If you're of a certain age, you probably remember the carbon paper that lay between the copy of your credit card receipt that you kept and the copy kept by the business where you made the purchase.
In those old days before credit card terminals, thieves could rifle through trashcans and dumpsters to gather the carbon paper slips and capture credit-card information so they could buy all sorts of things on your account.
Carbon paper has practically gone the way of the dinosaurs, but credit-card account numbers remain vulnerable. Receipts that include full account numbers and expiration dates are a goldmine for identity thieves. The "FACT Act" sets a national standard for truncation of card information.
The FACT Act says receipts for credit and debit card transactions may not include the card's expiration date or more than the last five digits of the card number. However, fully implementing this rule will take some time.
If you receive a receipt that has your full account number on it, bring it to the attention of the business, and insist that they get with the program - now.
Steps for Identity theft protection
Once you receive a credit card, protect yourself and your efforts to credit repair by following these suggestions:
- Send your creditors a change of address when you move. Many creditors provide change of address boxes on their monthly bills. For your other creditors, you can send a letter, call the customer service phone number, or use a post office change of address post card.
- If you need an increase in your credit limit, ask for it. Many creditors will close accounts or charge late fees on customers who exceed their credit limits. But pay close attention: If you're charging to the limit on your credit card, you may be heading for financial trouble.
- Take steps to protect your cards. Sign your cards as soon as they arrive. If you have a personal identification number (PIN) that allows you take cash advances, keep the number in your head and never write it down near your credit card.
- Do not carry your Social Security card in your wallet. You should keep it with other important documents - such as birth certificates and insurance policies - in a secure place. A bank's safe-deposit box is ideal.
- Be sure any requests for your Social Security number are legitimate. You're within your rights to refuse to give it out. Simply ask why it is needed and state your concern - most legitimate businesspeople will respect your reticence.
- Don't give out your Social Security number over the telephone or Internet when you've been solicited for the information.
- If your state is still using the Social Security number as an identification number, you're within your rights to ask them to use an alternate live number.
- The same applies for insurance cards, library cards, employee badges, and most other forms of identification that use your Social Security number. Ask them if another number can be used. If they have to use your Social Security number, ask that the number not be visible on the card.
- If your Social Security number is stolen, contact the FTC. This may be the prelude to the opening of accounts that aren't yours and a credit-report nightmare that can last for months or years.
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