Preventing Identity Theft

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Topic Author
keyfort
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Preventing Identity Theft

Post by keyfort » Fri Jun 07, 2019 2:32 pm

This year we've had more than a few incidents which I believe make us likely targets for identity theft. Our personal information has been lost more than a few times.

What can we do to prepare for and prevent identity theft?

So far all I have is: monitor credit report, freeze credit at the three agencies. Is there anything else we can do?


To keep the thread from getting full of my revised lists as responses.. I'll edit this first post with an updated list of steps I have collected:

1. Freeze with all 9 credit reporting agencies

2. Have a separate checking account with a small balance for bills

3. Sign up on USPS for informed delivery so no one else can

4. Sign up on SSA so no one else can

5. Set up email / text alerts on all bank accounts and credit cards

6. Monitor accounts regularly

7. Apply a security freeze at NCTUE

8. Add number to do not call registry at www.donotcall.gov

9. Opt out of prescreened offers of credit and insurance www.optoutprescreen.com so that there's less risk of pre approved card offers being stolen from mail

10. If possible, never mail checks. Use ACH etc instead.

11. Get a PIN for your tax return filing (if available in your state)

12. Use different, strong passwords for each login you have
Last edited by keyfort on Mon Jun 10, 2019 11:53 pm, edited 1 time in total.

DaftInvestor
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Re: Preventing Identity Theft

Post by DaftInvestor » Fri Jun 07, 2019 2:45 pm

I would freeze more than just the Big three. Freeze at Innovis and Chexsystems as well (I think there is a sixth but the name escapes me).

yohac
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Re: Preventing Identity Theft

Post by yohac » Fri Jun 07, 2019 2:59 pm

Create your "my Social Security" account at ssa.gov, even if you're young. Arguably, sign up for USPS Informed Delivery. Both of these to prevent someone else from doing it. Set up alerts on your financial accounts.

Topic Author
keyfort
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Re: Preventing Identity Theft

Post by keyfort » Fri Jun 07, 2019 3:00 pm

DaftInvestor wrote:
Fri Jun 07, 2019 2:45 pm
I would freeze more than just the Big three. Freeze at Innovis and Chexsystems as well (I think there is a sixth but the name escapes me).
Thank you. I didn't realize there were more than three.

Topic Author
keyfort
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Re: Preventing Identity Theft

Post by keyfort » Fri Jun 07, 2019 3:01 pm

yohac wrote:
Fri Jun 07, 2019 2:59 pm
Create your "my Social Security" account at ssa.gov, even if you're young. Arguably, sign up for USPS Informed Delivery. Both of these to prevent someone else from doing it. Set up alerts on your financial accounts.
Thanks, we did the alerts a long time ago but not the accounts you mentioned at SSA and USPS.

DaftInvestor
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Re: Preventing Identity Theft

Post by DaftInvestor » Fri Jun 07, 2019 3:08 pm

keyfort wrote:
Fri Jun 07, 2019 3:00 pm
DaftInvestor wrote:
Fri Jun 07, 2019 2:45 pm
I would freeze more than just the Big three. Freeze at Innovis and Chexsystems as well (I think there is a sixth but the name escapes me).
Thank you. I didn't realize there were more than three.
Here is an article about the others - you can decide for yourself which could be harmful if open:

https://www.thebalance.com/6-small-cred ... ut-4210980

Broken Man 1999
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Re: Preventing Identity Theft

Post by Broken Man 1999 » Fri Jun 07, 2019 3:36 pm

On all your credit cards, financial accounts of any sort, sign up for email alerts for all transactions.

Email alerts won't prevent you from experiencing ID theft, but at least you would be made aware of it earlier.

And PLEASE don't follow some bogleheads advice of not looking at your investment accounts. There is no rational reason to give crooks a few months head start on plundering your account. Me, I would worry far more not being able to monitor my portfolio than I would worry about being tempted to mess with my portfolio.

If you lack the discipline to not mess with your account when you look at your accounts, then maybe you need an advisor to temper your ability to negatively impact your portfolio.

But seriously, keep an eye on the portfolio. Make sure none of your $$$ have taken up with the wrong crowd and have left you!

