Police have recently been advising residents to take measures to avoid becoming victims of theft.
Unlocked cars with valuables in sight offer an easy, tempting target for a would-be thief.
In this day and age, however, people also have to be wary of identity theft. According to numbers provided by Business Insider, the public should quite possibly be more concerned over identity theft than physical break and enter thefts.
In the U.S., identity theft cost Americans $24.7 billion in 2012, while losses for household burglary, motor vehicle theft, and property theft totaled about $14 billion.
The Better Business Bureau says identity theft is the fastest growing type of fraud in North America.
"The Canadian Council of Better Business Bureaus estimates ID theft costs more than $2.5 billion a year to consumers, banks, credit card firms, stores and other businesses.î
Identity theft occurs when an imposter uses someone's personal information such as name, credit card number or social insurance number for his or her own use, such as making unauthorized purchases, gaining access to someone's bank account, applying for a credit card and even obtaining loans under someone else's name.
I've had my own frustrating experiences with identity theft.
The first time was several years ago, when I tried to use my debit card shortly after a payday. I was rather surprised, to say the least, to be informed my account had insufficient funds. After checking my account online, I saw the funds had all been withdrawn in two transactions.
After doubting myself and wondering whether perhaps I had gone out on a wild bender I'd completely forgotten about, I called my bank. Turns out the only transactions I see on my online statement are those that go through. The representative I spoke with, however, sees a complete list of transactions, including those that failed. Unbeknownst to me, the thieves had first tried to withdraw more than I had in my account, and then just went for $20 bucks. Once they got the receipt showing the remaining balance, they drained the rest.
Fortunately, banks and credit card companies are insured for this modern method of theft, and after answering some questions and filling out some forms in person at a branch, I was fully compensated for the loss.
More recently, about two weeks ago, my better half and I went snowboarding to Nakiska. After having her board serviced, her credit card was denied. It wasn't until we were on our way home that she used her smartphone to check her account. Lo and behold, there were several nearly back-to-back transactions for a little more than $100. Turns out her credit card company must have recognized the fraudulent activity and froze her account, hence the inability to use the card at the ski hill.
The representative from the credit card company seemed all too familiar with such situations.
The moral of the story is to check your balance and statements more often than not. For many of us, a few hundred dollars is significant. But for some, that might slip through the cracks if they're not keeping a close eye on every transaction ó especially at this time of the year. And that's exactly what the fraudsters are hoping for.
