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FINANCIAL CHOICES FOR TEENS
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What is identity theft?
Identity theft is when someone steals your name, Social Security number and/
or other personal information for monetary gain or even to commit crimes. The
thievery can range from stealing your credit cards to make purchases to taking all
of the cash from your accounts. Below are examples of information thieves use to
commit identity theft:
• Name and address to access pre-approved credit card offers
• Social Security number
• Bank account number
TIPS FOR PREVENTING IDENTITY THEFT
Guard you personal information
Keep your personal information such as your PIN, bank account and Social
Security numbers private. Do not share this information over the phone or in
person with individuals or organizations you do not know. Emails or phone calls
may ask you to “verify” your information. Do not do so unless you are certain
of the source. Guarding your personal information includes storing your Social
Security card in a bank’s safe deposit box as opposed to carrying it in your
wallet. Do not write your PIN numbers or Social Security numbers in a place
others could see.
Shred personal financial documents
Don’t just toss those receipts in the trash. Any financial records including
receipts, bank statements, checks and even pre-approved credit card offers
should be shredded to protect your identity.
Report lost or stolen checks, debit and credit cards
If your debit card, credit card or checks are stolen, notify your bank or credit card
company immediately. A simple “stop payment” request can save you a lot of
hassle if you make the call sooner than later.
Choose smart PIN numbers and passwords
It’s tempting to make your PIN or password a name of a family member, birth
date or hometown, but identity thieves are on to these and many other password
ideas. Instead, try to create unique number and letter combinations.
Review your bank and credit card statements
Reviewing your statements will not only help you track your spending, but can
aid in preventing identity theft. If you see any charges you know you didn’t
make, report them to your bank or credit card company immediately. Check your
credit report yearly at annualcreditreport.com or more frequently if you suspect
fraudulent activity.
TIPS FOR PREVENTING IDENTITY THEFT ONLINE
Many people worry about the security of making purchase online and rightly so.
Inform yourself to make secure purchases with these tips:
Don’t send your credit card information over email
Email doesn’t offer any security protection. Trustworthy websites are encrypted.
Purchase from encrypted websites only
Encrypted means that your personal information, such as your credit card
number, will be scrambled so that only authorized individuals can access it.
Encrypted websites begin with “https” as opposed to “http.” Pay careful attention
to the web address. A “lock” icon on the status bar of your Internet browser
means your information will be safe when it’s transmitted.
Use a credit card rather than a debit card
Remember the difference between a credit
card and a debit card? In terms of security,
credit cards offer protection through federal
laws that debit cards do not.
Sources:
consumer.ftc.gov/articles/0272-how-keep-
your-personal-information-secure
becu.org/learn-and-plan/articles.aspx?topic=9&articles=
1&webcasts=0&calcs=0&sort=newest (various articles)
usa.gov/topics/money/identity-theft/prevention.shtml
What is phishing and how can I prevent it?
Phishing is another term for email fraud. Phishing uses emails to prompt people to
share their financial information. Thieves then use this information to access your
finances or even steal your identity. Phishing emails look like they are sent from
your financial institution. If you doubt that an email is from your financial institution,
contact the institution directly before sharing personal information.
