Financial Freedom Week 4 Recap: Identity Theft

Posted Jan 16, 2015

Financial Freedom Week 4 Recap: Identity Theft

The past decade has witnessed huge changes in the routines that make up daily life.  There has probably been more change in the past ten years than in the fifty that preceded them.  Many of the advancements in technology and communication have been positive, but they have also brought with them new and unprecedented challenges. In our fourth topic this week we addressed identity theft, one of the most significant threats to have emerged from advances in communication over the past few years.

Simply put, identity theft occurs when someone impersonates you by utilizing your personal information for financial gain.

Last week was primarily concerned with strategies that can protect an individual from being the victim of identity theft. Peter returned with his pointers and reminded us that we should check our credit records at least once a year. This service can be obtained for free through the website  www.annualcreditreport.com .Peter also brought up the idea of safe spending  practices.  He compared using your credit card versus your debit card, and reminded us that while it is fairly easy to remove fraudulent charges from a credit card it is very difficult to put money back into a checking account.

A final important safety practice involves photocopying all of one's cards and numbers.  This copy should be kept in a safe place at home in the case that a card is lost or stolen. We touched on the various resources that are available through the credit union for our members to use, such as “CU SECURE”. We also had videos posted from the IRS and links are listed below if you need further information.

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