The facts about identity theft
Imagine a typical day.
In our fast-paced, hectic lives, we all engage in
activities that we may take for granted.
We write checks and scan them for deposit.
We buy tickets online.
We drop documents in the mail.
We purchase a new cell phone or apply for
a credit card by mail or online.
Most of us don’t give these daily transactions
a second thought.
But an identity thief certainly does.
In 2013, there were 13.1 million victims of identity fraud in the United States. However, only 54% of victims reported being notified of a data breach by their financial institution or law enforcement during that time.* Clearly, you need to be vigilant in order to protect yourself from identity theft, and arming yourself with knowledge is the first step.
There are three common ways that identity thieves are
stealing information: through your online activity,
More than half of U.S. adults have used a social media site, such as Facebook, LinkedIn, and Twitter, in the past week.* In this new age of online sharing, fraudsters comb social networking sites to find addresses, dates of birth, and even mothers’ maiden names. Couple that with constantly improving phishing, pharming, and other internet schemes, and it’s easy to see why online identity theft is so prevalent today.
Compromising your identity online is as easy as clicking a link in an unsolicited email. It pays to be extremely vigilant and to remember that criminals can access your personal information online using many methods. Avoid these pitfalls by using the tips to the right to help protect your identity online. Being armed with knowledge about how these schemes work is your first line of defense.
Protect your online activity
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■When shopping online, look for
merchants with authenticated payment programs, such as Verified by Visa and MasterCard SecureCode. Designed to improve online transaction security, these programs give you the assurance that you are dealing with a legitimate merchant while also providing the merchant proof that you are the real cardholder.
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■Regularly monitor your financial accounts
online for charges that you didn’t make. The majority of fraud continues to be discovered by consumers themselves.
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■Always use privacy settings on
social networking sites—they’re among the best security practices you can use for controlling who sees your profile information.
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■Be wise about what you post. Don’t
publish your birth date, email address, mother’s maiden name, pet’s name, or other identifying or personal information on social networking sites.
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■Never click a link provided in email from
someone you don’t know or trust. It may contain a virus that can contaminate your computer and steal your information.
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■Ignore, delete, and report as spam
any email—even if it appears to be from a reputable company—that urges you to click a link to verify your account information. This is known as a phishing scheme.
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■Shield your computer and wireless
router with firewalls and antivirus software to catch viruses, hackers, spyware, and crimeware.
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■Create tough-to-crack passwords,
change them often, and never let financial programs or websites auto-save your passwords.
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■Connect to your financial accounts
only from your own computer.
Defending yourself online
While you may hear more in the news these days about online identity theft schemes, these crimes, contrary to popular belief, are committed most often through traditional offline channels. Offline identity theft can sometimes be more severe and more costly than online identity theft. Offline identity theft can take longer to be detected, and the amount of financial damage to the victim is often greater.
Your paper mail is a prime target for identity thieves, since many pieces of incoming or outgoing mail contain useful information about you. Financial statements, checks, bills, and credit card offers are exactly what a fraudster is looking for. Your mail can be used to steal your identity in many ways. Even the mail you throw away can be used against you.
Armed with this knowledge, you should always exercise caution in managing and disposing of your paper mail and bills. Take these additional precautions with your mail to help ensure that you are not leaving your door open to identity theft.
Certifying that mail is safe
Protect your mail
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■Request electronic statements and use
online bill pay whenever possible. Enroll in direct deposit.
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■If a regular bill fails to reach you, call
the company to find out why. Someone may have filed a false change-of-address form to divert your information to his or her address.
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■If you pay bills by mail, do not leave
envelopes that contain checks in your mailbox. It’s best to take them directly to the post office.
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■Never use your Social Security number,
telephone number, or driver’s license number on checks.
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■Never carry your Social Security card
or number in your wallet or purse, and never leave your wallet, purse, cell phone, mobile device, or laptop unattended.
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■When you are away from home for an
extended time, have your mail held at the post office or ask a trusted neighbor to pick it up for you.
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■Carefully destroy papers you throw
out, especially those with identifying information. A crosscut paper shredder or micro-shredder works best.
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■Store personal information securely
in your home. Use a locking file cabinet or safe.