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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Duckie
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Re: Preventing Identity Theft

Post by Duckie » Fri Jun 07, 2019 4:22 pm

keyfort wrote:So far all I have is: monitor credit report, freeze credit at the three agencies. Is there anything else we can do?
Don't forget about NCTUE (National Consumer Telecom & Utilities Exchange) which covers cell phones, cable tv, and utilities. People can set up cell phone service in your name and make thousands of dollars of charges.

See A New Threat to Your Finances: Cell-Phone Account Fraud.

Jeff Albertson
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Re: Preventing Identity Theft

Post by Jeff Albertson » Fri Jun 07, 2019 4:32 pm

the https://www.ftc.gov/ website has some info

HomeStretch
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Re: Preventing Identity Theft

Post by HomeStretch » Fri Jun 07, 2019 4:33 pm

Pay bills using ACH or a financial institution’s bill pay service rather than mailing personal checks.

IMO
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Re: Preventing Identity Theft

Post by IMO » Fri Jun 07, 2019 11:02 pm

Don't send checks unless absolutely necessary. Gives away your name, address, signature, bank name, bank routing number and account number.

Sign up for the UPS service to see what should be coming in your mailbox. Text/email alerts on credit cards as mentioned above.

Create a separate checking account with a limited amount of funds that you use to pay bills, etc. Doesn't stop id theft, but limits how much can be stolen from the checking account (since there's only so much in it) you use to pay bills. Sure on can get reimbursed in theory for fraud via your bank, but why deal with the risk/hassle?

Get a copy of your annual credit report (3x/year) by spacing out the agency you are requesting every quarter from the site.

Topic Author
keyfort
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Re: Preventing Identity Theft

Post by keyfort » Sat Jun 08, 2019 3:03 pm

DaftInvestor wrote:
Fri Jun 07, 2019 3:08 pm
keyfort wrote:
Fri Jun 07, 2019 3:00 pm
DaftInvestor wrote:
Fri Jun 07, 2019 2:45 pm
I would freeze more than just the Big three. Freeze at Innovis and Chexsystems as well (I think there is a sixth but the name escapes me).
Thank you. I didn't realize there were more than three.
Here is an article about the others - you can decide for yourself which could be harmful if open:

https://www.thebalance.com/6-small-cred ... ut-4210980
Thank you. Chexsystems seems like an important one to freeze, hopefully that will stop any new checking accounts being opened at banks. I noticed that freezing at the big 3 agencies doesn't seem to help with that.

Topic Author
keyfort
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Re: Preventing Identity Theft

Post by keyfort » Sat Jun 08, 2019 3:11 pm

Thank you everyone for your help and suggestions.

What I have now is this:

1. Freeze with all 9 credit reporting agencies

2. Have a separate checking account with a small balance for bills

3. Sign up on USPS for informed delivery so no one else can

4. Sign up on SSA so no one else can

5. Set up email / text alerts on all bank accounts and credit cards

6. Monitor accounts regularly

7. Apply a security freeze at NCTUE

8. Add number to do not call registry at www.donotcall.gov

9. Opt out of prescreened offers of credit and insurance www.optoutprescreen.com so that there's less risk of pre approved card offers being stolen from mail

10. If possible, never mail checks. Use ACH etc instead.

mhalley
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Re: Preventing Identity Theft

Post by mhalley » Sat Jun 08, 2019 3:21 pm

Setup a pin for your cell phone to help prevent sim spoofing, or get a google voice account to use for your 2fa.

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Nate79
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Re: Preventing Identity Theft

Post by Nate79 » Sat Jun 08, 2019 3:34 pm

If your bank has the option set limits or even lock your debit card, only unlocking when you actually need cash. And never use except to get cash from an ATM.

Open a Credit Karma account before you freeze your credit.

Topic Author
keyfort
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Re: Preventing Identity Theft

Post by keyfort » Sat Jun 08, 2019 5:46 pm

mhalley wrote:
Sat Jun 08, 2019 3:21 pm
Setup a pin for your cell phone to help prevent sim spoofing, or get a google voice account to use for your 2fa.
Interesting idea on the google voice for 2fa. Is a google voice number more secure than a sim card number?

