Saturday, October 3, 2015

False Alarms



 I could have titled this column "Identity Theft Scams", but that likely would have put off some readers, since everybody is getting numerous alerts in print and video media about that topic these days.  And if you listen to any talk radio, which I confess that I do from time to time, every other ad is for some service that will prevent identity theft. 

Frightening, Isn't it?

Well, I'm here today to put your mind at ease.  And to start that process, I want you to ask yourself this question:  Do you personally know anyone who has lost their life savings to someone who stole their identity?

If you answered that question as I think you did, in the negative, then you are not alone.  I do not know of anyone in that category either.  What is more to the point, I am not overly worried about someone stealing my identity or, for that matter, stealing my life savings or even the meager amount of money in my checking account.

I cannot describe your situation, but I do know that my financial institutions will not transfer any funds from my accounts to anyone else's without first contacting me to determine whether I truly authorized the transfer.  In fact, I cannot transact any business in cash, stocks or bonds without getting a message of confirmation that also requests that I contact the company if there is any mistake in the transaction.

I only have two credit cards and no debit cards, and they are both flagged for any credit transaction above an amount that I specify.  I set that limit fairly low, well below that usual plastic ceiling of $500.  If anyone were to access my account or get my card, and they try that 'test purchase' for $495 to see if it goes through, it won't.  Instead, I'll be notified by the credit card company to determine whether or not I want to accept the transaction.  Gotcha, thief!

Of course, there are also other safeguards that I take to protect myself, such as never using a credit card for any purchase where it leaves my sight for any period of time, which always happens at restaurants, nor using one for an online purchase from any website that is not encrypted (https), nor clicking on links in unsolicited email messages that require a log in or other personal data.  I also monitor my credit card purchases for any activity that I didn't initiate.

Changes in profile, such as address, phone numbers or email addresses are also subject to a confirmation from me.

Lost or stolen wallet or purse?  I have photocopied every credit card and any other card that shows membership which I have in my wallet.  A single sheet of paper will hold 8 photocopied cards.  If there is a security code on the back of the card, I write that code plus any phone number right under that card copy for reporting lost or stolen cards.  I keep the photocopy in my carry-on suitcase - NEVER IN A BAG I WILL CHECK. If my wallet is ever lost or stolen, I can immediately notify all companies and either freeze or cancel the accounts, depending on the situation.

Large transactions, if I'm fortunate enough to have the funds to make them, will usually require me to send a signed letter or fax before they can be executed.

What I'm trying to convey here is that my personal and financial information is not out there waiting for someone to steal it without my knowledge.  There are safeguards to prevent that.

Even when hackers get into the database of some department store or other company where I have an account - and I assure you that I have fewer than I can count on the fingers of one hand - those safeguards are still in place.  Nobody can steal my identity without my immediate knowledge.

I am not overly superstitious, so the fact that I'm publishing this for the whole world to see doesn't make it any more likely that I'll be a target for identity theft, real or unreal.  I am cautious, however, in that I do not and will not ever join any social network or put my personal data online.

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