Scam Alert: Shred Papers to Protect Finances
Posted on: Friday, 2 June 2006, 00:00 CDT
By Ben Van Der Meer, The Modesto Bee, Calif.
May 24--THE SCAM: One person's trash ...
HOW IT WORKS: Every day, thousands of people receive offers in the mail for new credit cards or monthly statements for existing cards or bank accounts. But fraud experts said there's a growing problem with consumers who throw those statements and offers in the trash. According to those experts, identity thieves will gladly dig through a garbage can for personal banking information. They may also use a discarded application to create a new card, which can be used to rack up bills in the victim's name. In this case, particularly if the thief has unpaid bills sent to another address, it can be months before the fraud is discovered.
WHAT'S AT STAKE: Your financial identity
HOW TO BEAT IT: Rip up or, better yet, shred all mail and other documents with personal financial information before throwing them away. Monitor your bank accounts and credit accounts carefully for any unexplained charges. To cut down on potentially troublesome paper records, consumers also might consider switching to online banking.
People also should check their free annual credit report -- dispensed by three companies -- to detect any possible problems. The Web site for a report is annualcreditreport.com. You also can call 877-322-8228 to get one by phone.
Bee staff writer Ben van der Meer can be reached at 578-2331 or bvandermeer@modbee.com.
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Copyright (c) 2006, The Modesto Bee, Calif.
Distributed by Knight Ridder/Tribune Business News.
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Source: The Modesto Bee
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