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Identity Theft

Identity theft is becoming a major concern for individuals and even businesses today. Many people have looked at identity theft the same way they looked at the Internet and said it is just a "passing trend"?. But just like the internet, identity theft is here to stay.

With the availability of information so quickly and from many different sources, you may do everything correct and still have your identity stolen.

So you may ask, "What can I do?"?. That is a good question, because we can't just ignore the problem and have it go away. From an insurance perspective I believe there are three things you should do.

First, I always believe that a good defense is the first place to start. On the flip side of this letter are several questions. If you answered yes to any of the first three, you have just increased the potential for having your identity stolen. If you answered no to any of the last three, consider changing your practice to provide more careful monitoring of your personal information.

Second, insure what you are unwilling or unable to replace. Many home insurance companies and associations are offering Identity Theft Restoration products for you to purchase. Be aware that most of these products only pay to help restore your good name and credit standing. Though restoration of your good name is costly, they usually pay NO Damages or replace NO monies that were lost. Credit card companies will usually cover the cost of the lost money, if the theft is reported soon enough.

Third, you need to review your exposures and your protection plan regularly to insure that you are properly protected. Knowing what your exposures are, is the first step in protecting them. How can you protect something you didn't know you had?

As the market changes, protection for your identity theft will be changing as well. Stay informed on what is happening at your bank, credit card companies and of course your insurance company. Be assured that change will come and you will need to know those changes to best protect yourself.

Careful monitoring of your credit information should be part of any protection plan. Any changes to your credit information not initiated by you is the first warning sign or red flag that something is up. You can now order your credit report free from each of the big three credit bureaus once a year. My recommendation is to order a credit report every four months to be able to get a picture of what is happening on your credit report throughout the year.

If you are asking, "Where do I go from here?"?, my answer would be get started. If nothing else use the link on the back side of this letter to order a copy of your credit report and review the accuracy of your credit.

This time, here are some things you can do for yourself.

Install a good surge protector on all valuable electronics and computer equipment.

Be sure to protect your phone line, DSL line or Cable connection through a surge protector as well.

Be sure to shred your credit card and banking information.

Most identity thefts will be from someone you know or an acquaintance.

Change the passwords on your ATM card, bank accounts, internet logins, and financial accounts periodically.

Have two email addresses, one for friends and one for everything else. Change the address of the everything else address once a year to cut down on spam.