Why is that? One reason can be attributed to the popularity of America in the global arena, the country sits like a big target for the global market due to the vigorous American consumerism add to that an increasingly plastic financial system, making it an easy prey to those who wish to commit identity theft and so even as technology and industry goes global, unfortunately so does crime, with this is mind it is wise to consider an identity theft shield.

Identity Theft Shield – What It Can Do For You

Just think about it, technology makes us reachable, you can transact with someone in China while you are in America, so even as this sound good, you may also consider that identity theft is as global as well and everyone is getting in on the action. One of the most stand out case involved an Asian gang that run rampant counterfeiting credit cards even using the law on their side. A gang recruit raked in a total of $615,000 in the span of a year.

According to FTC, credit card fraud remains to be the number one culprit in identity theft even as experts predicted that credit cards would cease to exist, it remains a driving force in the financial industry. Leading one to ask, so what’s a credit card holder to do? You should protect yourself and minimize risk of credit card identity theft by getting an identity theft shield

Identity theft shield can help you protect your personal and financial records. It can help you monitor your financial activities and receive and updated credit report, enabling you to notice at the earliest stage if any fraudulent activities are happening under your account. And even if you we’re victimized by identity theft, identity theft shield can help you restore your credit reputation giving you back your good name and reputation. So even if a notorious gang like that of the Asian gang of the 1990’s re-emerge, you can feel safe and secure that even as our world remains to be a plastic economy and we be secured from the protection of an identity theft shield.

For the solution to identity theft to be successful, it should be the result of the collaboration among the consumer, industry, and the government:

For the Consumers

There are several ways that you can protect yourself from identity theft, you should take the necessary steps to prevent identity theft and it all boils down to two very important things, one is your computer habits, and second is the way you convey and receive personal data.

Protect your computer habits
-    Make use of passwords to protect your personal information
-    Visit only secure websites
-    Keep your anti-virus software updated and run periodic scans

Transmittal and reception of personal data
-    Make sure your firewall is set up to regulate data coming in and out of your hard drive
-    Make sure that your monthly banks statements and credit card billing comes to you securely. Having a locked mail box is one of them.
-    Avoid having to give out your SSN or driver’s license by offering to provide an alternate identification.

For The Industry

You can ensure that the industry does it part in protecting your identity, you must ensure that they have taken steps to prevent identity theft from happening in their establishment. As a consumer you have the right to demand a satisfactory service from them and you have the right to take your business elsewhere if they fail to meet your standards and you also have the ability to let others know of their dissatisfactory service.

The Government

Congress is in the process of crafting more stringent federal laws that penalize database managers who have second-rate security. Laws are also in place that allows you to have greater control of identity theft targets like your credit, for instance. Half the states have set us Credit Alert laws so you can prevent new credit cards from being opened under your name.

The observance of stricter identity theft solution probably set e-government in America a few years back compared to countries, but considering the dangers of the alternative, not many people are argumentative.

The consumer, the industry, and the government should work hand in hand in order to prevent identity theft. This will also ensure that steps to prevent identity theft taken by each entity will be successful, and that the problems it can bring will be brought to a minimal.

How to Prevent Identity Theft – Your Top 3 Defense

1.  Keep your wallet safe. Put it in your bag or purse, where it is least likely to be stolen. Note that stealing wallets is the number one method where credit identity theft takes place.

2. Never leave your credit card statements just lying around. All someone has to do is fill out an address change form and send it to your credit card company or call them for an address change for your statements and then your credit identity is stolen.

3. Another way for your credit identity to be stolen is at an unsecure website. To prevent identity theft check for the yellow padlock at the bottom of your screen, this shows that the website is secured. If you don’t see it, it’s better not to type in your account number.

There are other options of course, money order, a checking account, a debit card and an online credit line but of course these pose their own problems as well and as such they too are open to identity theft.

A few of the problems might happen with these methods: money order may be inconvenient to get and it can get stolen in the mail as well, facing just another form of thievery. A checking account may mean more dire credit identity theft consequences, like having your entire account emptied in seconds as well as a debit card where all the money in the card can be taken at once. An online credit line may pose you with a large debt before any signs of trouble.

Of course, you can pay by cash for all your transactions, it is the ultimate protection to prevent identity theft using your cards but in this day and age, it is very hard to stay away from e-commerce, it is makes much more sense to transact many business online.

Surfers Beware!

In 2005, The Federal Trade Commission received over 685,000 complaints of identity theft and fraud that translated to a whopping $680 million in losses. Among the complaints 37% accounted for identity theft while the remaining 63% for fraud and in cases of fraud, the internet was utilized 46% of the time, translating to $335 million stolen.  With this statistics in mind, it is wise to invest in credit fraud protection.

The internet despite its many uses is also a haven for identity theft; it is often used as the first line of contact of thieves to potential victims. The following are areas where you can be vulnerable when it comes to online activities.

