Identity Theft and the Economy

I was reading through the 2009 Javelin Identity Theft Report again earlier today for an article on credit monitoring.  The increase in identity theft complaints this year is striking.

After four years of steady declines in identity theft cases, the new report found a 22% increase in the past 12 months. This adds up to 1.8 million more victims in 2008 than 2007.  Identity theft is making a comeback.

There's no way to completely protect yourself from identity theft, but there are a few easy things you can do to keep your identity safer:

• Check your Credit - Sign up for a credit monitoring program that includes all three of your credit reports and credit scores. In this tough economy, there are a lot of reasons that monitoring is a good value. If you don't want to buy monitoring, at least check your three credit reports through AnnualCreditReport.com every 12 months.
• Audit your Wallet - Don't carry your Social Security card, passport or blank checks in your wallet. Make sure you have photocopies of the front and back of all the cards stored in a safe place. In the event your wallet is lost or stolen, you can use those copies to close your accounts.
• Protect your Tax Records - It's tax season and you probably have a stacks of W-2s, 1099s,  and 1040s lying around. These sensitive documents would be a gold mine for identity thieves. Keep them in a locked drawer or safe deposit box.
• Be Safe Online - Learn how to tell if a website is secure or not (hint: look for https and a lock icon).  If you think a website you're on might be a scam, look up the URL on whois.net. Look for red flags like a recent registration or "domain by proxy" data instead of a real address.
• Invest in a Shredder - You can find great sale deals on shredders online right now. Make sure you get a confetti or cross-cut shredder for extra security. Run old checks, bank statements, credit card offers and other secure documents through before throwing them away. 
• Write Checks the Right Way - A simple $2 pen can help make your checks more secure over using a standard ballpoint. Check fraud - although old fashioned - continues to be a major identity theft method.

Identity theft protection doesn't have to be complicated. Most crimes involve low-tech methods that are easy for you to prevent. How do you protect your identity? Share your tips in the comments section below.

Emily Peters – Credit.com's personal finance expert and former TransUnion credit bureau insider. Emily writes about credit reports, credit cards, loans and personal finance as the CreditBloggers.com editor.

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