Bankruptcy

FTC Supports Data Security Legislation

By guest-writer

Even though federal law protects victims of information crimes, every year some people who file for bankruptcy cite identity theft or another information crime as one of the reasons for their financial distress. And, in an age of increasing online transactions, we?re more exposed than ever to data breaches that could lead to serious privacy risks.

That?s why it?s good news to hear that the FTC recently testified to Congress in favor of data security legislation.

Your Personal Data & Finances

You probably already know that your Social Security Number, your credit card numbers, your bank account numbers and similar information are valuable and should be guarded carefully. But, it seems, some businesses that collect and store our personal information don?t always take the same precautions we might ourselves.

The FTC testimony specifically suggests the passage of laws that require the following:

• Businesses that make claims or promises about data security must know that these claims are accurate and up to date.
• Businesses should take steps to guard against well-known technology threats to data security.
• Businesses must know the recipients, if any, of sensitive consumer information.
• Once they no longer need sensitive information, businesses must not continue to store it.
• When disposing of sensitive information, businesses must do so properly and completely.

If it surprises you that these laws aren?t already in place, take note. This should serve as a wake-up call to remind you to keep careful track of your personal information at all times.

Protecting Your Information and Money

So how can you reduce the threat of identity theft and thus lower your chances of becoming a victim? Here are some pointers from the FTC:

• Shred sensitive documents when you?re finished with them. This includes medical documents, financial papers, and anything else that has identifying information about you or your family.
• Protect your Social Security Number. Keep your Social Security card in a safe spot (not your wallet) and don?t give this number out unless you?re obligated to by law. If you?re asked for your SSN, question why the company needs it, how it will be used and whether you can give an alternate form of identification.
• Keep your personal information safe. Don?t communicate any sensitive info over the phone, through email or over the Internet unless you?re certain who?s on the other end.
• Be suspicious of strange emails. If you get an email from an unknown source with a link or an attachment, avoid clicking on them ? they could be viruses.
• Keep your passwords obscure. Using important dates or family names can make it easy for identity thieves to access your accounts.
• Keep your personal information secure. At home, take special precautions if you have roommates or non-family workers coming and going.

If you?re concerned that you may have been the victim of identity theft, speak with a lawyer today to learn about your rights.

Full post as published by The Bankruptcy Blog on September 29, 2010 (boomark / email).