Topic Author
keyfort
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Re: Preventing Identity Theft

Post by keyfort » Sat Jun 08, 2019 5:47 pm

Nate79 wrote:
Sat Jun 08, 2019 3:34 pm
If your bank has the option set limits or even lock your debit card, only unlocking when you actually need cash. And never use except to get cash from an ATM.

Open a Credit Karma account before you freeze your credit.
Is opening a Credit Karma account before freezing credit because otherwise you can't open one easily?

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Nate79
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Re: Preventing Identity Theft

Post by Nate79 » Sat Jun 08, 2019 6:08 pm

keyfort wrote:
Sat Jun 08, 2019 5:47 pm
Nate79 wrote:
Sat Jun 08, 2019 3:34 pm
If your bank has the option set limits or even lock your debit card, only unlocking when you actually need cash. And never use except to get cash from an ATM.

Open a Credit Karma account before you freeze your credit.
Is opening a Credit Karma account before freezing credit because otherwise you can't open one easily?
Yes, I believe you can't open a CK account with your credit frozen because they use Transunion and Equifax.

RudyS
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Re: Preventing Identity Theft

Post by RudyS » Sun Jun 09, 2019 6:46 am

Nate79 wrote:
Sat Jun 08, 2019 3:34 pm
If your bank has the option set limits or even lock your debit card, only unlocking when you actually need cash. And never use except to get cash from an ATM.

Open a Credit Karma account before you freeze your credit.
May depend on the bank, but both my bank and credit have, upon my request, issued me cards for ATM only, not combined with debit card.

McDougal
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Re: Preventing Identity Theft

Post by McDougal » Sun Jun 09, 2019 7:51 am

Not sure if it's been mentioned, but ensure that your online accounts - especially the financial ones, but I would do all - have unique long hard to guess passwords. Key is unique and long, never use the same password for more than one account.

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Soul.in.Progress
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Re: Preventing Identity Theft

Post by Soul.in.Progress » Sun Jun 09, 2019 8:11 am

I also recall a thread or two from a few years ago that recommended disabling the online access to one’s ssa account, since some people’s online access was hacked and ssa payments were initiated and sent to a thief’s account, unbeknownst to the person with the true identity. I did a quick search on this forum but couldn’t find it, if anyone has the link, please share.

Also is this recommendation to disable online ssa access still relevant? I believe the line of thinking in those threads from a few years ago was that most people should only have to start ssa once, so it would be totally fine to have to go in person to an ssa office that one time, and not have an online access vulnerable to hacking/identity thieves for so many years/decades before you start ssa payments. Anyone have knowledge on whether this recommendation to disable is still a good one?
Start by doing what is necessary; | then do what is possible; | and suddenly you are doing the impossible. | -- Francis of Assisi

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tadamsmar
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Re: Preventing Identity Theft

Post by tadamsmar » Sun Jun 09, 2019 8:28 am

I think it's best to have a 3-pronged attack with 3 goals:

1. Preventing identity theft
2. Detecting it early when it has occurred
3. Getting reimbursed when it leads to theft of assets

When possible, choose fiduciaries for your investments that have a good fraud reimbursement policy. Live up to your responsibilities under that policy. Here is Vanguard's policy:

https://personal.vanguard.com/us/help/S ... ontent.jsp

Understand the reimbursement policies of all your fiduciaries. Follow the recommendations of your fiduciaries for preventing and detecting identity theft.

Personal accounts at banks and credit cards have reimbursement policies determined by federal law, but you are required to report the theft in a timely fashion. Business accounts have little or no protection.

Brokerages and mutual fund are not required by law to reimburse in cases of identity theft.

TSP and TreasuryDirect have no reimbursement policy.

Topic Author
keyfort
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Re: Preventing Identity Theft

Post by keyfort » Sun Jun 09, 2019 2:53 pm

RudyS wrote:
Sun Jun 09, 2019 6:46 am
Nate79 wrote:
Sat Jun 08, 2019 3:34 pm
If your bank has the option set limits or even lock your debit card, only unlocking when you actually need cash. And never use except to get cash from an ATM.

