According to reports, millions of Americans are victims of identity theft each year. This is why consumers are advised to be diligent and vigilant protecting their identity because thieves are becoming increasingly sophisticated today. Though some identity theft issues can be resolved quickly, many identity theft victims face years of recovery.
In 2009, identity theft affected an estimated 11.1 million Americans and this is increasing 37% every two years. This has resulted in the loss of nearly $54 billion. In response to this alarming trend, Better Business Bureau warns consumers to fight identity theft.
Payday installment loan consumers can become victims of identity theft because most loan applications for payday installment loans are sent online. Many identity thieves are preying on internet users. They can easily access personal information through fraudulent websites offering quick loans to financially vulnerable consumers.
One of the most important things a consumer can do is to protect their confidential personal information. Here are some steps to take:
1. Shred confidential information
Often, identity theft occurs when a thief goes “dumpster diving” such as, rummaging through trash to find confidential information. Consumers can protect themselves by shredding any document that contain Social Security numbers, bank account numbers or other important confidential information. When in doubt, play it safe and shred it.
2. Protect confidential information
Identity thieves use sophisticated methods, such as fraudulent phone calls and text messages or even creating websites as lenders of payday installment loans, to obtain Social Security and account numbers. To prevent being a victim of these thieves, know who is calling you and don’t provide confidential information over the phone unless you’ve made the phone call.
3. Don’t click on suspicious emails
Phishing scams have become increasingly popular and phishing emails often look legitimate. Be watchful not to click on links in emails that look suspicious; instead type the official URL into your browser’s address bar. If something looks suspicious, assume that it probably is.
4. Don’t carry your social security number with you and don’t use it as a user ID or password.
Your social security number is the key that could single handedly unlock numerous doors for identity thieves. Payday installment loan consumers should protect this number more than anything else. So, memorize it and then lock the original card away in a safe place. Make sure not to make copies of it and don’t give the number out unless it is absolutely necessary. But if giving it out is necessary, make sure to ask the institution you are giving it to what their privacy policy is and how your information will be protected.
5. Monitor your credit report.
Order your free annual credit report and scrutinize it to ensure that all of the accounts listed are yours. By reviewing your credit report on a regular basis, you may catch an instance of identity theft before it becomes a larger problem.
In 2009, identity theft affected an estimated 11.1 million Americans, an has increased 37 percent since 2007. This has resulted in the loss of nearly $54 billion. In response to this alarming trend, Better Business Bureau serving Eastern North Carolina (bbb.org) offers ten ways consumers can fight identity theft.
“The amount of time, money, and energy to repair personal and financial records altered by identity theft can be staggering,” says Beverly Baskin, president and CEO of Better Business Bureau. “This is why taking steps in advance to lower the risk of becoming a victim is necessary“.