Protect Against Identity Theft
Despite complex passwords, multiple user
names and 16-digit account numbers supposedly standing guard
over our financial records, high-tech identity theft is
rampant. The price tag continues to soar as sophisticated
thieves find ways to dip into our bank and security
accounts. Here are some safety advisories to pass along to
clients:
Use only your initials and your last name on
preprinted checks. So if someone steals your checkbook, they
will not know how you sign your checks—with your initials or
your first name and last name. But your bank knows.
When writing checks to pay credit card
accounts, include only the last four numbers of the account
number on the “For” line. The credit card company knows the
rest of the code, but a thief won’t.
Leave your home address and phone number off
your checks. If you have a post office box, it’s better to
use that; if not, and you feel a need to add an address, use
your work address and phone number.
If you must include your Social
Security number on checks, write—never preprint. Be wary
about giving the number to anyone but authorized people—your
banker or accountant, for example.
Photocopy the front and back of all the ID
cards (driver’s license and credit cards, for example) in
your wallet. Jot down the credit card issuers’ phone numbers
to call if you lose the wallet, and keep the photocopy in a
safe place.
Immediately after you discover a loss, cancel
your credit cards; that’s why you want those phone numbers
handy. n File a police report as soon as possible in
the jurisdiction where the wallet disappeared. That proves
to credit card providers you were diligent—an issue that may
arise if the thief runs up huge charges.
Immediately call the three national
credit-reporting organizations to place a fraud alert on
your name and Social Security number. Once alerted, any
company that checks your credit immediately will be told
your information was stolen. You should call the following:
Equifax (888-766-0008), Experian (888-397-3742) and Trans
Union (800-680-7289). You also should report the loss to the
Social Security Administration’s fraud line at 800-269-0271.
Advice on Giving Advice Invariably,
the company accountant is going to be asked his or her
opinion on whether a proposed new product or service will be
successful—aside from financial considerations. Keep an open
mind and avoid appearing too conservative or you may be seen
as a pessimist. For perspective, be aware that even the
marketing experts have been shown to be wrong. Some of the
products market research predicted would be flops: minivans,
microwave ovens, cellular phones, Federal Express, the Fox
and CNN news networks and the personal computer.
STANLEY ZAROWIN is a freelance writer in Zionsville,
Indiana. Mr. Zarowin retired from the JofA in 2003.
His e-mail address is
zarowin@mindspring.com . An Invitation
monthly collection of Golden Business
Ideas and invites readers to contribute their
favorites (for attribution, if you like). Send
your ideas to contributing editor Stanley Zarowin
via e-mail at
zarowin@mindspring.com or regular mail at
the Journal of Accountancy, Harborside
Financial Center, 201 Plaza Three, Jersey City, NJ
07311-3881. | |