Last week, Federal Reserve Chairman Ben Bernanke revealed that he was the victim of identity theft.   Yes, it really can happen to anyone.  Even the head of an organization that provides consumer information about identity theft prevention. 

Mrs. Bernanke had her purse stolen while she was at a D.C. Starbucks.  It had personal identification, four credit cards and her personal checks in it.    Turns out that one of the Bernanke’s checks was deposited in a fraudulent transaction and it was one of 500 instances all traced to one crime ring.  That ID theft ring has been operating for more than two years, using pickpockets, mail theft and casing businesses where they can access customers’ personal information.

So this is another reminder to PROTECT YOURSELF.  Nothing is a 100% guarantee against identity theft.  However, we can all take steps to reduce the likelihood of it happening to us.

1) Clean out your wallet and purse.  Don’t carry ALL of your credit cards all the time.  Are you really going to go to five different retail stores plus use all four of your major credit cards in one day?  Keep them locked up in your desk or safe and only take out the Home Depot card when you’re going to Home Depot and want to use it.

2) Don’t carry your checkbook.  It’s just too easy for thieves to access bank accounts when they literally have a ‘blank check’.

3) DO NOT CARRY YOUR SOCIAL SECURITY CARD.  Ever!  Lock it up.  Most places never ask to see it and it is the biggest score identity thieves can get when they are looking to commit fraud.

4) Check your insurance cards to be sure they do not have your social security number on them.  If so, request a replacement card with a different ID number.  Shred the old one after you get the new one.

5) Copy everything that is left in your wallet, front and back.  This includes your driver license and debit card.  Keep this copy locked up in your desk or safe with the Social Security card and credit cards.  In the event your wallet is lost or stolen, you have all the account numbers from what was in it as well as the contact numbers of companies that issued the cards.

6) Shred.  Yes, use your home shredder to get rid of anything you’re throwing away that has your name, address, birth date, and/or account numbers on it.  Thieves really do go through the trash looking for treasures.

7) Check your credit reports regularly.  Many people are the victim of identity theft and don’t even know it.  Look on your credit report for accounts you don’t recognize, unknown and recent collection accounts, and addresses of states you never lived in. 

8) Learn more about identity theft prevention here.  We also have a detailed checklist to follow if you are the victim of identity theft. 

Identity theft prevention is an important part of getting better credit scores.  Taking the time to reduce your risk NOW can save you so much time and frustration later.  It pays to be Credit Wise!