I got an email today and I’m not sure about its origin BUT it is such great advice that I decided to make it today’s blog post.

We often think that we’re not susceptible to things like muggings, car snatchings and purse pickings but you know what? We are and it’s better to prepare for an event and never have it happen than not prepare and wish we had taken the time to do it. Enjoy…and prepare!

ATTORNEY’S ADVICE – NO CHARGE

Not A Joke!! Even If you dislike attorneys..You will love them for these tips.

Read this and make a copy for your files in case you need to refer to it someday. Maybe we should all take some of his advice! A corporate attorney sent the following out to the employees in his company:

1. There seems to be an urban legend that says, Do not sign the back of your credit cards. Instead, put ‘PHOTO ID REQUIRED.’ Please note the information sent to me by an alert reader after I posted this…

The not signing of credit cards sounded like a great idea and I was about to send out to our staff here in the library (I tend to be the “go to” person for all things financial since I’m the library accountant). Then I found this on the web which leads me to believe that signing credit cards is actually required by the large credit card companies:

http://www.scambusters.org/Scambusters80.html

So, the question is: is this the correct advice to reduce credit card fraud? Should you — or should you not — sign your credit cards? To answer this question, we called the fraud departments at MasterCard, Visa and American Express

 

All three advised that you definitely SHOULD sign your card. MasterCard told us that this idea — not to sign your card — is an urban legend that sounds sensible, but is not a good idea. American Express warned us that merchants are not supposed to accept your credit cards if they aren’t signed. Visa agreed — in fact, they said that the merchant is instructed to not finish the transaction until you sign your card!

So, not signing your credit card is an example of a very popular urban legend that is false. And we stand by our original advice – sign your credit cards immediately when you receive them.

Also found this:  http://usa.visa.com/merchants/risk_management/card_present.html?it=Search#anchor_6

And this: http://www.askmrcreditcard.com/creditcardblog/should-you-sign-the-back-of-your-credit-card/

Thanks Wynette for the great catch! You never know exactly what is right or wrong and I love that you helped me clarify this!

2. When you are writing checks to pay on your credit card accounts,  DO  NOT put the complete  account number on the ‘For’ line. Instead, just put the  last four numbers. The credit card company knows the rest of the number, and anyone who might be handling your check as it passes through all the check processing channels won’t have access to it.

3. Put your work phone # on your checks instead of your home phone. If you have a PO Box use that instead of your home address. If you do not have a PO Box, use your work address. Never  have your  SS# printed on your checks. (DUH!) You can add it if it is necessary. But if you have It printed, anyone can get it.

4. Place the contents of your wallet on aphotocopy machine. Do both sides of each license, credit card, etc. You will know what you had in your wallet and all of the account numbers and phone numbers to call and cancel.. Keep the photocopy in a safe place.

I also carry a photocopy of my passport when I travel either here or abroad. We’ve all heard horror stories about fraud that’s committed on us in stealing a Name, address, Social Security number, credit cards..

Unfortunately, I, an attorney, have first hand knowledge because my wallet was stolen last month. Within a week, the thieves ordered an expensive monthly cell phone package, applied for a VISA credit card, had a credit line approved to buy a Gateway computer, received a PIN number from DMV to change my driving record information online, and more.

But here’s some critical information to limit the damage  in case this happens to you or someone you know:

5. We have been told we should  cancel our  credit cards immediately. But the key is having the toll free numbers and your card numbers handy so you know whom to call. Keep those where you can find them.

6..  File a  police report immediately in the jurisdiction where your credit cards, etc., were stolen. This proves to credit providers you were diligent, and this is a first step toward an investigation (if there ever is one).

But here’s what is perhaps  most important of all: (I never even thought to do this.)

7. Call  the  3 national credit reporting organizations  immediately to place a fraud alert on your name and also call the Social Security fraud line number.. I had never heard of doing that until advised by a bank that called to tell me an application for credit was made over the Internet in my name.

The alert means any company that checks your credit knows your information was stolen, and they have to contact you by phone to authorize new credit..

By the time I was advised to do this, almost two weeks after the theft, all the damage had been done. There are records of all the credit checks initiated by the thieves’ purchases, none of which I knew about before placing the alert. Since then, no additional damage has been done, and the thieves threw my wallet away this weekend (someone turned it in). It seems to have stopped them dead in their tracks..

Now, here are the numbers you always need to contact about your wallet, if it has been stolen:

1.) Equifax: 1-800-525-6285

2.) Experian (formerly TRW): 1-888-397-3742

3.) Trans Union : 1-800-680 7289

4.) Social Security Administration (fraud line):
1-800-269-0271

We pass along jokes on the Internet; we pass along just about everything.

If you are willing to pass this information along, it could really help someone that you care about.