Open a Credit Karma account before you freeze your credit.
May depend on the bank, but both my bank and credit have, upon my request, issued me cards for ATM only, not combined with debit card.
Does this mean that you can only use your card to withdraw at an ATM and nothing else? E.g. no purchases online or in store or paying for restaurant bills etc? And then I guess the daily limit can be kept low?

Broken Man 1999
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Re: Preventing Identity Theft

Post by Broken Man 1999 » Sun Jun 09, 2019 3:26 pm

keyfort wrote:
Sun Jun 09, 2019 2:53 pm
RudyS wrote:
Sun Jun 09, 2019 6:46 am
Nate79 wrote:
Sat Jun 08, 2019 3:34 pm
If your bank has the option set limits or even lock your debit card, only unlocking when you actually need cash. And never use except to get cash from an ATM.

Open a Credit Karma account before you freeze your credit.
May depend on the bank, but both my bank and credit have, upon my request, issued me cards for ATM only, not combined with debit card.
Does this mean that you can only use your card to withdraw at an ATM and nothing else? E.g. no purchases online or in store or paying for restaurant bills etc? And then I guess the daily limit can be kept low?
That is the way my ATM only card works. I think I have a $1,000/day withdrawal limit, though I would think one could lower the limit with a call to the issuing entity. I think the most I ever withdrew in one day is maybe $300. During football season I needed cash for parking and cash for the beer vendors who worked the crowd by going up and down the stairs. The vendors at the stationary concession stands preferred credit cards.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

NYGiantsFan
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Re: Preventing Identity Theft

Post by NYGiantsFan » Mon Jun 10, 2019 12:45 pm

keyfort wrote:
Sat Jun 08, 2019 3:11 pm
Thank you everyone for your help and suggestions.

What I have now is this:

1. Freeze with all 9 credit reporting agencies

2. Have a separate checking account with a small balance for bills

3. Sign up on USPS for informed delivery so no one else can

4. Sign up on SSA so no one else can

5. Set up email / text alerts on all bank accounts and credit cards

6. Monitor accounts regularly

7. Apply a security freeze at NCTUE

8. Add number to do not call registry at www.donotcall.gov

9. Opt out of prescreened offers of credit and insurance www.optoutprescreen.com so that there's less risk of pre approved card offers being stolen from mail

10. If possible, never mail checks. Use ACH etc instead.
Good list.
Few to add
-Do not use same password for your banking and online shopping.
-Foreign travel. Use different credit card compare to your normal day to day credit card. We just received notification this week that our credit card was hacked (which we use only for foreign travel ) 9 months after the travel.

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dm200
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Re: Preventing Identity Theft

Post by dm200 » Mon Jun 10, 2019 12:56 pm

We have never been actual victims of Identity theft. We have not taken any extra steps, such as freezing credit reports, etc.

On several occasions, we have received warnings about suspicious debit or credit card use - such as very distant locations - and attempts were successfully blocked.

I do, regularly, check my credit and credit scores on karma, discover free report and discover card statement. Never discovered any errors at all.

Neither have either my wife or I ever had our email hacked.

Maybe just "lucky"? Or are we doing or not doing things that work for us?

Speaking of "Identity Theft" - when I had my annual health assessment with my Doctor (Kaiser Permanente) last week, the Clinical Assistant took a smart phone photo of me. When I asked, she said it was part of Kaiser's "Identity Theft" actions.

likegarden
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Re: Preventing Identity Theft

Post by likegarden » Mon Jun 10, 2019 1:10 pm

Simplify your financial life, that is reduce the number of accounts and credit cards. That will also reduce your work in monitoring your finances.

