How to Prevent Credit Card and Identity Theft

Chicago is known for the enthralling summer festivals that are thrown every year; however, guests are often having so much fun that they aren't cautious with safety. At the 2008 Taste of Chicago, I had the misfortune of having my wallet stolen out of my purse. I lost all of my credit cards, some gift cards, and other items of value. Not to mention, I had to deal with the hassle of canceling my cards and looking for fraudulent activity on my cards. Unfortunately, I noticed a $265 charge on my Shell gas station card, which is currently being investigated. So as to prevent this situation from happening to others, I'd like to provide some suggestions as to prevent a theft from happening and to protect one's identity if it does happen. Although I did not act with caution at the Taste, I'm hoping that my experience can help protect others.

1. First, it's necessary to make a list of all of your credit card numbers and expiration dates. Also, list the numbers of the credit card companies' theft hotline so that you don't waste time looking this up while your card is being used. Leave this information in a safe place; perhaps even place it in a safety deposit box. Having this information will help make the cancellation process easier.

2. Ladies, leave your purse at home during big events. I made the mistake of bringing a bag without a zipper, in which the thief easily reached in and stole my wallet. Men, place your wallet in your front pocket so that it's less accessible.

3. Don't carry cash, or if you must, carry small bills. I lucked out in this case because I only lost about $20 in cash. Bring enough money to cover the event and an extra $20 for emergencies.

4. Leave extraneous cards at home. I made the mistake of bringing my whole wallet to the Taste, which included all of my credit cards, my bank card, store credit cards, and more. I didn't need any of these, but I also didn't think to take them out ahead of time. Take a minute and remove the cards you don't need; bring an ID, your cash, and possibly one credit card or debit card for emergencies.

5. Also, leave your Social Security Card at home! I'm surprised by how many people carry this card; I made this mistake until a few months ago. Put this in a safe place along with that list of credit card numbers and information.

6. In a big group, be conscious of your surroundings. At the Taste, I was more interested in the different foods than who had his or her hand in my bag. In turn, I lost my wallet and my appetite. Even in a big crowd, pay attention to who is nearby. Also, seek out officials in charge of crowd control.

7. If you do become a victim of theft, file a police report. If possible, make this the first thing you do. It doesn't take long, but it will be vital to have a report and reference number if you need to cancel cards or report credit card fraud. Most companies will ask if you have filed a report and also ask for a reference number, so it's important to have one on file.

8. Sign up for identity theft protection from your credit cards. Although this is an additional monthly expense, it also offers peace of mind. I had signed up for theft protection through my Discover card, thinking that I would never use it. However, it has been a constant help as I have been closing my old accounts. I receive an alert (either through e-mail or a text message) any time credit is opened in my name, along with information as to how I can contest these charges if they aren't mine. This service provides constant relief so that I can make sure that my identity is protected.

9. Call your credit cards as soon as possible. Make sure to put a hold on all of your cards and request new accounts. Also, ask if it is possible to get your new cards expedited to you. I was without any credit cards, bank cards, or ID for a few days, which was frustrating. Being cut off from funds isn't fun, so see if you can speed up the process. Also, make a list of the name of the card company's representative that you spoke with, along with the time you called.

10. Finally, call the three credit bureaus and ask to put a hold on your credit. If you choose this option, you will be notified by phone any time someone tries to open credit in your name. You will also have to present ID if you are making a purchase or authorize larger purchases. Again, this feature helps to give consumers peace of mind.

Although I would not want anyone to share in this experience, I hope these tips will be helpful for anyone who might find him or herself in a similar situation. So, get out there and have fun - but remember to stay safe in the process!