Identity Theft and What You Can Do About It

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Submitted By: Howard B. Weinreich – AARP NJ Volunteer

 

Last year a massive data breach occurred at Equifax, one of the three major credit reporting agencies. Hackers accessed sensitive information, including names, Social Security numbers, birth dates, addresses and driver’s license numbers of more than 145,500,000 Americans, over 50% of the U.S. adult population.

This was not an isolated event. The Identity Theft Resource Center estimates that, since 2005, there have been more than 9,000 data breaches with more than 1 billion records hacked.

It is likely that most adult Americans (and many children) have already had their sensitive information stolen, even if hackers have not yet used their information. Older information is still valuable to a scammer. The fact that information was stolen years ago is not an indication that it cannot be used now.

To protect yourself, place a freeze on your credit report. You must contact each major credit reporting agency - Equifax, Experian and TransUnion - separately to place a freeze. Most lenders and credit card companies will not extend credit without a recent credit report, which should be unobtainable with a credit freeze.  However, freezes will not prevent someone from making charges to existing accounts. A new federal law requires the credit reporting agencies to place a freeze free of charge for consumers.

Alternatives to a credit freeze are a fraud alert which warns creditors to verify that someone seeking credit in your name really is you. Fraud alerts are now free as well.

Credit monitoring is offered, for a fee, by credit reporting agencies and others. You can also check your credit report from Equifax, Experian, and TransUnion once a year for free.

Last, but certainly not least, the AARP Fraud Watch Network is a free resource to help you protect yourself and your family from identity theft and scams. Anyone of any age can access:

• The latest scam alerts, delivered right to your inbox;
• A scam tracking map featuring warnings from local law enforcement and first-hand accounts of breaking scams from people in your state;
• The Con Artist Playbook—interviews with con artists who reveal how they steal your hard-earned money; and
• A fraud hotline you can call to talk to a trained volunteer for advice if you are worried you or a loved one has been scammed or if you suspect a scam in your community.

Check out the AARP Fraud Watch Network and keep your identity safe!