Identity Theft Expert Answers: Robert Siciliano of IDTheftSecurity.com

Posted by Joe on December 19th, 2008

Thanks for visiting the NextAdvisor Daily blog. You may want to subscribe to our RSS feed.

Today is our first installment of our new Expert Answers feature on the NextAdvisor Blog. We are very happy to welcome our inaugural guest and identity theft expert, Robert Siciliano.

Robert Siciliano is CEO of IDTheftSecurity.com, a professional speaker and a television news correspondent, security analyst and author. He delivers presentations throughout the United States and Canada on identity theft protection, information and personal security. Siciliano's thoughts and advice on all these matters appear often in both the televised and print news media including CNN, MSNBC, CNBC, FOX, Forbes and USA Today. He has 25 years of security training as a member of the American Society of Industrial Security. He is the author of 2 books including The Safety Minute: Living on High Alert; How to take control of your personal security and prevent fraud.

NextAdvisor.com: How did you first become aware of the threat of identity theft?

Robert Siciliano: I was hacked in the early 90's. My business was a victim of numerous forms of credit card fraud. Shortly after a friend of the family had her ID stolen. At the time, late 90's, law enforcement wasn't clued into the crime. I worked with the victim and we learned who the perp was. She was eventually arrested and had 45 prior arrests for fraud. When convicted, she received a one year suspended sentence. A "slap on the wrist" as they say. I knew then that identity theft was going to be the biggest thing ever.

NA: What is the biggest identity theft risk that people face today?

RS: Financial identity theft is the most prevalent. With almost half of identity theft being credit card fraud including existing accounts or new account fraud. However criminal identity theft is much more insidious because an identity thief can actually live as you and commit crimes as you. Once arrested, then posting bail, they skip court, then there are warrants for your arrest. Criminal identity theft can result in false convictions on your record such as assault, rape, drug offenses or worse. But the scariest and potentially deadliest is medical identity theft. Not only does the identity thief gain medical procedures, insurance money and drugs, they may effectively change your medical records resulting in potentially life threatening errors on your record.

NA: What is the biggest identity theft myth?

RS: There are 2. First myth is "you should protect your Social Security Number". This is not possible. Your SSN is everywhere and its already in the hands of thieves. The second is that "identity theft protection" protects you in all its forms. At best, some, not all, identity theft protection products protect your financial identity to a point. But none will protect you 100%.

NA: What are the best identity theft protection resources available to consumers?

RS: There are numerous. The most effective way to lock down your personal identity is with a credit freeze. A credit freeze prevents anyone from checking your credit, which means they wont grant you credit because they cant determine your ability to pay back the lender. However a credit freeze is clunky and not the best form of protection for someone who needs access to fluid credit. The next best option is a fraud alert. A fraud alert prompts a creditor to contact the "owner" of the credit report prior to granting credit to determine the authenticity of the transaction. This is free for the do-it-your-selfers and only last for 90 days. Which means a manual re-do every 90 days to be effective. For most people with $99.00 a year to spare, investing in services that provide an ongoing fraud alert for you is more effective.

NA: What advice would you give parents that are worried about child identity theft?

RS: You should worry, because its real and it is happening every day. And worry about strangers, but worry more about ex-husbands, wives, boyfriends and girlfriends that have/had access to your kids data. That said, there arent a whole lot of protections for children. A few companies however will submit fraud alerts to the credit bureaus every 90 days in your child's behalf. This is a proactive step.

NA: What is the single most important thing that people can do to protect themselves from being victimized by identity thieves?

RS: Identity theft is a giant prehistoric octopus. Educate yourself on the many facets of the problem and learn your options to defend yourself from each leg of this monster.

You can learn more about Robert Siciliano by visiting IDTheftSecurity.com. To learn more about identity theft protection services, visit our identity theft protection service reviews and comparison.

• Reader Question: How do I set a fraud alert on my credit report?
• Reader Question: What should I do if I think I have been a victim of identity theft?
• Debunking the case against LifeLock
• NextAdvisor.com Fraud Alert and Credit Freeze Guide
• NextAdvisor.com guide to protecting your identity the LifeLock way