“Stop, thief!”

Our personal identity is our most precious asset. Identity theft is a cruel and scary crime that rips through to your sense of personal security and can wreak havoc with your financial life for months after the theft occurs. More than 8.1 million Americans fell victim to identity theft in 2007.

Identity theft can hit anyone, but statistically, it affects more young adults (25-34). Young adults have several opportunities to become victims: they are most likely recent college graduates…newlyweds…and first time homeowners. All of those life changes provide ample opportunity for personal information to be more widespread than other times in life. Add to that, most young adults live paycheck to paycheck and rely on debit cards and credit cards – which makes them easy prey for identity thieves.

Avoid becoming a victim. By being proactive and vigilant, you can help keep your identity safe.

Nothing is free – Avoid marketing scams. Our mail is full of great offers and “once in a lifetime opportunities”. Don’t fall for that. Be selective and never give your Social Security number or personal bank account information over the phone or online unless you’re completely confident the offer or company you’re dealing with is legitimate.

Don’t give ‘til it hurts – Screen charities requesting funds. It’s easy – and commendable – to give to charity or non profit organizations, but be sure they are legitimate. Every sad, heart-tugging story does not guarantee an honest organization. Don’t be pressured to give information over the phone. Ask for a written request and then research the organization to make sure it is a true non profit organization.

Who needs friends like this? - Social networking sites like My Space and Friendster are popular – but can be a good lurking spot for identity thieves. Be careful when placing information on your site or corresponding with others. Safety first – never give personal information – particularly your date of birth, regardless of how ‘safe’ you feel amongst your online friends.

Limit use of your SSN – Many places ask for your social security number, but be cautious in rattling it off to anyone. Also, don’t store your Social Security number or card in easy-access places like your wallet, cell phone or glove compartment and certainly, don’t have it printed on checks or post it on job hunt websites. It never hurts to also periodically check your credit reports. Monitor for any suspicious activity and report any discrepancies immediately.

Bitten? Get the antidote immediately.

If you’re the victim of identity theft, act immediately. The longer you wait, the more opportunity you give thieves the ability to drain your bank accounts, ruin your credit report and rob you of that most precious asset – your identity.

Notify your bank or creditors – Shut down any affected accounts immediately. This includes your bank accounts, debit cards and credit cards. With debit cards, you have a window of two business days to report unauthorized charges. After that, you have a $500 liability for up to 60 days after the fraud. After 60 days, you have unlimited liability.

Call the cops – Alert the police and ask for a police report on identity theft. Give as much documented information as possible and make sure the report lists all fraud accounts.

Change all your passwords – Immediately change all passwords on your computer, online accounts and debit cards. As a general rule, never use the last four digits of your social security number or birthdate as a password.

Contact the Social Security fraud hotline – Call the Social Security office to alert them that you are a victim of identity theft. Ask for a copy of your Personal Earnings and Benefits Statement and make sure it has not been altered.

Cover all bases – Monitor and or change all your personal accounts such as your cable, telephone and utility bills. Also pay a visit to your Department for Motor Vehicles. You may need to get a new drivers license if the thief is using your license for identification.