By Carrie Duvall, BB&T Bank

The theft of your identity is a crime in itself, but the real damage is in the financial destruction: drained bank accounts, maxed out credit cards, bankruptcies, and bounced checks. In 2003, t he U.S. Ways and Means Commission reported 10 million people fell victim to identity theft, with half of them not ever knowing how the thief obtained their personal identification. Approximately 25% comes from a direct theft or loss - wallet, purse, check book – and one-third of the money spent is through credit card fraud. This crime results in a total annual loss to businesses of over $50 billion. Impact to individuals tops $5 billion with over 300 million hours spent resolving ID theft issues.

Just like installing a burglar alarm on your home cannot guarantee your house will never be robbed, it is an effective deterrent. In protecting yourself from ID thieves, take steps to make it unattractive or difficult for the criminal to rob you:

1. First and foremost, reduce the amount of information you carry with you . Carry a driver’s license, your check and once credit card. Do not carry your social security card. If your benefits cards list your social security number, also leave them at home unless heading to the doctor’s office.
2. Keep a current record of your credit and identification . Store unused credit cards, passports and other documents in a locked filing cabinet, fire box or safe deposit box at your bank. Make copies of credit and ID cards, front and back, with phone numbers in an easy to access location. If you suspect a problem, start closing accounts and calling resources immediately.
3. Invest in a good cross-cut shredder . Then shred everything: pre-approved credit card offers, voided checks, expired credit cards, personal mail, etc…
4. When shopping online, buy from reputable vendors and use a credit card . Credit card companies have better protection against card fraud than a check card.
5. Always take your receipts. Cross out the number on the signed copy you leave. Make sure the card you paid with is the card you are leaving with – that you didn’t get slipped a fake card. Never allow anyone to write your credit card number down.
6. Memorize your passwords. You know who you are: the ones with the pin written in dark black ink on the back of your check cards. Stop it now!
7. Sign your credit cards! It is easier for a seasoned criminal to fake a driver’s license than it is to master your signature. And, many stores won’t take “unsigned” cards. Take it one step further and ask management at your favorite stores to start requiring ID checks with all credit card transactions.
8. Never give out personal information. Not over the phone, online, or via email.
9. Opt out. Add your name to the name-deletion lists of the Direct Marketing Association's Mail Preference Service and Telephone Preference Service used by banks and other marketers.
10. Request a FREE copy of your credit report once a year . By telephone: (877) 322-8228 or online at www.annualcreditreport.com. Also, consider a credit monitoring service for $50-120 per year.

In addition, consider the unsettling fact that an identity thief may not be a stranger. Incidents of home care workers using checks and credit accounts of the elderly are occurring more frequently. An employer’s checks can be stolen by a cleaning crew or a dishonest employee. An otherwise honest teen may seize on the opportunity to steal bank checks from your mailbox. Use common sense and when at a loss for where to start, contact your banker or a financial planner for advice. What ever you do, never assume it can’t happen to you.

Additional Resources:

www.consumer.gov/idtheft/

www.justice.gov/criminal/fraud/websites/idtheft.html