Identity theft is often in the news, but there are a lot of misconceptions swirling around about how to best protect yourself.
While some identity thieves may target your credit cards and max them out before you even realise they're missing, an increasing number are using a single piece of information, such as a credit card number, to steal your entire identity.
While many people are concerned about keeping their credit card information secure while shopping online, it is important to note that the top methods used by identity thieves to steal personal data are still low-tech. Be vigilant in safeguarding your personal documents, exercise caution when sharing your data over the phone, and be mindful of the risk of mail theft.
No one is immune to identity theft, but armed with a little knowledge about how identity thieves operate and a little common sense, you can stay one step ahead of them.
Thieves don't need your credit card number in order to steal it
Conversely, they don't need your credit card to steal your identity. Identity thieves are crafty; sometimes all they need is one piece of information about you, and they can easily gain access to the rest. As a result, it's crucial to lock up important documents at home. Secure birth certificates, MyKad and passports in a safe deposit box or in a safe hidden at home. And that includes credit cards when not in use.
The non-financial personal information you reveal online is often enough for a thief
Beware of seemingly innocent personal facts that a thief could use to steal your identity. For example, never list your full birth date on Facebook or any other social networking site. And don't list your home address or telephone number on any Web site you use for personal or business reasons, including job-search sites.
Be careful with your snail mail
Follow your billing cycles closely. If a credit card or other bill hasn't arrived, it may mean that an identity thief has gotten hold of your account and changed your billing address. Never place outgoing mail in your post office box or door slot for a carrier to pick up. Anyone can grab it and get your credit card numbers and other financial information. Bring it to the post office yourself.
Review all bank and credit card statements each month, preferably once a week
Watch out for charges of less than RM1 or RM2 from unfamiliar companies or individuals. Identity thieves often test stolen credit card numbers by making small charges, sometimes just a few cents, to check if the card is active. If these charges go unnoticed, they will proceed to make larger unauthorised transactions. They rely on the fact that most people don't notice such small charges. Additionally, many fraud alerts set on your accounts may not detect these small amounts. While reviewing your credit report regularly is a good idea, by the time a fraudulent transaction appears on it, it's usually too late.
If an ATM or store terminal looks funny, don't use it.
Make sure there is no device attached to any ATM card slot you use.
Generally, the mouth of a card receptacle on an ATM should be flush with the machine or have only a very slight lip. If it looks or feels different when you swipe your card or has an extra piece of plastic sticking out from the card slot, it may be a skimmer, an electronic device placed there by thieves that captures your credit card information when you swipe it. If you notice it after you've already inserted your card, you should alert your bank so they can watch for any fraudulent charges to your account.
Identity thieves love travellers and tourists
Travellers should be alert to strangers hovering around whenever they use a credit card at an ATM or phone, and they should avoid public wireless Internet connections unless their laptop or PDA has beefed-up security protection.
Pay attention at the checkout line
Be cautious if a cashier or salesperson takes your card and acts suspiciously, like turning away or taking too long for a regular transaction. They might be using a device to steal your card information. They can scan your card with a handheld device or take photos of it using a cell phone. They may even swap your card with a similar-looking one. Always check your card when it's returned and make sure it's yours. Sometimes, they can swap your card without you noticing, and it might take days for you to realise.
Go paperless in as many ways as possible
Cut back on the mail you receive from banks and financial institutions by discontinuing paper bills and statements. Access your financial statements at www.maybank2u.com.my instead. This strategy has the bonus of an environmental benefit. Similarly, we recommend that whatever paper receipts and financial statements you do receive go through the shredder instead of into the wastebasket. Never throw away a credit card slip. Instead, shred anything that has any number, name or address on it.
