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| Far West Bank Security |
 Identity Theft |
What is identity theft?
Identity theft occurs when someone steals or uses your name, your address, Social Security number (SSN), debit or credit card account numbers, or other personal information without your knowledge with the intent to commit fraud.
How does it happen?
Identity theft can happen through a variety of low and high-tech methods of gaining access to your personal information.
- Diverting mail to another location by placing a change of address request.
- Stealing your wallet or purse, which contain personal ID, as well as credit and debit cards.
- Going through household trash, the trash of a business, or garbage dumps.
- Obtaining credit reports by posing as a landlord, employer, or someone else who may have a legitimate need for and legal right to the information.
- Stealing credit and debit card account numbers.
- Stealing mail, including any sort of bank, credit or debit card statement, new checks, pre-approved credit card offers, or tax information.
These are just a few of the methods used in an attempt to gain access to your personal information.
What are some consequences of ID theft?
- Counterfeit checks and debit cards can be used to drain your accounts.
- Spending sprees, along with large purchases can show up on credit or debit card statements. Often thieves purchase items that can easily be re-sold.
- Bank accounts can be opened and then used to write bad checks.
- New accounts can be opened in your name. If accounts go delinquent, it can be reported on your credit report.
- Auto loans may be taken out in your name.
- Wireless and home-phone service may be established in your name.
- Someone could prospectively file bankruptcy under your name to avoid paying the debts they've incurred.
How can I avoid being victimized?
- Never share your bank account number, personal PIN numbers, or debit and credit card numbers with anyone. Be wary of e-mails or individuals asking for this kind of information. Never share account passwords for any reason. This could allow someone full access to your account, which could contain personal information and multiple account numbers.
- Check your credit report to ensure that your accounts are accurate.
- Check your bank statements on a regular basis to verify that your bank account balances are accurate and that no questionable purchases show up.
- Only use your credit card number on secure Internet sites that use SSL encryption (look for the "https" prefix in the URL or the lock icon in the corner of your screen).
- Shred any documents that contain personal information or account information before you throw them away.
- To reduce unwanted mail and/or telephone solicitations, contact the Direct Marketing Association.
Other signs of identity theft:
- Failing to receive bills or other mail. Contact creditors if bills don't arrive on time. A missing bill could mean a thief has taken over your account or changed your billing address as a cover-up.
- Receiving credit cards you didn't apply for.
- Being offered less favorable credit terms or being denied credit for no apparent reason.
- Getting letters or calls from debt collectors or businesses regarding services or merchandise you didn't purchase.
Even though any of these instances could just be a result of a simple error, you shouldn't assume so and do nothing. Always take action and follow-up with the institution or business to find out.
What about a credit monitoring service?
There are a variety of commercial services available, for a fee, that will monitor your credit reports' activity and alert you to changes. Prices for these services vary. In addition, many of these services only monitor one of the three major credit bureaus. Make sure you research and understand the products and services before ever committing to a business. If you are unfamiliar with a company, make sure you contact your local consumer protection agency or the Better Business Bureau to find out if the business has any complaints on file.
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