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■Install a locked mailbox at your
residence to deter mail theft. Alternatively, use a post office box or commercial mailbox service.
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■Reduce the number of preapproved
credit card offers you receive by calling
1-888-5OPTOUT. (You will be asked for
your Social Security number.)
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■Sign up for the Direct Marketing
Association (DMA) Mail Preference Service. Your name is added to name deletion lists used by nationwide marketers. Write to Direct Marketing
Association, P.O. Box 643, Carmel, NY 10512 ($1 fee), or opt out online ($1 fee)
at dmachoice.org.
Get acquainted with these terms
Dumpster diving: Looking through your trash for old bills or other documents containing personal information.
Skimming: Stealing credit and debit card numbers with a special storage device that captures vital information when your card is processed. Phishing: Sending messages or spam from phony financial institutions or companies in an attempt to get you to reveal your personal information. Pharming: Installing malicious code on your computer or server, misdirecting you to fraudulent websites without your knowledge or consent.
Prior to the internet, the first cases of identity theft occurred over the phone. Thieves would call victims with promises of prizes or special offers, requiring just a little personal information for “verification purposes.”
Today, with people talking on cell phones in almost every setting, it has never been easier to inadvertently give away your identity to thieves who eavesdrop on public conversations in order to acquire your sensitive identifying information. That’s why it’s so important to be aware of any unsolicited phone call you receive. There is a chance that identity thieves, masquerading as a legitimate business, will try to coerce you into giving them your identifying information. It pays to be vigilant and to remember the many ways that criminals can access your information when you are on the phone—if you let them. To avoid compromising your personal information, follow the tips to the right to anticipate situations where identity theft can occur and take the necessary steps to help prevent it.
Keeping conversations secure
Protect your conversations
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■Never give out personal or financial
information to solicitors via phone. If you are asked for this information, tell the caller that you will call the company back at a publicly published phone number to confirm that the inquiry is legitimate.
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■Refuse to give identifying information to
anyone who asks for it in a phone survey.
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■Shield the keypad with your hand when
making long-distance phone calls with your phone card. Shoulder surfers use binoculars, videos, or camera phones to capture this info.
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■Secure mobile device data (email, etc.)
stored in your phone with encryption software.
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■Have your name and address removed
from the phone book.
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■Sign up for the Federal Trade
Commission’s National Do Not Call Registry at donotcall.gov.
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■Remove your name from the marketing
lists of the three credit-reporting bureaus. Dial 1-888-5OPTOUT or go to
optoutprescreen.com.
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■As a general rule, only give out personal
information face to face, never over the phone.
Cybercrime has cost U.S. companies and banks
over $15 billion in the past five years.
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■Contact all three major credit bureaus below
and place a fraud alert on your file.
■ ■TransUnion: 1-800-680-7289 ■ ■Experian: 1-888-397-3742 ■ ■Equifax: 1-888-766-0008 ■
■Contact your credit or debit account companies. ■
■Contact the Social Security Administration Office of the Inspector General in
cases of benefit fraud, employment fraud, or welfare fraud at 1-800-772-1213.
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■Contact the passport office toll-free at 1-877-487-2778, whether or not you
have a passport, and alert authorities in case anyone tries to order a passport fraudulently. You can also complete a stolen passport report form (DS-64) online at travel.state.gov/passport/passport_1738.html or send a letter to:
U.S. Department of State Passport Services
Consular Lost/Stolen Passport Section 1111 19th Street, NW, Suite 500 Washington, DC 20036
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■Contact your local police department. Report the crime and get a copy of your
report; otherwise, you have no proof that the crime occurred.
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■Notify the Federal Trade Commission at 1-877-438-4338 or ftc.gov/idtheft. ■
■Consider signing up for a credit-monitoring service.
What to do if you are
a victim of identity theft
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®
skillfully guides institutions, financial advisors, and individuals
Mutual fund investing involves risks, including the possible loss of principal. Consult a fund’s prospectus for additional information on risks.
*2012 Identity Fraud Report, Javelin Strategy & Research, February 2012
Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargoadvantagefunds.com. Read it carefully before investing.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor,
LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. 224294 04-14