- Auction websites = 12%
- Offers of foreign money = 8%
- Shop from home or catalog offers = 8%
- Lotteries, sweepstakes, or prizes = 7%
- Computer or Internet service complaints = 5%
- Work from home offers or business opportunities = 2%
- Credit protection or advance fee loan offers = 2%
- Phone Service = 2%

If you do use the internet and shop online, it is wise to consider credit fraud protection for you online activities, this may simply mean ensuring that the website you visit and/or enter your credit information on is secured and protected.  You can also place fraud alert on your credit report, to ensure that your information is not being used without your knowledge.

Victims of identity theft reach about 10 million annually. Aside from the financial damage, around 300 million hours are used to solve problems caused by identity theft.  Statistics show that if you fall prey to identity thieves, you are more likely to spend around $500-$800 to clear your name and restore your credit score and an average of 600 hours to correct mistakes done to your credit rating and around a year or so before the problem is completely fixed.

As we are constantly exposed to identity thieves and thus always at risk and given this statistics, it is wise to have a credit fraud protection system to reduce the risk of getting your identity stolen and lose money, time and effort in to fixing a problem that could have been avoided.

Credit identity theft is a type of identity crime where a person uses your credit for his own fraudulent purposes and when this happens, you are the one who gets the brunt of the illegal activity. If you do not protect yourself, you will find yourself in the middle of a messy financial problem.  So you should protect your identity more so if you’re fond of using credit cards, with credit protection identity theft can easily be stopped. You can halt activities of identity theft if you have protected yourself well.

Now, even if we have done our duty and gotten credit protection identity theft can still happen if a company or business we transact with did not protect their database of personal client information. These thieves can also gain access to our personal information from company databases if that company did not invest in an identity protection program. So you should be aware of companies that do not secure their databases.

Identity theft does not only include credit card frauds but it can include stolen social security numbers, stolen bank checks, and the use of another individual’s documents for acts of espionage and terrorism as well as immigration purposes.  Now, with cooperation from the individuals or the consumers and the industry it can be easier to stop identity theft. If we invest in credit protection identity theft can be stopped once and for all.

Depending on your situation, you can report identity theft to the following agencies:

The Federal Trade Commission

If you are having a difficult time connecting to the institution involved in your case, you can call the FTC instead.

The Commission is mandated by the Identity Theft & Assumption Deterrence Act of 1998 to accept and process complaints filed by identity theft victims, they are also responsible in directing your complaints to the appropriate industry including the major credit and police agencies. Take note of the FTC identity theft hotline 1-877-IDTHEFT (or 1-877-438-4338). You can also go their website and fill up the complaint form.

The Social Security Administration

The SSA does not usually provide assistance to identity theft victims, but they do have a system in place that can help you solve your dilemma. You can call them at their hotline 800-269-0271, although this is not an identity theft hotline, but you can contact SSA at that number or you can use their website to file a complaint.

In case you are a victim of SSN theft you can change your number, if you fall under the criteria of SSA’s victims of fraud, you can learn more about this at their website. But even if you are given a new SSN and the theft is reported to the proper authorities, it is not a guarantee that your all your problems will be solved, as it does not guarantee a fresh credit rating, credit records from your two SSNs can be combined by different Bureaus, plus even if you are given a fresh start, having no record can also mean a hard time trying to gain credit.

The Three Major Credit Bureaus

These three major credit bureaus Equifax, Experian, and TransUnion, are responsible for your credit rating as such you can get periodic credit reports from them and in cases of identity theft you can call their identity theft hotlines.

Remember to report any inconsistencies or discrepancies in your credit records at once to the proper agencies, always keep their identity theft hotline accessible to you. Reporting your concerns at the earliest possible time will help minimize the damage and make life easier for you in the long run.

How to prevent identity theft

Many seems to be unaware of warning signs that should set off warning bells in your head. Here are 5 signs that can help you identify possible ways to rob you of your identity and then you can actually start to protect yourself from identity theft.

1. Your monthly bank statement shows withdrawals and fund transfers you don’t remember making.  You may be a victim of bank fraud.

2.  Some checks from your checkbook maybe missing and new checkbooks don’t come in your mail. Statistics show that the unauthorized use of others’ checking accounts is one of the fastest growing types of identity theft, protect yourself from identity theft by ensuring your checks are all accounted for.

3.  Credit card theft shows your credit card statements with purchases you did not make or receipt of billing statements from credit accounts and cards you never opened. An even worse scenario is when a credit collection company calls you to pay for stuff you never bought.

4. When your billing statements don’t arrive in your mail, you may need to protect yourself from identity theft, it can mean that your bills are being diverted to another address. Missing mails you expected to arrive can also be a sign that someone is raiding your mailbox.

5. You need to protect yourself from identity theft when you find yourself being disapproved for a new credit card, a loan or mortgage, when you know you can clearly have been approved. Checking your credit records will show debts that you don’t remember having.

Now that you know the warning signs you need to look out for, you can now protect yourself from identity theft, make sure that you take steps in order to alleviate some if not all of these warning signs, so you can stop identify theft from happening to you.

Tip #1: Have Credit, Will Shop!

