Protect Yourself from Identity Theft

Colorado professor Anita Jantz is one of those unfortunate enough to have had their identity stolen. While searching online for a fixed rate mortgage, Jantz provided her Social Security number to two or three companies she felt could offer her a good rate. Months later, when applying for the mortgage, a loan officer reviewed her credit report and shared shocking news.

"In addition to my current mortgage, two more were recently added. After further investigation, I also discovered three additional mortgages. In total it was almost $1 million of loans," Jantz says.

Jantz spent months filing police reports and making dozens of phone calls then signed up with ID Watchdog, an identity theft monitoring service.

"We need to understand that prevention isn't a feasible concept now," says Justin Yurek, president of ID Watchdog. "If a thief wants your identity, they'll get it. No matter how careful you are they could hack into a database, they could physically steal a laptop, there is no guarantee."

Even when consumers frequently check their credit reports they can become victims because 70 percent of identity theft crimes have nothing to do with credit reports. "A thief could steal your wallet with your driver's license in it and commit a crime, open a P.O. Box, get a cell phone, put utilities in your name. That has nothing to do with credit," says Yurek.

According to the United States Federal Trade Commission, identity theft is the fastest growing crime in the country. It cost businesses and consumers more than $56 billion in 2005 and most people do not discover their information has been stolen until 12 months after a thief first uses it. Worse, fewer than one in 700 identity theft crimes lead to a conviction.

Despite that, taking preventative measures is still worth the time. The FTC recommends taking the following steps to minimize your chances of having your identity stolen.

* Shred financial documents and paperwork with personal information before discarding them.

* Do not carry your Social Security card with you and do not write your Social Security number on checks.

* Do not click on links in unsolicited e-mails. If an e-mail appears to be from your financial institution asking for personal information, go to the organization's official Web site and/or call to ask if the e-mail is from them.

* Computer, credit card and banking passwords should not be obvious. Avoid using your mother's maiden name, any part of your Social Security number or your date of birth as your password.