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Personal identity theft is a huge runaway business made even easier with advances in computer technology. So far as credit cards are concerned, personal identity theft is now costing card issuer billions of dollars a year. To try and recoup some of these losses, card providers and now telling their customers that if they were in any way at fault in the theft of their identity, they could be comparable and liable for at least part of these losses. So, what exactly is credit card identity theft and how can you minimize it happening to you?

Credit card identity theft

In short, credit card identity theft is when someone else manages to get access to your account. This can be done in one of three ways:

* firstly, and most obviously, they steal your actual card and use this card before you have had a chance to inform the provider.

* second, the copy the details from your card and use the details to either make a new card to purchase items in shops or purchase items on the Internet. As you don’t believe that the card has been stolen, you are not aware that the card is being used illegally and it may not be till your card is denied that you notice something is wrong

* lastly, they neither steal the card, nor the details of your card but steal your Personal Identification Number (PIN) and then use that get access to large sums of cash. This rather clever method is used by way of copying your PIN details when you use an ATM to withdraw cash on your credit card. Again, as you are unaware that anything has happened, it takes sometime for the illicit use to come to your attention.

How to protect your identity

Basically, the only 100% way to protect your identity is to only use your credit card with people you know and trust. Unfortunately, that is not a realistic solution. Some of the following safety precautions, however, should be adopted:

* when you use you credit card in a shop, never agree to let the card go out of your sight; for example, if the attendant tells you they have to make a phone call in he backroom, tell then you are going with them

* if the shop you use your card in uses the old carbon-copy paper system, never allow the shop to retain the carbon-copy. Take it with you and destroy it at a later date

* never use your credit card on an unsecured website. At best the website should have an encrypted safety system, without which you should give serious thought to whether you should be using the services of another site

* never use your credit card to withdraw money in an ATM you have not used previously. If you really need to withdraw money on your credit card, do so at the counter using the teller and not the ATM

If you adopt these minimal safety precautions you should be on your way to protecting your identity - and be less liable for any identity theft. One final consideration, given the choice between the Internet and shop, where would you think most identity theft occurs? If you choose the Internet you could be (currently) wrong - so be careful using your credit card in shops you don’t know!

Joseph Kenny writes for the Loans Store and offers more information on personal loans and other loan topics available on site.

Visit today: http://www.ukpersonalloanstore.co.uk/

The nightmare of identity theft strikes an estimated 750,000 people every year. How can you keep from being one of them? While there is no guarantee that you won’t become a victim, there are some steps you can take to decrease the risk and protect yourself.

According to the Federal Trade Commission, some everyday tips to protecting your personal information include:

• Not giving out your personal information to a stranger over the phone, the Internet, or through the mail. Your Social Security number (SSN), phone number and address, credit card or bank account numbers, and drivers’ license number can be used by criminals to assume your identity. Unless you know the person you are communicating with or have invited them to contact you, do not answer any question that makes you uncomfortable. Identity thieves can pose successfully as agents from banks, credit card companies, Internet service providers, utility companies, or government offices. If someone calls claiming to represent a legitimate organization, confirm this by calling the customer service number listed on your statement or bill.

• Finding out how your personal information will be used and if you have the option to keep the details confidential when providing this data to a legitimate organization, for example, when filling out an application. Ask if the organization has a method of securing your information and if they plan to share it with other companies or individuals.

• Always monitoring the balances on your checking, savings, or other financial accounts. Keep an eye out for unexplained charges or withdrawals made without your permission. Carefully reading your monthly bank and credit card statements, then checking the amounts against your check register or other record-keeping method could catch a thief in the act of assuming your identity and spending your hard-earned money.

• Keeping track of your billing cycles. If your credit card statement doesn’t arrive at its usual time, this could signal an address change by an identity thief.

• Being cautious handling your mail and even your trash. Place outgoing mail in a post office collection box or at the post office instead of leaving it out on your mailbox. Bring the mail inside promptly every day, and when planning to be out of town, enlist the help of a friend or neighbor to do the same. A thief can sift through your garbage in search of sensitive information. Shred all charge receipts, credit offers and applications, insurance or physician’s statements, checks and bank statements, and discarded credit cards.

• Storing your Social Security card someplace other than your purse or wallet. Provide your SSN only when necessary, and ask to substitute another number if your state uses your SSN on your drivers’ license.

• Carrying only the credit or debit cards you need. Leave other identifying cards at home.

In addition to the everyday precautions that can minimize your risk, there are some other actions you can take to improve your safety:

• Safeguard the information on your computer by updating your virus protection plan on a regular basis, using a firewall to keep hackers from accessing your files, and deleting any personal information on your computer before you dispose of it using a “wipe” utility program that clears the hard drive. Never download a file from someone you don’t know, and do not open e-mails from an unfamiliar sender; doing so could expose your computer to a virus. Finally, when submitting personal information over the Internet, look for the “lock” icon on the status bar to know that your browser is secure.

• Use passwords for your bank, credit card, and phone accounts. Try to think of a unique number that you can remember other than your birth date, your mother’s maiden name, the last four digits of your SSN, or a series of numbers in order, e.g. 1-2-3-4.

• Find a safe place for your purse or wallet while you’re at work. Ask about the policy your office has for securing your personal information, such as who has access to it, where it is stored, and how it is disposed of when you leave.

• Every year, order a copy of your credit report from the three different credit bureaus, Equifax, Experian, and TransUnion. Check for the accuracy of each and correct any discrepancies. You may be charged for the report, but the savings you receive in peace of mind is well worth the fee.

• Clean up any credit damage as soon as you possibly can. Errors in reporting alone happen often, some estimates are as high as 62% of the information on a credit report may be inaccurate. That doesn’t even begin to cover situations such as identity theft which is a serious problem on the rise in the U.S. You can consult a Credit Damage expert if you suspect that your credit has been accessed or used in any way without your permission. That includes companies running a simple inquiry without you saying they can. For more information on what an expert witness can do for you, go to http://www.creditdamage.com

When it comes to protecting your good name and your hard-earned money, a little caution goes a long way.

Cathy Taylor is a marketing consultant with over 25 years experience. She specializes in internet marketing, strategy and plan development, as well as management of communications and public relations programs for small business sectors. She can be reached at Creative Communications: creative-com@cox.net or by visiting
http://www.creditdamage.com or http://www.internet-marketing-small-business.com