Stacy Francis is a nationally recognized expert in finance. She is President of Francis Financial, Inc., an independent, fee-only, financial planning firm that helps individuals just achieve financial freedom, and founder of Savvy Ladies®, a 15,000+ strong non-profit organization that empowers women to take control of their finances and achieve a more rich and rewarding life.
Stacy has appeared on The Today Show, CNBC, Fine Living and is frequently quoted in publications such as The Wall Street Journal, Business Week, Barron’s, CNN, The Daily News, Dow Jones, Money Magazine, MSN, Newsday, and many others.
Stacy is called the human Prozac of wealth management! She literally takes the worry and anxiety out of managing your finances. Contact her at stacy@savvyladies.com
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The Case of the 500 Purchased Leather Pants!
How To Protect Yourself From Identity Theft?
Stacy Francis, President Francis Finacial and Founder, Savvy Ladies
Did you know that more than a half-million Americans were victims of identify theft last year? According to a research study by Meridian Research, the financial institution sector lost $8 billion to identity theft in 2006 alone!
My husband and I have been a victim of identity theft several times. The latest time involved my husband allegedly purchasing 500 hundred pairs of custom leather pants in Italy. I am not sure if you have met my husband Michael, but trust me he is not a leather pants kind of guy. If it can happen to us – it can happen to you!
Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud and deception, typically for economic gain. Identity theft can happen to anyone, anywhere and anytime.
The most common types of identity theft are:
- Using or opening a credit card account fraudulently - Opening cell phone or utility accounts fraudulently - Passing bad checks or opening a new bank account - Getting loans in another person's name - Working in another person's name What can we do to protect ourselves?
Identity theft is very serious crime. On average, victims spend 175 hours and $800 to clear their names. Basically, there are no guarantees about avoiding identity theft. However, to reduce or minimize the risk of becoming a victim, there are some basic steps you can take. For starters, just remember the word "SCAM":
S: Be stingy about giving out your personal information to others unless you have a reason to trust them.
C: Check your financial information regularly, and look for what should be there and what shouldn’t.
A: Ask periodically for a copy of your credit report. You can get your credit report for free at www.annualcreditreport.com.
M: Maintain careful records of your banking and financial accounts.
What can we do after the fact?
If you think you’ve become a victim of identity theft or fraud, act immediately to minimize the damage to your personal funds and financial accounts, as well as your reputation.
1. Contact the fraud departments of any one of the three consumer reporting companies to place a fraud alert on your credit report. The fraud alert tells creditors to contact you before opening any new accounts or making any changes to your existing accounts.
2. Close the accounts that you know or believe have been tampered with or opened fraudulently.
3. File a report with your local police or the police in the community where the identity theft took place. Get several copies of the report to submit to your creditors and others that may require proof of the crime.
4. File your complaint with the FTC. The FTC (Federal Trade
Commission) maintains a database of identity theft cases used by law enforcement agencies for investigations. Filing a complaint also helps the FTC learn more about identity theft and the problems victims are having so that they can better assist you.
Eventually, the real challenges of identity theft and identity fraud come from figuring out how to combine enforcement and prevention resources most effectively. The right combination could remove identity theft as a significant threat to both personal and homeland security. In the meantime, be sure to protect yourself using the tips we suggested.
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