Mar 31 2010
IdentityTruth, the leading provider of a new breed of identity theft monitoring services to help consumers avoid identity theft and safeguard their privacy and identity, today is sharing its tips for avoiding ID theft when buying a home. Identity theft is America's fastest growing crime, and more than 70 million people will be victims this year alone. Purchasing a home can make consumers even more vulnerable to the threat of identity theft because of a variety of factors, including applying for a mortgage and filling out forms and paperwork.
“With any major financial transaction - be that applying for a mortgage or purchasing a home or car - there is an inherent risk of identity theft”
"With any major financial transaction - be that applying for a mortgage or purchasing a home or car - there is an inherent risk of identity theft," said Steven Domenikos, CEO of IdentityTruth. "Combine that financial upheaval with the process of uprooting your life to move to a new location, homeowners are uniquely at-risk for becoming victims of identity theft."
Here are tips to help consumers be more aware of their ID theft risk when buying a home:
- Apply Online?: If you decide to fill out a mortgage quote request online, stick to sites that you know are legitimate. If trying a site for the first time, make sure the URL has "https" in the shopping cart; there should be a lock icon on the bottom right hand side of the window and look for icons that indicate site safety (the Better Business Bureau, VeriSign and Hacker Safe icons).
- Mountains of Paperwork: Real estate transactions generate a LOT of paperwork. It is imperative that you remain vigilant about where all of this paperwork is going. Don't hesitate to ask that the preparer file them in safe and secure place and ensure that discarded papers are shredded. Shred any documents that you do not need yourself before throwing them away.
- The Truth Is Out There: As you visit websites looking at homes and mortgage rates, you're prompted to provide your email address. What you may not know is that your address can be legally sold to companies that perpetrate phishing scams, by which identity thieves contact you with requests for money, or with links to websites that enable them to fraudulently access all files on your computer.
- Don't call us…: Be wary of any and all emails, text messages or phone calls coming from companies you have contacted -if they ask you for any personal information (social security number, date of birth, address etc.) do not give it to them - give your personal information only during in-person transactions so you know exactly who you're speaking with.
- Shredded Deets (details): New homeowners may receive credit card applications on a daily or weekly basis. Many throw out card applications without destroying them - be sure to destroy yours. Those applications usually include sensitive personal information, and make it easier for "dumpster diving" identity thieves to access the data necessary to perpetrate their crime.
- You Like to Move it Move it: Organization is definitely key. Keep everything that lists any financial information - your files, tax archives, bills, bank statements, check books, credit cards etc. - in a "lock box" on move day. Know the location of that box at all times to ensure the safety of your sensitive personal information.
Identity theft is America's fastest-growing crime. More than 70 million identities will be lost this year alone with as many as 4 million social security numbers being stolen. Simple credit monitoring is not enough - only 15% of identity theft is credit-related (85% of identity fraud happens "outside" the credit system). IdentityTruth has discovered suspicious "identity events" for more than 1 out of 4 consumers who subscribe to its service.
IdentityTruth's unique Faster than Fraud™ technology combines data from many different sources--going beyond simple credit-based protection to deliver a more complete picture of an individual's identity risk.
The service continuously combines and analyzes any and all information that is discovered specific to an individual to detect suspicious activities, report possible fraud before it happens and provide concrete next-steps to resolve a problem that may arise.