Fraud Detection

In 2006, the average victim of fraud on an existing account paid $587 out of pocket. If the thief opened a new account in the victim's name, the out-of-pocket amount increased to $792.* You have the opportunity to prevent misuse of your personal information, if you detect it and take action quickly.

Tips for Detection of Identity Fraud
Recommendation	Findings from 2005 Identity Fraud Safety Report*
Monitor your account balances and activity electronically (at least once per week).	The fastest method to detect fraud is through self detection by electronic means Self-detection by electronic means resulted in lowest loss of money compared with other methods of detection
Use e-mail-based account "alerts" to monitor transfers, payments, low balances and withdrawals and review your credit report (now available for free annual review).	Frauds committed with new accounts are generally more costly than ones committed with existing accounts and in most cases, cannot be discovered through self-detection
If you do not have access to online accounts, review paper bank and credit card statements monthly and monitor your billing cycles for missing bills or statements.	Self-detection is the primary method through which most victims first find out about the identity fraud
Follow up with companies if you receive bills for merchandise you did not purchase.
Follow up with businesses or institutions if you fail to receive an expected bill.
Request a copy of your credit report if applications for credit are turned down for no apparent reason. You can access a free copy of your credit report.
*Copyright 2007 and 2005, Javelin Strategy and Research. All Rights Reserved. This report licensed for use by Columbia Credit Union use only. It is protected by copyright and other intellectually property law. You may display or print for your use only. You may not sell, publish, distribute, re-transmit, or otherwise provide access to this report.