RobLyons
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Re: Preventing Identity Theft

Post by RobLyons » Mon Jun 10, 2019 2:28 pm

yohac wrote:
Fri Jun 07, 2019 2:59 pm
Create your "my Social Security" account at ssa.gov, even if you're young. Arguably, sign up for USPS Informed Delivery. Both of these to prevent someone else from doing it. Set up alerts on your financial accounts.
It is impossible to create a "my social security" account at ssa when a credit freeze is in place.
They can help you place a block so an account cannot be created without your approval.
"Great parenting sets the foundation for a better world"

RobLyons
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Re: Preventing Identity Theft

Post by RobLyons » Mon Jun 10, 2019 2:39 pm

I contacted SSA after I was unable to create a my ssa account. They recommended contacting the FTC for further resources to prevent identity theft at 202 326 2222. This leads to a giant loop of pre recorded prompts that does not actually help the consumer. So I recommend not attempting to contacting the FTC. :annoyed
"Great parenting sets the foundation for a better world"

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arcticpineapplecorp.
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Re: Preventing Identity Theft

Post by arcticpineapplecorp. » Mon Jun 10, 2019 5:14 pm

didn't see it yet mentioned so here goes:

the bogleheads wiki has a wealth of information (pun intended). After the equifax breach the following page was set up:

https://www.bogleheads.org/wiki/Credit_freeze

I forward it to anyone considering freezing their credit (the only thing that stops the bad guys cold)

Also:
If you filed your federal tax return last year with an address in Florida, Georgia, District of Columbia, Michigan, California, Maryland, Nevada, Delaware, Illinois, or Rhode Island you can request a PIN from the IRS (before you could only get one if someone had filed a fraudulent return). The PIN prevents someone filing a fraudulent tax return.

source: https://www.irs.gov/identity-theft-frau ... ection-pin
"May you live as long as you want and never want as long as you live" -- Irish Blessing | "Invest we must" -- Jack Bogle

dknightd
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Re: Preventing Identity Theft

Post by dknightd » Mon Jun 10, 2019 6:50 pm

On a related note, I received the following email today:


"It's your identity.
Help keep it that way.

Activate free alerts to help you protect your most precious asset – your identity.

FREE Social Security number alerts
We'll monitor thousands of Dark Web sites every day and alert you if we find your SSN.*

FREE New Account alerts
We'll monitor your Experian® credit report and alert you when new accounts appear, so you can be sure they’re accounts you opened.*To activate Discover Identity Alerts, please agree to this important information

Print Terms

By clicking on the I AGREE button below, you consent to the DISCOVER® IDENTITY ALERTS TERMS. To provide you with identity alerts, you authorize Discover to obtain information from your personal credit report or other information from one or more credit reporting agencies (including Experian®) on a regular basis. We will use this information to verify your identity and provide you with identity alert services. To provide you with internet surveillance, you authorize Discover to share your personal information with Experian. Services will begin within 24-48 hours after you consent."

Honestly I'm not sure what to do. On the surface it seems like an OK thing to do. I'm sure Discover and Experian share all kinds of things about me. I'm not sure why they would ask me to share more information in the disguise of protecting me .

surfstar
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Re: Preventing Identity Theft

Post by surfstar » Mon Jun 10, 2019 7:01 pm

keyfort wrote:
Sat Jun 08, 2019 5:46 pm
mhalley wrote:
Sat Jun 08, 2019 3:21 pm
Setup a pin for your cell phone to help prevent sim spoofing, or get a google voice account to use for your 2fa.
Interesting idea on the google voice for 2fa. Is a google voice number more secure than a sim card number?
Google Authenticator (or similar) is more secure than a text message for 2fa.

Topic Author
keyfort
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Re: Preventing Identity Theft

Post by keyfort » Mon Jun 10, 2019 11:49 pm

surfstar wrote:
Mon Jun 10, 2019 7:01 pm
keyfort wrote:
Sat Jun 08, 2019 5:46 pm
mhalley wrote:
Sat Jun 08, 2019 3:21 pm
Setup a pin for your cell phone to help prevent sim spoofing, or get a google voice account to use for your 2fa.
Interesting idea on the google voice for 2fa. Is a google voice number more secure than a sim card number?
Google Authenticator (or similar) is more secure than a text message for 2fa.
I looked into this after hearing it was stronger, but I found that if something happens to your phone, you could have some serious problems getting into your account...

