Pension Benefit Information: Doing business in the age of identity theft

Now that phishing, pharming and all sorts of fraud are becoming commonplace, it can be increasingly difficult to distinguish real information from fakes. How do you know that that email from Amazon is authentic? How can you tell if that letter from the IRS is real? Is this representative from my insurance company actually an identity thief?

One company that is struggling with this issue is Pension Benefit Information. I spoke with their President, Sue McDonald earlier today. Pension Benefit Information's job is to locate consumers that are owed pension money and to try to connect them with forgotten benefits. The company does this by sending letters to the consumer on behalf of their former employer.  Unfortunately, many of their clients ignore these letters and choose to forgo the benefits that they are owed.

This is a classic example of how being too concerned about identity theft can sometimes actually be a bad thing. If you ignore a letter from Pension Benefit Information because you think it is a scam, you are throwing money down the drain.  So what should you do if you receive a letter from a company like Pension Benefit Information? Don't immediately shred it. Instead, conduct a mini-background check to see if the letter is authentic.

Start by reading the letter to see if the information it contains is accurate. Con artists will probably not have correct information about details like your previous employer. Next, run a quick search with the Better Business Bureau online. Finally, use Google to search for information about the company's program and their contact information online. If you still have questions, you should call the company directly to verify their authenticity.

Being aware of identity theft risks is still a good thing. You have the power to stop phishing, scams and fraud. But there also needs to be a balance. You can learn more about Pension Benefit Information's services at www.pbinfo.com or www.aboutmyletter.com.