Thrifty Thinking: Identity Theft

I recently interviewed Scott Mittic, CEO of TrustedID about identity theft.

How does identity theft cost a person so much money and time?

Identity theft is one of the fastest growing crimes in the U.S. that not only inconveniences consumers, but costs them a great deal. On average, victims of identity theft spend 500 hours and more than $3,000 repairing the damage according to Javelin Resarch. This is because once identity thieves get control of your personal information they can do anything from creating bank accounts in your name to racking up a huge bill on your credit card to filing fraudulent tax returns and claiming your refund.

How does opting out from certain lists help protect identity and privacy?

Lists that compile consumers’ private information – like those created by data brokers – pose a major threat to your privacy. These massive companies buy and sell consumers names, addresses and purchasing history and the truth is that most people are unaware of their existence.

TrustedID conducted a survey in the fall that found that only 18% of consumers have a good understanding of what a data broker is. However, once people understood data brokers and how they were handling their private information, 80% wanted control over the information that these data brokers collect and sell.

By opting out or using a service like MailStop Shield, which stops the biggest data brokers from accessing your information, consumers can protect their personal information and maintain their privacy.

What are some easy steps people can do to protect their identity?

With over 11 million Americans falling prey to identity thieves each year, people should be proactive about protecting their identities.

One major area that you can protect yourself is on your computer or on your personal devices like smart phones and tablets. Most people use them to make transactions, fill out official forms, and even sign up for newsletters. All this data in the hands of an identity thief can be detrimental. Secure your smart phones and tablets with a PIN or password, make sure that all of your online accounts have strong, complex passwords and wipe clean any devices before donating, selling, or throwing them away.

Social media is another important area that consumers should be wary of. Nowadays, you might feel encouraged to share more and more information online, but the privacy risks are immense. You should check your privacy settings least once a month, and make sure not to over share with complete strangers.

Tax identity theft is another growing concern, so while filling out tax forms this year, be sure that you receive hard copies of what everyone pays you sends to the IRS, remember to shred any important documents before throwing them away, and watch out for tax scammers that try to contact you. If you receive an email or phone call asking for your personal or financial information, delete it or send it to the FTC at spam@uce.gov for investigation.

Why is it so important for people to be aware of risks to their identity?We founded TrustedID on the principal that your identity is just that – yours. In order to control your personal information and reduce your risk of becoming an identity theft victim, you need to be aware of the risks and different ways that others can access and compromise your personal information.

What are some options TrustedID offers people who want to go the extra step in identity security?

TrustedID offers a comprehensive suite of identity protection and preference services that help consumers ensure that their identity and personal information remain under their control.

IDEssentials delivers important protections to help reduce your risk of identity theft including daily credit monitoring to alert you to fraud, instant access to your credit report and score, an easy-to-understand, personalized Identity Threat Score^™, medical benefits monitoring, Facebook Privacy Monitor, and scanning of black market Internet areas, you and your family will take advantage of the best, most enhanced identity theft protection Plus all of your credit and identity protections are backed by a $1,000,000 service warranty, as well as expert On-Call Protection Specialists who are ready to help you and answer any questions.