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keyfort
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Re: Preventing Identity Theft

Post by keyfort » Mon Jun 10, 2019 11:49 pm

RobLyons wrote:
Mon Jun 10, 2019 2:39 pm
I contacted SSA after I was unable to create a my ssa account. They recommended contacting the FTC for further resources to prevent identity theft at 202 326 2222. This leads to a giant loop of pre recorded prompts that does not actually help the consumer. So I recommend not attempting to contacting the FTC. :annoyed
Evidently Kafka lives on at the FTC

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keyfort
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Re: Preventing Identity Theft

Post by keyfort » Mon Jun 10, 2019 11:50 pm

arcticpineapplecorp. wrote:
Mon Jun 10, 2019 5:14 pm
didn't see it yet mentioned so here goes:

the bogleheads wiki has a wealth of information (pun intended). After the equifax breach the following page was set up:

https://www.bogleheads.org/wiki/Credit_freeze

I forward it to anyone considering freezing their credit (the only thing that stops the bad guys cold)

Also:
If you filed your federal tax return last year with an address in Florida, Georgia, District of Columbia, Michigan, California, Maryland, Nevada, Delaware, Illinois, or Rhode Island you can request a PIN from the IRS (before you could only get one if someone had filed a fraudulent return). The PIN prevents someone filing a fraudulent tax return.

source: https://www.irs.gov/identity-theft-frau ... ection-pin
Great tip on the PIN for the tax return. I'm going to add that to the list.

3-20Characters
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Re: Preventing Identity Theft

Post by 3-20Characters » Tue Jun 11, 2019 5:46 am

Use a password manager and keep notes! I was reading this thread and I thought, “oh, NCTUE, hadn’t heard of that.”

I read the linked article and went to place freeze. Much to my amazement, I found that the only options available to me where to remove a current freeze. Sure enough, I searched my password manager and found that I had placed a freeze for both DW and myself on Sep-2018 with notes, PIN information and so on. :oops:

I hope this doesn’t veer into a “how to deal with finances upon the onset of dementia” thread. :|

Broken Man 1999
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Re: Preventing Identity Theft

Post by Broken Man 1999 » Tue Jun 11, 2019 5:32 pm

Though not strictly addressing identity theft, on a few of my credit cards I have the ability to freeze them. I have done so on the cards I use rarely.

Apologies to Pink Floyd, freezing my credit cards is just Another Brick in the Wall between the crooks and my credit. :D

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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Re: Preventing Identity Theft

Post by bertilak » Tue Jun 11, 2019 7:35 pm

Does anyone use LifeLock?

I don't. I vaguely remember hearing that it was next to useless but really know nothing about it. I got an advertisement for it in the mail today and it made me wonder about it then I saw this active thread so I figured I'd ask.
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abuss368
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Re: Preventing Identity Theft

Post by abuss368 » Tue Jun 11, 2019 8:14 pm

keyfort wrote:
Fri Jun 07, 2019 2:32 pm
This year we've had more than a few incidents which I believe make us likely targets for identity theft. Our personal information has been lost more than a few times.

What can we do to prepare for and prevent identity theft?

So far all I have is: monitor credit report, freeze credit at the three agencies. Is there anything else we can do?


To keep the thread from getting full of my revised lists as responses.. I'll edit this first post with an updated list of steps I have collected:

1. Freeze with all 9 credit reporting agencies

2. Have a separate checking account with a small balance for bills

3. Sign up on USPS for informed delivery so no one else can

4. Sign up on SSA so no one else can

5. Set up email / text alerts on all bank accounts and credit cards

6. Monitor accounts regularly

7. Apply a security freeze at NCTUE

8. Add number to do not call registry at www.donotcall.gov

9. Opt out of prescreened offers of credit and insurance www.optoutprescreen.com so that there's less risk of pre approved card offers being stolen from mail

10. If possible, never mail checks. Use ACH etc instead.

11. Get a PIN for your tax return filing (if available in your state)

12. Use different, strong passwords for each login you have
We are following many of these items. Also added voice identification and passcode with Vanguard when calling in. Our bank also offers voice identification.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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Will do good
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Re: Preventing Identity Theft

Post by Will do good » Tue Jun 11, 2019 8:34 pm

bertilak wrote:
Tue Jun 11, 2019 7:35 pm
Does anyone use LifeLock?

