In contrast to popular beliefs that the majority of identity theft is committed
online by hackers and phishing scams, research specialists report that identity
fraud is more likely to occur when a
thief has direct contact with the victim’s personal information. According to a
2011 Javelin Strategy and Research report, more than 89 percent of all identity
thefts happen through stolen bank statements, lost or stolen wallets, checkbooks
or credit cards, or other off-line means. BBB serving Eastern North Carolina (www.bbb.org)
encourages consumers to take action in protecting their identity by shredding
sensitive documents. To assist, BBB offers the following guideline on what and
when to shred.
Canceled checks
Canceled checks with no long-term significance for tax or other
purposes can be destroyed after one year. However, canceled checks that support
tax returns, such as charitable contributions or tax payments, should be held
for at least seven years—long enough to cover the six-year tax assessment
period. BBB advises that consumers indefinitely keep any canceled checks and
related receipts or documents for a home purchase or sale, renovations or other
improvements to owned property, as well as non-deductible contributions to an
Individual Retirement Account.
Credit card and bank
account statements
Credit card and bank account statements
with no tax or other long-term significance can be discarded after a year;
remaining statements should be kept for up to seven years. If a consumer
receives a detailed annual statement, they should keep it and shred the
corresponding monthly statements.
Credit card contracts and
other loan agreements
Credit card contracts and loan
agreements should be kept for as long as the account is active in case the
consumer has a dispute with their lender over the terms of the
contract.
Deposit, ATM, credit card and debit card
receipts
Consumers should save credit, debit and ATM receipts until the
transaction appears on their statement and they have verified that the
information is accurate.
Documentation of a
purchase or sale of stocks, bonds and other
investments
Investors should retain documentation of a
purchase or sale for as long as they own the investment and then seven years
beyond that time. Monthly retirement and monthly investment account statements
can be shredded annually after being reconciled with the year-end
statement.
Paycheck stubs
Paycheck stubs can be shredded
yearly after the income has been reconciled with a W-2 or other tax
forms.
Utility or monthly bills
Monthly bills should be
shredded the year after being received by the consumer. This way, if it is a
power bill, for example, consumers can compare this month's bill to last year's
bill for any major changes before shredding it.
“It is imperative that consumers take all available precautions to
protect documentation that contains personal information,” says Toby Barfield,
president and CEO of BBB serving Eastern North Carolina. “Identity thieves will
stop at nothing to obtain an unsuspecting consumer’s personal information, and
the consequences can be staggering.”
Additionally, BBB is hosting its semi-annual "Secure Your ID" Day on
Oct. 22, 2011. Free document shredding will be provided to consumers from 8:00
a.m. to 12:30 p.m. in the parking lot of the Coastal Federal Credit Union
headquarters on St. Albans Drive in Raleigh.
Participants are encouraged to bring up to three boxes or bags of
documents that have been removed from binders. At the event, BBB and other
partner organizations will provide tips and resources to help consumers protect
their identity.
Below are recommended items to bring to the shredding
event:
- Documents that include Social Security numbers, birthdates, PIN
numbers or passwords
- Banking
documents and other financial information
- Leases,
contracts or letters that include signatures
- Pre-approved credit card applications
- Medical
or dental bills
- Travel
itineraries
- Used
airline tickets
BBB’s “Secure Your ID” Day is presented locally by Coastal Federal
Credit Union, with free shredding provided by Shred Ace and Cintas
Document Management.
Event information is available at www.easternnc.bbb.org/secure-your-id.
