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Consumer Protection Expert Tells How to Safeguard Crucial Info
Aired November 25, 2002 - 14:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: So how do you safeguard your crucial Social Security and credit card numbers?
For some practical advice, we turn to an expert on that topic. Betsy Broder is assistant director of the FTC's consumer protection department. She joins us now live from Washington.
Hi, Betsy.
BETSY BRODER, FTC: Good afternoon, Kyra.
PHILLIPS: All right. Well, let's talk about our Social Security number and some of the ways that we can protect ourselves from this type of theft. Where do we not give our number? Where is it okay? We use it so much, from the phones to online.
BRODER: Well, this is the first thing I would do. I would invite your listeners to take their wallets out and look through their wallet and see if they're carrying their Social Security card. Because if they are, they should remove it immediately. You don't need to use that for identification, and if your wallet is stolen, someone has a key to your financial history and also your credit line. So be very careful about what information you carry around in your wallet.
PHILLIPS: OK. What about giving it over the phone or even online? You know, so many things you have to register for. I think of a number of times I have had to put it on line.
BRODER: Well, we generally tell consumers to be very careful and very mindful of how they use all of their personally identifying information. And with that I would include Social Security numbers, dates of birth, credit card numbers. So only provide that information if you know precisely who you're giving it to. You have sort of a standing business relationship with them and you know how they will use it.
Now, frequently, I think all of us have come into situations where someone asks for our Social Security number and we have is a moment's hesitation about giving it to them. You know, listen to your instincts. Ask them why do you need the Social Security number. There are many legitimate needs for Social Security numbers. For example, if you're applying for credit, they need your Social Security number in order to do a credit check on you, to see if you are appropriate for granting credit. But sometime the Social Security number is used as a default identifier and people are willing to accept a different sort of identification. So ask about that and don't be so willing to provide it.
PHILLIPS: I also know that these databases exist all throughout the country that sell our personal information to possible stores and vendors. How do we even prevent ourselves from getting our information into those databases? is it just by filling out surveys in the grocery store, to getting free coupons? I know we fill out of lot of things. How do we prevent it?
BRODER: Well, I have to tell you, you really can't prevent it. We live in an economy that's based upon credit. And our credit worthiness is an important asset to us. One way that our credit worthiness is assessed is through our credit reports. And one way that legitimate businesses find out about our credit worthiness is to look at our credit reports. So there are legitimate vendors who will ask you for your Social Security number, and that's appropriate. But, again, you need to be very careful and mindful of how you give it out. Now, how is the information out there? It's out there because we are an information based society. The information is what lubricates the system. It makes the economy go. But on the same hand, that availability of information makes identity theft that much more likely, as we heard from the story that you just spoke of, of the 30,000 victims of identity theft.
PHILLIPS: And let's talk about those victims. What do you do if you do become a victim? Do you start your credit history all over again? What do you do?
BRODER: Well, the first thing we want consumers to do is contact us at the Federal Trade Commission and let us know that they're a victim of identity left. You can reach us online at consumer.gov/idtheft. There's an online complaint form. You fill that complaint form out, and then we share it in a database with law enforcement around the country so that they can identify cases just as the one that was announced today. Then you want to contact your local law enforcement and advise them that you're a victim of identity theft and get a police report from them.
You also want to contact each of the three major credit reporting agencies, inform them that you're a victim of fraud. Have them put a fraud alert on your credit reports. And hopefully that will stop the issuance of credit in your name. You can get information on how to contact those credit reporting agencies again from our Web site online at consumer.gov/idtheft. But each of those steps are essential.
And then finally you need to contact each of the creditors or entities that opened up fraudulent accounts in your name and inform them, again, that you're a victim of fraud and that they should shut down those accounts, stop the liability from accruing there. And then you need to start the hard work, which is cleaning up your credit report.
PHILLIPS: Yes. Betsy, finally, real quickly, how often should we check our credit reports? Should we do it at random every few years?
BRODER: Well, there is a cost associated with getting your credit report from each of the credit reporting agencies. It's, I think, up to $9 or $9.50 from each of them. There are some states by which you can get it for free on an annual basis. Many people advocate that you should check it periodically once a year. Certainly, if you've already become a victim of identity theft, you should check it on a more frequent basis to see if any additional damage has been done to your credit history.
PHILLIPS: Betsy Broder with the FTC, thank you.
