 |
I don’t need to tell you how much damage has been done to our country’s wealth over the last year and a half. We have seen trillions lost as housing prices plummet, stocks crater, and jobs get cut left and right.
But unfortunately, there is yet another threat to your financial well-being that is becoming more and more prevalent.
It’s something I warned my Dividend Superstars subscribers about in their last issue. And because it’s such a widespread — and largely preventable — problem, I wanted to take this opportunity to ring the alarm one more time here in Money & Markets today.
I’m talking about …
Identity Theft: The Silent Destroyer of Wealth
The latest figures on identity theft are downright scary.
According to Javelin Strategy & Research, the number of identity theft cases rose 22 percent to 9.9 million incidents last year.
It was the first time in five years that identity thefts jumped at all!
 |
| Thieves no longer have to visit you in person to rob you blind! |
As a sign of the times, the number of “crimes of opportunity” jumped to 43 percent of the cases in 2008 vs. 33 percent in 2007. What that really means is that a lot more wallets are getting stolen as the economy weakens.
And while online access only accounted for 11 percent of last year’s identity theft activity, I can’t tell you how many “phishing” e-mails I get in a week.
In case you’re unfamiliar with the term: Phishing is when you receive an e-mail that looks like it’s from a website or company you know and trust, but is really from a scammer trying to get personal information from you.
Another startling fact from Javelin’s survey: 10 percent of identity theft victims knew their attackers. And when they did, the crimes cost them twice as much and went undetected for a longer period of time.
The Good News: It’s Easy to Protect
Yourself from ID Theft Attacks!
Here are a couple very simple steps you can take to prevent your identity from getting stolen:
| Internal Sponsorship |
|
Is the Bear Terrorizing Your Portfolio? Learn how to use our Triple-Safe Dividend Strategy to get your emergency funds to absolute safety… secure you a rich, steady stream of investment income … and protect you from market declines. It’s the ultimate way to combat these challenging times! Don’t miss this special offer to grab these three reports at absolutely no cost to you. |
First, shred documents that contain personal information on credit cards, bank accounts, or your social security numbers.
And note that cross-cut shredders — the kind that chop both vertically and horizontally — are far more effective than the “strip” cutters. The latter leave pieces of paper that can be re-assembled with relative ease.
 |
| Strip shredders like this one make it easier for thieves to reassemble documents. |
Second, don’t carry important data in your wallet or purse if you don’t have to. For example, there’s rarely a reason to tote around your Social Security card.
Third, whenever you get an e-mail asking for personal information of any kind, be wary. Rarely does a real business or website ask for this information via e-mail.
Even if the e-mail contains a link that looks like the actual company’s address, do not click on it. Instead, close your browser and enter the site’s address on your own.
Fourth, take a good look at your account statements every month. I’m always amazed by the number of people who tell me they just pay their credit card bills without even glancing at the list of charges! Not only do they run the risk of paying for things they didn’t buy, but they also miss the chance to catch outright fraud early in the process.
Often times, an identity thief will just charge something very small at the outset to see what happens. It could be a $20 book or a cup of coffee. If the card stays open, the thief might get more aggressive and really take you to the cleaners.
Fifth, in addition to watching your account statements, you should also pull all three of your credit reports once a year. Be on the lookout for charges or debts you don’t recognize … cards you never opened … unfamiliar addresses … anything out of the ordinary.
Remember, an identity thief could do a number of things with your information — ranging from opening a brokerage account in your name to renting an apartment!
Pulling your credit reports is now easier than ever, and completely free. The Fair Credit Reporting Act entitles you to a free report from the three nationwide consumer reporting agencies (Equifax, Experian, and Transunion) every 12 months.
To get your reports, visit www.annualcreditreport.com or call 1-877-322-8228. You can also request them by mail at: Annual Credit Report Service, P.O. Box 105281, Atlanta, GA 30348-5281.
You can pull all three reports at one time. Even better, in my opinion, is pulling one every four months. That way you get a regular checkup. See something suspicious? Contact the agency and any financial institution involved immediately.
Remember, there’s little you can do to change the major economic trends out there. But there’s always plenty you can do to shore up your own financial well-being.
Best wishes,
Nilus
P.S. My number one goal is helping you protect — and build — your wealth through these scary times. And it’s absolutely critical that you get all of my articles on personal finance matters PLUS my recommendations of the best investments for these tough times.
That’s why I want to offer you my Dividend Superstars newsletter at a very special price AND give you a whole series of special wealth-protecting reports in the bargain. Click here for all the details.
About Money and Markets
For more information and archived issues, visit http://legacy.weissinc.com
Money and Markets (MaM) is published by Weiss Research, Inc. and written by Martin D. Weiss along with Tony Sagami, Nilus Mattive, Sean Brodrick, Larry Edelson, Michael Larson and Jack Crooks. To avoid conflicts of interest, Weiss Research and its staff do not hold positions in companies recommended in MaM, nor do we accept any compensation for such recommendations. The comments, graphs, forecasts, and indices published in MaM are based upon data whose accuracy is deemed reliable but not guaranteed. Performance returns cited are derived from our best estimates but must be considered hypothetical in as much as we do not track the actual prices investors pay or receive. Regular contributors and staff include Kristen Adams, Andrea Baumwald, John Burke, Amber Dakar, Dinesh Kalera, Red Morgan, Maryellen Murphy, Jennifer Newman-Amos, Adam Shafer, Julie Trudeau, Jill Umiker, Leslie Underwood and Michelle Zausnig.
Attention editors and publishers! Money and Markets issues can be republished. Republished issues MUST include attribution of the author(s) and the following short paragraph:
This investment news is brought to you by Money and Markets. Money and Markets is a free daily investment newsletter from Martin D. Weiss and Weiss Research analysts offering the latest investing news and financial insights for the stock market, including tips and advice on investing in gold, energy and oil. Dr. Weiss is a leader in the fields of investing, interest rates, financial safety and economic forecasting. To view archives or subscribe, visit http://legacy.weissinc.com.
From time to time, Money and Markets may have information from select third-party advertisers known as “external sponsorships.” We cannot guarantee the accuracy of these ads. In addition, these ads do not necessarily express the viewpoints of Money and Markets or its editors. For more information, see our terms and conditions.
|
© 2009 by Weiss Research, Inc. All rights reserved. |
15430 Endeavour Drive, Jupiter, FL 33478 |