Did you know that you are just asking for trouble by using debit cards or checks when shopping online? Yes, credit cards often figure in many identity theft stories, but they still offer a lot more security than other ways. You will be able to monitor all charges and in cases of discrepancies in your account, you can dispute this and if proven you are not held liable for these charges.

When you use a debit card or a check, it opens you up to bank fraud, allowing the thief the chance to empty your bank account in an instant and the money is gone before you even realize what’s going on.

Tip #2: Don’t Jot It Down!

The teller or the credit officer may tell you to write down your credit card number on your check, but it is strongly advised not to do it, this practice violates the law in many US states since it opens you up to bank fraud.  You can check your state government or State Legislature website for further information.

Tip #3: Take your receipt!

Yes you may be carrying a lot of bags and boxes with your purchases and can’t be bothered with picking up your credit card receipt, but leaving them lying around where thieves can likely pick them up opens you up for an attack or if you do take your receipt but throws them in the trash, you better think again, Dumpster diving is a practice common to identity thieves. Be vigilant of your own habits, this is how to protect yourself from identity theft.

Tip #4: Look out for Skimmers!

You may think it’s safe to give an employee of the establishment you’re in your card to pay for your purchase, but you should always keep your credit card in sight, simply because of skimmers: a small handheld gadget to swipe your card in to get your account info. You can stop this by ensuring that your card is within your site, even if it means following a store clerk or standing up from the table to see where your card goes.

This is how to protect yourself from identity theft, a vigilant effort to ensure that your credit card details are not divulged just to anybody and minor inconveniences like following a clerk and such will ensure that you are less likely to fall victim to identity thieves and less likely to face problems that comes with being a victim.

1. The Federal Trade Commission

2. The Social Security Agency

3. The Department of the Treasury

4. Privacy Rights Clearinghouse

5. Identity Theft Resource Center

What Identity Theft Resource Center lets you know

Identity theft attacks the confidence many Americans share in the nation’s open yet strong financial systems, this is according to the US Treasury.  This is why consumers together with the industry and the government have prepared a number identity theft resources along a wide variety of topics including:
Ways to prevent identity theft
Common techniques of identity thieves
Signs that you have been targeted or victimized
Numbers to call in case you’ve been victimized
What your rights are
Federal and State laws regarding identity theft

Taking Control – arm yourself with knowledge

The first thing you will learn when you read materials from these identity theft resource centers, is that you have more control than you think.  Identity theft does not exist in a vacuum, and no matter how the thieves target their victims on or off line, you don’t have to be a victim, you just have to be careful enough.

If you can recall, there was an infamous wave of identity theft a few years back, where victims, who went out of their way to keep their personal data secure still fell prey to identity thieves secondary to the government leaving their personal data on public records that was made available online. This was when public records were just starting to be uploaded and that redaction or blacking out of personal data on the online records was relatively new. But nowadays, unless you’ve been convicted of a violent crime, your personal data shouldn’t be on the government online records.

So in following the tips disclosed on the materials available in the identity theft resource center, you can lessen the possibility of being a victim of identity theft if not completely gone then close to it.

If you do many of your transactions online, it is a good idea to visit software vendor website that can provide you with valuable identity theft resources, to better arm yourself against these thieves in the night.

Lastly, the best way you can arm yourself against identity thieves is to arm yourself with knowledge, keep yourself informed. And one of the best ways you can do this is visit the identity theft resource center often.

Aside from $25 policies (which offer $15,000 worth of coverage), these companies also offer $50-$60 polices that is worth around $25,000. All of these have combined to make identity theft insurance coverage the fastest growing insurance product in recent years. But experts suggest that in case you do want one, that your identity theft insurance plan, should only be a rider on your existing policy, so it’s best to check with your existing insurance company first.

But do you really need identity theft insurance?

If you ask insurance companies, the answer will be a resounding yes and they usually ensure that all your doubts will be put to rest.  What you do not hear often is why you wouldn’t need it.

Identity Theft Insurance – Why Experts Say You May Not Need It?

Identity theft insurance coverage is intended to pay for the cost of fixing your credit standing in case of identity theft including payment for notary costs, telephone bills, mailing expenses, lost wages, loan re-application fees  and other legal fees.  Experts offer five reasons why you don’t need this type of insurance.
1.    Complacency – the assurance of the insurance makes one complacent and thus increases the risk of being a victim.
2.    Compared to the risks involved, even the low costs seem to be of poor value.
3.    If proven, your bank, credit card provider will more likely cover any losses as a direct result of identity theft.
4.    As it will not fix poor credit scores or erase any criminal record generated by the theft, you can’t really count it as real insurance.
5.    Despite of paying for it, you still have to go through the arduous process of fixing the problem yourself.

Yes, identity theft cases are going up but the odds of getting victimized is not worth the cost, some statisticians say plus the FTC confirms that less than half the victims spend more than $1000 to fix the problem.  There is only one thing that the American insurance industry and critics of identity theft insurance coverage agrees on and that is the best insurance is still prevention.