Week in Review: 11/10/2008

Each week we bring you the latest news stories and information about credit, personal finance, and identity theft. Visit us every Friday for new ways to manage your credit and protect yourself from fraud.

Credit card companies are handing out less plastic these days. The economy has them reducing credit limits, increasing interest rates, and sending out fewer applications. Check the limits and rates on your cards to make sure nothing has changed. 

Nova Scotia finally allows online sales of credit reports. Due to a new interpretation of the Credit Reporting Act, Nova Scotians are now able to get their credit reports online along with their fellow Canadians. 

Identity theft is on the decline, according to a Javelin Strategy & Research Study. 2007 showed a 12% drop in identity theft from the previous year. The study also shows that identity thieves still prefer traditional methods (telephone scams and mailbox raids) to online fraud.

One misplaced laptop results in 85,000 stolen identities. An employee from North Carolina's Division of Aging and Adult Services had her laptop stolen at a conference last week. It remains unclear if the thief has discovered that the names, dates of birth, addresses, and Social Security numbers of 85,000 seniors reside on the computer's hard drive.

Beware of identity thieves this tax season. The latest economic stimulus package has identity thieves crawling out of the woodwork, soliciting personal information from those expecting rebates. Be cautious of any phone calls or e-mails from “IRS employees” asking for your personal information; the IRS will never contact you this way. Other tips for filing taxes: drop off your return to a post office rather than an unsecured mailbox or, if filing electronically, make sure your wireless network is secure.

Follow these 10 tips for safe online shopping. Before you make online purchases this holiday season, make sure you know how to keep your personal information out of the wrong hands.

Unfortunately, identity theft is often all in the family. Sometimes the ones closest to home pose the greatest threat to stealing your personal information.