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Money Management (Distributed by the New Jersey Society of Certified Public Accountants)

Don’t Allow a Theft, Fraud or a Con Ruin Your Holidays

Take a Few Simple Precautions and Be Alert

Anyone who is affected by a property crime loses much more than money or the cost of replacing stolen items. The victim loses the time needed to deal with the loss, and even worse, is robbed of good feelings that are replaced by anger and frustration. With identity theft recognized as the fastest growing type of crime in the nation, and petty theft and fraud still prevalent, it makes sense to take a few precautions now, before the holiday shopping season.

Credit cards, which have facilitated many types of theft and fraud, are a good place to start. The care and safekeeping of credit card information is essential.

"Make sure you know where all your credit cards are at all times," says David E. Hess, CPA, a certified fraud consultant at the Hunter Group CPA in Fair Lawn. "Inspect your credit card statements carefully. Watch for suspicious transactions. And keep a list of all your credit card numbers in a very secure location. Include the customer service telephone numbers that you would have to call, in case a card is stolen."

Take all the standard precautions: Keep your receipts, for example, and don't carry confirming identification such a Social Security card, along with your credit cards.

If you shop online, be very aware of exactly what website you are visiting. Following a link in an email message can lead you to fraudulent websites. You are always better off when you key in the web address yourself. Any financial transaction should be secured by an Internet trust organization such as VeriSign, BBBOnline, and TRUSTe.

"One rule to live by that will always stand true is 'if it sounds too good to be true, it probably is,'" says Harry Gano Jr, CPA of Bond, Andiola & Company in Raritan. "Nobody that has millions of dollars to give you will find your email address and chose that means to contact you. No real bank will ask for your account numbers and passwords with an email message."

The holidays are peak season for criminals. The New Jersey Society of Certified Public Accountants (NJSCPA) recommends a number of additional steps you can take to avoid falling prey to their schemes:

Hold on to Your Wallet

The physical loss of wallets and purses is still the biggest source of data for identity theft. Crowded stores and distracted shoppers are a boon to pickpockets and sneak thieves, so try to limit the cash you carry so you don’t have much to lose. Keep your wallet in a zipped bag, a front pocket or in a back pocket that buttons.

When you use a credit card, monitor its whereabouts during the transaction and put it safely back in your wallet. If your card is lost, report it to the card issuer immediately. And if you use your debit card at an ATM or in a store, be careful that others don’t view your personal identification number (PIN).

Protect Your Packages

Always keep an eye on your shopping bags. If you rest them on the ground, place them in front of you so they can’t be grabbed when you’re not looking. If you leave packages in your car, put them in the trunk or make sure they are out of sight so thieves are not tempted to break in.

Look out for Online Scams

Never provide your credit card or other personal information in response to an email. If you do, you could fall victim to popular schemes like this one: a consumer makes a purchase from a large Internet retailer, then receives an email purportedly from that retailer asking him/her to click on a link and re-enter their financial information. Don’t do it, because there’s a good chance the sender is a con artist looking to steal your personal data. Close out the email and call the retailer’s customer service number to find out if the notice is legitimate.

Check out Charities

Many scammers create bogus “charities” at this time of year to take advantage of people’s holiday generosity. Last year, for example, many phony groups sprouted up pretending to be collecting money for veterans or those currently serving in the military.

To guard against being scammed, it’s best to know the charity you are considering donating to. You shouldn’t give money to anyone soliciting door-to-door, by telephone or via email. Instead, ask for written information about the charity before you donate and see how donations are used. You can also check Web sites such as www.give.org or www.charitynavigator.org to verify the group’s authenticity.


If you would like to receive more information on various financial matters, subscribe to E-CPA, the NJSCPA's free, monthly email newsletter. To subscribe, visit www.njscpa.org/finances or email a subscription request to e-cpa@njscpa.org.

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Money Management is a weekly column on personal finance distributed by the NJSCPA.

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