Online Banking Help to Reduce Identity Fraud!

Identity fraud is still a serious threat. However, according to Javelin Strategy & Research it was down in 2006. 

The survey, done in October 2006, had a sample size of 5,000 telephone interviews and was sponsored by CheckFree, Visa and Wells Fargo Company. Independently produced by Javelin Strategy Research, it is considered the nation's largest and most up-to-date benchmark on identity fraud.

Factors that contributed to the decrease include better consumer education and awareness, and the increased use of online banking. Consumers are able to more frequently monitor their accounts. By utilizing online technologies such as electronic banking and bill payment fraud can even be prevented before it occurs. Additionally, when fraudulent accounts are opened, many victims caught the fraud more quickly utilizing online channels such as viewing statements.

Identity Safety Tips That Can Protect You

• Only carry credit and identification cards that you use and don’t carry your social security card. Lock personal information, sensitive documents, checkbooks, credit cards, etc. in a secure place.

• Whenever possible, protect your accounts (banking, utility merchant, etc.) by adding difficult-to-deduce PINs and passwords.

• Replace paper invoices, statements and checks with electronic versions. Sign up for automatic bill pay, payroll deposits and e-mail or telephone alerts, which will warn you of any unusual account activity.

• When responding to e-mail from business with which you have accounts, do not link to the web site through the address provided. Go to the business site through your search engine and type in the URL.

• Never provide personal information over the phone unless you made the call or are certain of who you are talking to. Do not respond to phone messages or e-mail requesting you call a number to resolve an account issue.

• Install and regularly update a firewall, spy ware, antivirus and browser security software on your home computer.

• If you receive a solicitation to pay an advance fee for a prize, preapproved credit, etc., verify the organization through a legitimate source before sending any payment.

• Shred all sensitive documents prior to disposal.

• Use a secure mailbox for incoming mail.