Test Magazine Title May 2013

volume 31, number 5 assets a business, tax, and financial newsletter Ways to Protect Yourself from Identity Theft i dentity theft is one of the fastest growing crimes in the United States, with an estimated 9 million victims every year, according to the Federal Trade Commission (FTC, 2011). Identity theft is a type of fraud in which the thief uses your personal information to conduct transactions in your name. Thieves may, for example, use your identifying information to open or empty bank accounts, obtain credit cards, or take out loans. Thieves can sometimes access your confidential financial details when companies that hold your information, such as your bank and credit card providers, lose customer data or have their systems raided by hackers. While these situations are out of your control, there are several steps you can take to help reduce the risk of having your personal details stolen and misused, as well as a number of ways to detect a theft early and minimize damage done to your credit. Consider taking these precautions to reduce your chances of becoming a victim of ID theft: • in this issue: Life Insurance and Estate Taxation Retaining Business Records Choosing Your Pension Payout Option Monitor your credit reports, checking regularly for any suspicious transac- tions. Under Federal law, each of the three major credit bureaus, Experian, Equifax, and TransUnion, must provide consumers with a free annual credit report upon request. You can access the reports through one website co-sponsored by the agencies, www.annualcreditreport.com. A thorough review of these reports, also known as credit file disclosures, can reveal any unusual activity. • While you can order all three disclosures at once, requesting one report at four-month intervals may be a more effective way to monitor your score. You are entitled to receive free reports more than once a year if you are unemployed or have been denied credit, insurance, or employment because of your credit score. • Do not provide sensitive data in response to e-mail or telephone solici tations. If you are interested in an offer, take down the caller’s contact information and verify that the company is legitimate before revealing your identifying information. You can bar telemarketers from calling you by registering your phone number with the Do Not Call Registry at www.donotcall.gov. continued on page four