Protecting Your Joint Identity
One of the most rewarding things about becoming a couple—though one that can also take some adjustment—is forging a new identity as a twosome.
You may identify as a new couple now, but that new identity, unfortunately, is just as vulnerable to theft and fraud as your own, individual identity.
You protect your joint identity in the same ways you protect it as a single person. Among the most effective defensive measures are:
Being careful to protect your PINs and Social Security number
Handling financial transactions only in a private, protected wifi area—never a public one
Choosing strong passwords for online accounts and changing them periodically
The downside, when there are two of you, is that there’s twice as much information, and perhaps twice as many assets, to protect. And there are now two access points, through you and through your partner.
Security Summit
To be sure you’re safeguarding your identity effectively it makes sense to have a thorough discussion early in your relationship to discuss the approach each of you has been taking to prevent identity theft and whether there are changes that might strengthen your defenses.
You can never be too suspicious, for example, of someone who claims to be from the IRS and wants to confirm your partner’s Social Security number and date of birth. Those two pieces of information alone can wreak financial havoc if they end up in the wrong hands.
Identity thieves may also contact you with upsetting (but untrue) news that your partner has been injured in an accident or even arrested. The caller claims all he (or she) needs to arrange for hospital admission or pay bail is your credit card number and security code. The scammer is counting on you being too concerned to think clearly and recognize that the request is ridiculous.
Outsmarting Thieves
To preempt access to your financial data, you might decide to make all online purchases through a payment service that uses encryption software that protects your credit card or bank information. Or you might make all online purchases with the same card, so that if that information is compromised, your other accounts are still safe.
A shredder can be a great tool in the fight against fraud. They’re not expensive, and using it faithfully to discard any paper with identifying information can forestall unauthorized use of your information. At the top of the “shred it!” list is the line of credit checks with your account information that some credit card companies persist in sending from time to time.
Here’s a list of some more measures you can take to prevent threats to your identity:
Carry only the credit and debit cards or other forms of ID that are absolutely necessary on a daily basis. Keep the rest in a secure place at home.
Monitor your bank and credit card statements regularly, checking your receipts against the details of those documents.
Request that your Social Security number not be used as an account number or ID. It may be a losing battle now, but there is growing recognition that Social Security numbers are used too often and for too many different reasons.
Don’t respond to email requests for contact information, passwords, or other requests.
Consider using a credit card with a virtual account number security feature that generates a unique account number for each online purchase.
Make sure you have up-to-date antivirus software on your computer.
Don’t Just Assume It’s Legit
If you see a charge on a joint credit card that seems unusual in any way (maybe the amount, or the place where the purchase was made) or a withdrawal from a joint checking or savings account that doesn’t follow your regular pattern, don’t just assume your partner was responsible. Ask about it! It could be a case of theft or fraud.
Check Your Credit Report
It’s also essential to check your credit reports regularly for evidence of unauthorized use of your credit accounts. That includes accounts that you didn’t even open, but that may have been set up without your knowledge by someone who has gained access to your critical data.
Each of you can access your own reports for free three times within a twelve-month period at www.annualcreditreport.com. This gives you six views a year as a couple, or one every two months. Though that may seem quite frequent, the sooner you catch a problem, the easier it should be to resolve.
If you’re using a joint credit card or each of you is an authorized user on the other’s card, any misuse of those cards will show up on both of your reports.
Don’t Let Love Be Blind
One of the most egregious cases of identity theft is when the perpetrator is a loved one. It happens more often than you would like to think. Because your partner has access to all the sensitive information needed to open an account, it’s relatively easy for him or her to get a card in your name, and start spending.
To make matters worse, most credit card companies won’t forgive the charge unless you file a police report about the theft. Filing charges against a partner (or former partner) is something that many people can’t bring themselves to do, even if it means that they are responsible for paying off the debt.
Asking Permission
Though it might not approach the level of illegal identity theft, unauthorized use of your credit card by your partner is also a serious problem—not only financially, but also with regard to your relationship. You need to set clear parameters with each other about when it’s okay to use the other person’s credit card, including what you’re buying and how much you’re spending. You certainly don’t want to surprise your partner with a credit card balance much larger than he or she was expecting, or prepared to cover.