplished with the widespread availability of Social Security numbers. It’s not at all far-fetched to think about someone frequenting Web sites such as www.familysearch.org and www.800ussearch.com to obtain Social Security numbers and set up a new identity.

I can’t emphasize enough, then, the importance of guarding your SSN—it is the key to your credit report and banking accounts and is the prime target of criminals. Also, monitor your credit report. It contains your SSN, present and past employers, a listing of all account numbers, and your overall credit score. Credit-monitoring services can provide you with copies of your credit reports, notify you when there has been an application for credit, and deliver many other services to help in your efforts to safeguard your credit.

Fraud, as it continues to grow, will really test our society. We’ve come to tolerate fake luggage and an occasional fraudulent purchase assigned to our credit card, but now, with our very selves being stolen, it’s crunch time.