The theft of an individual’s Identity is on the rise in the U.S. In fact, it’s presently at an all-time high. In this sinister crime, thieves illegally gain access to your credit files. They then steal your personal information and then use it to apply for credit. And who gets billed for their illicit purchases? You do! A poll conducted recently revealed that more than 33 million Americans have been victims of identity theft or fraud.

Identity theft causes a lot a lot of heartache and anguish for anyone that it happens to, never mind the billions of dollars that are stolen.

But another sad fact that is happening today is the government is keeping close tabs on how much money is being deposited or withdrawn from banks and brokerage firms. And many people aren’t aware of this.

So, to protect your identity (and privacy) here are some methods you can use to protect yourself and your privacy.

Never put your street address, phone number, Social Security number (SSN) or driver's license number on your checks. And don't allow store clerks to write this information on your checks either.

Never carry a wallet/purse having identifying documents in it, especially any document having your home address or SSN. It’s recommended that you carry your driver's license and credit cards in a money belt. And, to reiterate, never carry any document with you that has your SSN on it.

Protect your SSN. Your SSN is the most sought after number by identity thieves (as well as attorneys seeking to determine if you have sufficient assets to make suing you worthwhile.) You should disclose it only when you are applying for credit or opening a bank account. In some states, you must disclose your SSN in order to obtain a driver's license. However, you have the right to insist that the SSN number does not appear on the license.

When creating passwords for your computer, and personal identification numbers (PINs) for banks or brokerage accounts, you should never use the last four digits of your SSN, your date of birth or other easily guessed number. NEVER write down passwords or PINs!

Avoid depositing or withdrawing more than $10,000 in cash from a U.S. bank account. Doing so will have you subjected to a barrage of questions as to your motives' for using such a large amount of cash. Additionally, all U.S. banks are also required to submit a form to the federal government reporting cash transactions of over $10,000. If you must make a large cash deposit or withdrawal, it would help if you casually mention to the teller that it's all right to file whatever 'paperwork' might be necessary. The bank will still have to file the form to the government but, if you are viewed as being 'cooperative,' the transaction is much less likely to lead to a report of a 'suspicious transaction,’ the freezing of your account or your arrest for money laundering.

If your wallet is stolen, you should take immediate action to prevent identity theft. Call your credit card companies and cancel any credit cards that your wallet/purse contained. You should also call the 'big three' credit bureaus and ask that your account be 'flagged' for possible fraudulent access. The companies and the phone numbers are Equifax: (800) 525-6285; Experian: (888) 397-3742; and TransUnion: (800) 680-7289.

If you would like more information regarding asset protection, trusts, family limited partnerships or the subject of this article please call or email our office.