Goshen County Government News :: Victim Assistance

Identity Theft Protection
2/26/2009
Identity Theft Protection Using ‘DIY’ To Combat Identity Theft December 2008 BY RICHARD E CHOLS, CFA, CFE 5. Reduce your debt! Consolidate your out- RMIN* ACCOUNTING FRAUD EXAMINER standing balances into one account, then monitor that account regularly and close all accounts It’s been predicted that identity theft will with credit availability. impact three of every 10 Americans by 2010. I 6. Never let your credit card out of sight. have no doubt this is true, as I sift through my If a merchant (including a restaurant) is daily stack of junk mail, separating the advertise- unable to swipe your card in your presence, ments from credit card offers. pay with cash. How do you protect your assets from theft? In the accounting profession, we refer to it as to be forewarned is to be forearmed. Be “internal control.” That’s the minimum level of accountable for your assets, safeguard them Activity necessary to safeguard what you’ve iden- or you will loose them. tified as valuable. And with the DIY approach, safeguards to protect yourself. And remember: Your best defense is the Here’s the DIY version of identity theft protect- DIY internal control approach. tion: 1. Get a paper shredder. Shred everything Do It Yourself (DIY) used to mean a visit to you receive in the mail that has your name or Home Depot and often revolved around information on it that you would normally throw something that needed to be fixed or replaced, away. Dumpster divers are everywhere. as in a plumbing project or “company’s com- 2. Remove your name from the automatic ing – we’ve got to replace those broken floor credit card advertisements. Check the bottom of tiles!” But DIY now has been expanded to the offer letter and call the number listed to be include the measures your need to take to removed from the mailing list. help protect your assets is a misplaced trust. 3. Check your debit card transactions every If you want to avoid identity theft, you’ll day and review your bank and credit card state- need to take the DIY approach. ments at least once a month. Typically, debit card transactions must be challenged within 24 hours of the purchase. Consumers generally have up to 30 days after the closing business date shown on the statement to challenge a bank or credit card statement. 4. Request and review your credit report at least every six months, more frequently if you feel the possibility of identity theft is higher than normal. You might want to consider subscribing to one of the identity theft services and engage them to monitor your accounts. *Rocky Mountain Information Network

Identity Theft Protection

2/26/2009

Identity Theft Protection

Using ‘DIY’ To Combat Identity Theft

December 2008

BY RICHARD E CHOLS, CFA, CFE 5. Reduce your debt! Consolidate your out-
RMIN* ACCOUNTING FRAUD EXAMINER standing balances into one account, then monitor
that account regularly and close all accounts
It’s been predicted that identity theft will with credit availability.
impact three of every 10 Americans by 2010. I 6. Never let your credit card out of sight.
have no doubt this is true, as I sift through my If a merchant (including a restaurant) is
daily stack of junk mail, separating the advertise- unable to swipe your card in your presence,
ments from credit card offers. pay with cash.
How do you protect your assets from theft?
In the accounting profession, we refer to it as to be forewarned is to be forearmed. Be
“internal control.” That’s the minimum level of accountable for your assets, safeguard them
Activity necessary to safeguard what you’ve iden- or you will loose them.
tified as valuable. And with the DIY approach,
safeguards to protect yourself. And remember: Your best defense is the
Here’s the DIY version of identity theft protect- DIY internal control approach.
tion:
1. Get a paper shredder. Shred everything Do It Yourself (DIY) used to mean a visit to
you receive in the mail that has your name or Home Depot and often revolved around
information on it that you would normally throw something that needed to be fixed or replaced,
away. Dumpster divers are everywhere. as in a plumbing project or “company’s com-
2. Remove your name from the automatic ing – we’ve got to replace those broken floor
credit card advertisements. Check the bottom of tiles!” But DIY now has been expanded to
the offer letter and call the number listed to be include the measures your need to take to
removed from the mailing list. help protect your assets is a misplaced trust.
3. Check your debit card transactions every If you want to avoid identity theft, you’ll
day and review your bank and credit card state- need to take the DIY approach.
ments at least once a month. Typically, debit card
transactions must be challenged within 24 hours
of the purchase. Consumers generally have up to
30 days after the closing business date shown on
the statement to challenge a bank or credit card
statement.
4. Request and review your credit report at
least every six months, more frequently if you feel
the possibility of identity theft is higher than normal.
You might want to consider subscribing to one of the
identity theft services and engage them to monitor
your accounts. *Rocky Mountain Information Network