Prevent Identity Theft — Deter, Detect, Defend

Identity theft sucks. Our mail was stolen recently. All that we know we’re missing are some tax documents, but we’re not taking any chances. Rather than wait for the thieves to do any damage, we’ve taken steps to minimize repercussions.

After filing a report with the US Postal Service, we received a package of information, including a flyer from the Federal Trade Commission describing techniques to fight back against identity theft. The FTC encourages people to share this information, so I’ve converted it to weblog format. This may be seem boring, but it’s important.

According to one study conducted for the FTC [PDF], in 2005, 3.7% of the U.S. adult population were victims of identity theft. Though the median value of the damage caused was $500 per victim, ten percent of victims reported that the thief obtained $6,000 or more. The median time to repair the damage was four hours, but ten percent of victims spent at least 55 hours resolving their trouble.

Identity theft is a real and growing concern. Your best defense is to prepare before it happens.