In the All About You feature, you learned about the dangers of identity theft. To protect your-

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In the “All About You” feature, you learned about the dangers of identity theft. To protect your- self from identity theft, you should understand how it can happen and learn what you can do to prevent it. Identity theft occurs when someone steals another person’s personal information and uses it to commit a crime by impersonating that person. Thieves can steal things such as social insurance numbers, credit card numbers, and passports. They can do this in any number of ways, including by stealing mail from mailboxes, stealing wallets from cars, getting discarded information from the garbage, tampering with bank machines, and buying information from dishonest employees working in places that store personal information. There are several signs that you may have been the victim of identity theft. Monthly bills and bank statements may not arrive on time, which could mean a thief has redirected your mail. You may get calls from creditors seeking money for transactions you never authorized, which could mean a thief has opened an account in your name. Your bank account or credit card bill may show charges you never authorized, which could mean a thief stole your credit card and is using it. The Ontario Ministry of Consumer Services recommends taking steps to protect your identity and reduce the risk of identity theft. Always keep important documents, such as social insurance numbers, passports, and birth certificates, in a safe place. Review statements every month from credit cards and banks to make sure there are no unauthorized charges, and report any errors, no matter how small, right away. If a bill or statement is late, contact the financial institution right away. Always shred old credit card bills and bank statements prior to disposal. Instructions Imagine that you and your family fly to Florida to spend spring break in a resort hotel on the beach. Answer the following questions regarding steps you would take to try to prevent identity theft.

(a) What would you do regarding your home mail delivery before you left?

(b) What information would you put on your luggage tags before you left?

(c) What would you do with your passports before you left and after you arrived?

(d) What would you do with your credit cards when you buy souvenirs? 

(e) What would you do with your credit card statement when you got home?

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Principles Of Financial Accounting

ISBN: 9781118757147

1st Canadian Edition

Authors: Jerry J. Weygandt, Michael J. Atkins, Donald E. Kieso, Paul D. Kimmel, Valerie Ann Kinnear, Barbara Trenholm, Joan E. Barlow

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