Identity theft can happen when someone else conducts a financial transaction using another person's account. The scope can include the opening of new bank accounts, obtaining loans, writing checks, using existing credit cards and many more. Many times, an individual's personal information can be accessed through the identification of the social insurance number (SIN), date of birth, bank account numbers and mother's maiden name. Knowing where scammers obtain your personal information is very important. Bank statements can be stolen from mailboxes and lost wallets may contain credit card information apart from the card itself. The use of public computers while conducting financial activities is also unsafe.
Other options include getting the services of bookkeepers or accountants. Banks also allow for their depositors to conduct pre-authorized bill payments where in the amount due is automatically deducted from your account on a specific date. There is a two-point advantage because fewer errors are made and payment is made on time.
One important issue is the protection of your financial assets from unfair business practices and fraud. More senior citizens are becoming the target for scams, according to recent studies. However, experts concur that informed consumers are better equipped to spot misdealing and have a better chance of not being victims of these. The best way of protecting one's self is through staying educated especially on the most common forms of deception. Be suspicious of bogus lotteries and charities, phony surveys, home repair swindlers and other door-to-door scams.
Keep all your bank cards safe by signing the new ones upon receipt of them. Should you want to cancel an unwanted card, contact the bank responsible for issuing it. This will ensure that the account will be properly closed. Take extra measure and destroy the card by cutting it so that it won't be a potential threat if someone gets a hold of it. It is common for sales personnel to swipe cards for their customers. Upon return of the card verify that it is the same card with your name on it. Keep your eyes on the card at all times to be sure it is not swipe twice on a different device. Review the amount that was charged to you before signing the transaction slip. If the area is too crowded, request people to give you a bit of space when the PIN needs to be entered. Report all missing cards immediately.
Your PIN should not be given to any government employee, law enforcement officer, family and friends. When it is not revealed to anyone else, it can be the most efficient way of protecting yourself against dishonest traps. Even when a relative needs to transact financial activities for you, discuss another option with your bank. If you have the slightest suspicion that someone else knows your PIN, change it immediately. While using the ATM machines, cover the keypad when entering your personal combination and keep the card within sight.
Other options include getting the services of bookkeepers or accountants. Banks also allow for their depositors to conduct pre-authorized bill payments where in the amount due is automatically deducted from your account on a specific date. There is a two-point advantage because fewer errors are made and payment is made on time.
One important issue is the protection of your financial assets from unfair business practices and fraud. More senior citizens are becoming the target for scams, according to recent studies. However, experts concur that informed consumers are better equipped to spot misdealing and have a better chance of not being victims of these. The best way of protecting one's self is through staying educated especially on the most common forms of deception. Be suspicious of bogus lotteries and charities, phony surveys, home repair swindlers and other door-to-door scams.
Keep all your bank cards safe by signing the new ones upon receipt of them. Should you want to cancel an unwanted card, contact the bank responsible for issuing it. This will ensure that the account will be properly closed. Take extra measure and destroy the card by cutting it so that it won't be a potential threat if someone gets a hold of it. It is common for sales personnel to swipe cards for their customers. Upon return of the card verify that it is the same card with your name on it. Keep your eyes on the card at all times to be sure it is not swipe twice on a different device. Review the amount that was charged to you before signing the transaction slip. If the area is too crowded, request people to give you a bit of space when the PIN needs to be entered. Report all missing cards immediately.
Your PIN should not be given to any government employee, law enforcement officer, family and friends. When it is not revealed to anyone else, it can be the most efficient way of protecting yourself against dishonest traps. Even when a relative needs to transact financial activities for you, discuss another option with your bank. If you have the slightest suspicion that someone else knows your PIN, change it immediately. While using the ATM machines, cover the keypad when entering your personal combination and keep the card within sight.
About the Author:
The victim of identity theft can suffer adverse consequences if they are held accountable for the perpetrator's actions. Identity theft occurs when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commitcriminal identity theft or other crimes
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