I don't. I vaguely remember hearing that it was next to useless but really know nothing about it. I got an advertisement for it in the mail today and it made me wonder about it then I saw this active thread so I figured I'd ask.
Don't use Lifelock.

"LifeLock will pay $100 million to settle Federal Trade Commission contempt charges that it violated the terms of a 2010 federal court order that requires the company to secure consumers' personal information and prohibits the company from deceptive advertising." There were other fees too.

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Re: Preventing Identity Theft

Post by abuss368 » Tue Jun 11, 2019 8:41 pm

I don't use Lifelock but rather the annual free credit report to monitor a couple of times a year.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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bertilak
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Re: Preventing Identity Theft

Post by bertilak » Tue Jun 11, 2019 8:43 pm

Will do good wrote:
Tue Jun 11, 2019 8:34 pm
bertilak wrote:
Tue Jun 11, 2019 7:35 pm
Does anyone use LifeLock?

I don't. I vaguely remember hearing that it was next to useless but really know nothing about it. I got an advertisement for it in the mail today and it made me wonder about it then I saw this active thread so I figured I'd ask.
Don't use Lifelock.

"LifeLock will pay $100 million to settle Federal Trade Commission contempt charges that it violated the terms of a 2010 federal court order that requires the company to secure consumers' personal information and prohibits the company from deceptive advertising." There were other fees too.
Thanks. Where is that quote from.

Some detail on that vague memory I mentioned: The founder of LifeLock had his identity stolen. That was AFTER he founded the company. It's as if someone took it as a challenge.
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker, the Cowboy Poet

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dm200
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Re: Preventing Identity Theft

Post by dm200 » Wed Jun 12, 2019 9:04 am

I also go along with the idea of having a second checking account with a perpetual low balance for some kinds of expenditures. If you have a relatively large balance in your regular checking account, then you have a risk of someone getting a check and using that information to hack into the account. if however you write "higher risk" checks on an account with a small balance - then there is not money there to take.

An organization I regularly work with regularly writes modest checks for charitable purposes - help folks with rent, utilities, emergencies, etc. The organization - for all of its other purposes - maintains significant funds in its checking account(s). One of these checks for charitable purposes was used to attempt pulling a large amount from that account. After that "experience", the organization opened a second checking account - where only a modest balance is maintained - for paying these charitable purpose checks.

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keyfort
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Re: Preventing Identity Theft

Post by keyfort » Wed Jun 12, 2019 2:57 pm

dm200 wrote:
Wed Jun 12, 2019 9:04 am
I also go along with the idea of having a second checking account with a perpetual low balance for some kinds of expenditures. If you have a relatively large balance in your regular checking account, then you have a risk of someone getting a check and using that information to hack into the account. if however you write "higher risk" checks on an account with a small balance - then there is not money there to take.

An organization I regularly work with regularly writes modest checks for charitable purposes - help folks with rent, utilities, emergencies, etc. The organization - for all of its other purposes - maintains significant funds in its checking account(s). One of these checks for charitable purposes was used to attempt pulling a large amount from that account. After that "experience", the organization opened a second checking account - where only a modest balance is maintained - for paying these charitable purpose checks.
Yea, company we know has had multiple check fraud attemps against them too. Checks seem very scary and totally archaic to me.

If I have to send money to pay something e.g. accountants, I use wire transfer and I call the recipient before sending, to double check the wire details I was sent by email are correct and true.

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tadamsmar
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Re: Preventing Identity Theft

Post by tadamsmar » Thu Jun 13, 2019 9:25 am

dm200 wrote:
Wed Jun 12, 2019 9:04 am
I also go along with the idea of having a second checking account with a perpetual low balance for some kinds of expenditures. If you have a relatively large balance in your regular checking account, then you have a risk of someone getting a check and using that information to hack into the account. if however you write "higher risk" checks on an account with a small balance - then there is not money there to take.

