Feature

Minimize Your Exposure to Identity Theft

by Brett Keener
The Information Age has resulted in many far-reaching societal changes. Never before has so much data been available to so many people so quickly. This proliferation of information and connection means new ways of doing business, new ways of conducting personal relationships - and new ways of stealing.

Identity theft occurs when personal information, such as name, date of birth, Social Security Number (SSN), financial account or credit card numbers is illegally appropriated and used by another person. The Federal Trade Commission estimates that 1 of every 20 Americans is affected by identity theft. It received 246,000 reports of identity theft last year, nearly triple the number received in 2001. While the FTC has attributed much of that rise to heightened awareness of the issue among consumers, making them more likely to report incidents as identity theft, accurate statistics on identity theft are still spotty.

In many cases, individuals aren’t certain that they are truly crime victims and don’t know how the incident occurred. Further, research has found that most victims of identity theft don’t report the crime to police; usually the contact is with the bank or financial institution from which the theft occurred. And while banks increasingly alert authorities when incidents occur, even those disclosures can be incomplete.

Besides adopting the information safeguards being introduced by financial institutions and communication providers (such as encryption software, secured accounts and the like), there are things you can do to minimize your exposure to identity theft. Culled from several sources, the list below is not exhaustive, but offers practical insight into areas of vulnerability and preventive measures.

Stealing mail and sorting through garbage (“dumpster diving”) are simple, low-tech ways identity thieves operate. Therefore,

  • Shred all offers of pre-approved credit, and any other mail that contains personal information.
  • Consider a P.O. Box or some other locked/secured mailbox.
  • Ask the post office to hold your mail when on vacation or out of town.
  • Don’t put outgoing mail in unlocked or open mailboxes.
  • Cut up or destroy old credit cards.


    • Only put the last 4 digits of your credit card account number on the “memo” of your payment check. The credit card company will know your account number, but a thief cannot guess the rest of it.
    If an ID thief gains access to your Social Security Number, all sorts of bad things can happen. Even though your SSN is your de facto personal identification, be very cautious about giving it out - to anyone.

    • Do not carry your Social Security card (or military ID) in your wallet or purse.
    • If your state driver’s license has your SSN printed on it, contact your DMV to request a different number.
    • Ask if other ID verification is possible. Many legitimate service providers offer alternative forms of ID verification if you don’t want to provide your SSN.

    The Internet can give a local thief global access to other’s financial information. As part of your personal protection,

    • Use a firewall on your personal computer, and keep it updated.
    • Memorize computer passwords. If you can’t memorize them, keep them in a secure place - away from the computer (not in your wallet, and not on a post-it note stuck to your monitor!).
    • Delete e-mails from unknown senders.

    Finally, implement some sort of monitoring system. Several companies offer forms of ID protection/insurance. For a fee, these firms offer assistance in tracking your credit reports, closing or changing accounts, and re-establishing your credit should a theft occur. Whether you choose to use these services or not, you should exercise some regular due diligence.

    • Order copies of your credit report regularly.
    • Verify all financial statements monthly.

    Most of these recommendations are common-sense types of things. In the course of human history, theft has been a constant threat. The format may change, but the basic issues - and remedies - are the same. Be cautious, careful and alert. Avoid trouble before it has the chance to cause problems.



    Registered Representative of Park Avenue Securities LLC (PAS). Securities products and services offered through PAS. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. Certified Financial Services, LLC is not an affiliate or subsidiary of PAS or Guardian.
    PAS is a member NASD, SIPC.
    Brett Keener is a financial representative at Certified Financial Services, LLC in Paramus, NJ. Mr. Keener helps clients in their personal, estate, and business planning. He is a graduate of the College of William and Mary.