Eliminating the Threat of Identity Theft – A Modern Fairy Tale
by Steve Simek, VP-IT, Merchants Information Solutions, Inc.

Identity theft is a serious crime with damaging consequences: loss of credit, problems obtaining a loan, renting an apartment, constant calls from bill collectors… the list goes on. Victims of identity theft often spend more than 100 hours making phone calls and filing documents in an effort to repair the damage.

If you are like me, you have one goal in mind: completely eliminating the potential of identity theft before it happens. Unfortunately, that’s not realistic: While each of us can and should do everything possible to reduce the chance of identity theft, it’s impossible to completely eliminate the threat. However, through awareness and education we can take positive steps to minimize the risk.

Let’s start with increasing awareness. After all, you are not going to protect your identity if you aren’t aware of the danger. Fortunately, increasing awareness is easy. You’re taking the first step right now. If you are unaware of the dangers posed by identity theft, just type “identity theft” into your favorite internet search engine, visit an identity theft website, check your local newspaper or listen to the radio. The message is everywhere. Let me suggest that you visit our educational website, http://www.idtheftedu.com. You’ll find a wealth of information on the reality of identity theft in today’s world along with recent updates, articles of interest, and educational tools to help protect you from becoming a statistic.

Next, let’s examine the idea  that you cannot remove the potential threat of identity theft. Why not? You are aware of the danger, you’ve begun to shred personal documents with a cross-cut shredder, you’ve removed your social security card from your wallet, you never give out personal information unless absolutely necessary (and only then to a trusted source), you never use a credit card online, and you’ve followed every possible precaution to keep your personal information safe. Isn’t that enough? Regrettably, it’s not.

Our unique identity is maintained through a combination of personal information. Each of us has at some time disclosed our driver’s license, social security number, birth date, or physical address to obtain a credit card, apply for loans, make purchases, or complete any number of actions that are a part of daily life. Whether we like it or not, life in the Information Age is managed by technology. Even if you’ve never owned a computer, your personal information is stored in one or more computers stored by organizations that provide service to us. Therein lies the problem, the reason you’re never completely safe.
 
Technology itself is not the problem, but it is an enabler that provides the opportunity for misuse by people who have, shall we say, less than our best interests in mind. The standard low-tech methods of identity theft (dumpster diving, fake phone calls, etc.) have been enhanced by technology, creating newer, faster, and easier ways to steal and potentially misuse information. We must also acknowledge that information is the currency of the new world. Information is power, and power can be misused.

Even if you are not already a victim of identity theft, there’s cause for concern. In addition to actual identity theft cases, millions of people now live with a “compromised identity”.  Compromised identity means that your personal information has been lost, stolen or accessed under suspicious circumstances. This does not automatically mean that you will become the victim of identity theft. However, it does mean that personal information that should be known only to you has been made available to others, enabling them to apply for credit, loans and even jobs. They can also make purchases and do many other things while pretending to be you.

How do we protect ourselves? Security is best applied in layers, a philosophy that also holds true for guarding your personal information. First, educate yourself on the various methods of identity theft. Second, use common sense principles for protecting your personal information. Third, follow the guidelines for protection found at http://www.idtheftedu.com and other websites. Fourth, if you have been the victim of identity theft, have a compromised identity, or are just interested in an additional layer of protection, consider using technology as a partner in your defense strategy. Merchants Credit Care provides daily monitoring and alerts you of activity related to your personal credit that provides an early warning system.

You’ve probably heard the term “drive defensively”. This is a basic acknowledgement that you can’t stop driving just because there’s danger of an accident, but you can take protective measures to minimize the risk of an accident. The same holds true for using your personal information in today’s world. You can’t go into hiding, but you can be aware of the danger and take proactive steps to stay safe and minimize the risk of identity theft.

Be safe out there