An organization I regularly work with regularly writes modest checks for charitable purposes - help folks with rent, utilities, emergencies, etc. The organization - for all of its other purposes - maintains significant funds in its checking account(s). One of these checks for charitable purposes was used to attempt pulling a large amount from that account. After that "experience", the organization opened a second checking account - where only a modest balance is maintained - for paying these charitable purpose checks.
Business accounts sometimes have no reimbursement guarantees. To prevent unreimbursable fraud, a business has check daily for posted withdrawals that have not cleared.

For personal bank accounts, fraud losses are capped at $500 (or less, depending on the details) unless the customer fails to report fraud 60 days after they receive their bank statement. These are limits in federal regulations, my bank has a $0 cap for fraud reported within the 60-day limit.

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dm200
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Re: Preventing Identity Theft

Post by dm200 » Thu Jun 13, 2019 9:49 am

tadamsmar wrote:
Thu Jun 13, 2019 9:25 am
dm200 wrote:
Wed Jun 12, 2019 9:04 am
I also go along with the idea of having a second checking account with a perpetual low balance for some kinds of expenditures. If you have a relatively large balance in your regular checking account, then you have a risk of someone getting a check and using that information to hack into the account. if however you write "higher risk" checks on an account with a small balance - then there is not money there to take.

An organization I regularly work with regularly writes modest checks for charitable purposes - help folks with rent, utilities, emergencies, etc. The organization - for all of its other purposes - maintains significant funds in its checking account(s). One of these checks for charitable purposes was used to attempt pulling a large amount from that account. After that "experience", the organization opened a second checking account - where only a modest balance is maintained - for paying these charitable purpose checks.
Business accounts sometimes have no reimbursement guarantees. To prevent unreimbursable fraud, a business has check daily for posted withdrawals that have not cleared.
For personal bank accounts, fraud losses are capped at $500 (or less, depending on the details) unless the customer fails to report fraud 60 days after they receive their bank statement. These are limits in federal regulations, my bank has a $0 cap for fraud reported within the 60-day limit.
Yes - gets complicated!

This organization never (or almost never) wrote the checks to the individual being "helped", but rather to the landlord, utility company, doctor, etc. In some cases, though, a person being helped with housing/rent was living with the person on the lease, etc - so in these cases, the check was payable to that individual - who sometimes turned out to be "less than honest" - and used the checking account information on the check to pull a larger amount electronically.

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tadamsmar
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Re: Preventing Identity Theft

Post by tadamsmar » Thu Jun 13, 2019 11:37 am

dm200 wrote:
Thu Jun 13, 2019 9:49 am
tadamsmar wrote:
Thu Jun 13, 2019 9:25 am
dm200 wrote:
Wed Jun 12, 2019 9:04 am
I also go along with the idea of having a second checking account with a perpetual low balance for some kinds of expenditures. If you have a relatively large balance in your regular checking account, then you have a risk of someone getting a check and using that information to hack into the account. if however you write "higher risk" checks on an account with a small balance - then there is not money there to take.

An organization I regularly work with regularly writes modest checks for charitable purposes - help folks with rent, utilities, emergencies, etc. The organization - for all of its other purposes - maintains significant funds in its checking account(s). One of these checks for charitable purposes was used to attempt pulling a large amount from that account. After that "experience", the organization opened a second checking account - where only a modest balance is maintained - for paying these charitable purpose checks.
Business accounts sometimes have no reimbursement guarantees. To prevent unreimbursable fraud, a business has check daily for posted withdrawals that have not cleared.
For personal bank accounts, fraud losses are capped at $500 (or less, depending on the details) unless the customer fails to report fraud 60 days after they receive their bank statement. These are limits in federal regulations, my bank has a $0 cap for fraud reported within the 60-day limit.
Yes - gets complicated!

This organization never (or almost never) wrote the checks to the individual being "helped", but rather to the landlord, utility company, doctor, etc. In some cases, though, a person being helped with housing/rent was living with the person on the lease, etc - so in these cases, the check was payable to that individual - who sometimes turned out to be "less than honest" - and used the checking account information on the check to pull a larger amount electronically.
My assumption was that the organization wrote checks from a business account (not a personal account) and that made it easier to end up with unreimbursable fraud losses.

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