BRODER: You're welcome.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
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Aired November 25, 2002 - 14:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: So how do you safeguard your crucial Social Security and credit card numbers?
For some practical advice, we turn to an expert on that topic. Betsy Broder is assistant director of the FTC's consumer protection department. She joins us now live from Washington.
Hi, Betsy.
BETSY BRODER, FTC: Good afternoon, Kyra.
PHILLIPS: All right. Well, let's talk about our Social Security number and some of the ways that we can protect ourselves from this type of theft. Where do we not give our number? Where is it okay? We use it so much, from the phones to online.
BRODER: Well, this is the first thing I would do. I would invite your listeners to take their wallets out and look through their wallet and see if they're carrying their Social Security card. Because if they are, they should remove it immediately. You don't need to use that for identification, and if your wallet is stolen, someone has a key to your financial history and also your credit line. So be very careful about what information you carry around in your wallet.
PHILLIPS: OK. What about giving it over the phone or even online? You know, so many things you have to register for. I think of a number of times I have had to put it on line.
BRODER: Well, we generally tell consumers to be very careful and very mindful of how they use all of their personally identifying information. And with that I would include Social Security numbers, dates of birth, credit card numbers. So only provide that information if you know precisely who you're giving it to. You have sort of a standing business relationship with them and you know how they will use it.
Now, frequently, I think all of us have come into situations where someone asks for our Social Security number and we have is a moment's hesitation about giving it to them. You know, listen to your instincts. Ask them why do you need the Social Security number. There are many legitimate needs for Social Security numbers. For example, if you're applying for credit, they need your Social Security number in order to do a credit check on you, to see if you are appropriate for granting credit. But sometime the Social Security number is used as a default identifier and people are willing to accept a different sort of identification. So ask about that and don't be so willing to provide it.
PHILLIPS: I also know that these databases exist all throughout the country that sell our personal information to possible stores and vendors. How do we even prevent ourselves from getting our information into those databases? is it just by filling out surveys in the grocery store, to getting free coupons? I know we fill out of lot of things. How do we prevent it?
BRODER: Well, I have to tell you, you really can't prevent it. We live in an economy that's based upon credit. And our credit worthiness is an important asset to us. One way that our credit worthiness is assessed is through our credit reports. And one way that legitimate businesses find out about our credit worthiness is to look at our credit reports. So there are legitimate vendors who will ask you for your Social Security number, and that's appropriate. But, again, you need to be very careful and mindful of how you give it out. Now, how is the information out there? It's out there because we are an information based society. The information is what lubricates the system. It makes the economy go. But on the same hand, that availability of information makes identity theft that much more likely, as we heard from the story that you just spoke of, of the 30,000 victims of identity theft.
PHILLIPS: And let's talk about those victims. What do you do if you do become a victim? Do you start your credit history all over again? What do you do?
BRODER: Well, the first thing we want consumers to do is contact us at the Federal Trade Commission and let us know that they're a victim of identity left. You can reach us online at consumer.gov/idtheft. There's an online complaint form. You fill that complaint form out, and then we share it in a database with law enforcement around the country so that they can identify cases just as the one that was announced today. Then you want to contact your local law enforcement and advise them that you're a victim of identity theft and get a police report from them.
You also want to contact each of the three major credit reporting agencies, inform them that you're a victim of fraud. Have them put a fraud alert on your credit reports. And hopefully that will stop the issuance of credit in your name. You can get information on how to contact those credit reporting agencies again from our Web site online at consumer.gov/idtheft. But each of those steps are essential.
And then finally you need to contact each of the creditors or entities that opened up fraudulent accounts in your name and inform them, again, that you're a victim of fraud and that they should shut down those accounts, stop the liability from accruing there. And then you need to start the hard work, which is cleaning up your credit report.
PHILLIPS: Yes. Betsy, finally, real quickly, how often should we check our credit reports? Should we do it at random every few years?
BRODER: Well, there is a cost associated with getting your credit report from each of the credit reporting agencies. It's, I think, up to $9 or $9.50 from each of them. There are some states by which you can get it for free on an annual basis. Many people advocate that you should check it periodically once a year. Certainly, if you've already become a victim of identity theft, you should check it on a more frequent basis to see if any additional damage has been done to your credit history.
PHILLIPS: Betsy Broder with the FTC, thank you.
BRODER: You're welcome.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Info>
