Identity Theft. This is a common worry for all of us, based on the tremendous publicity about protecting social security numbers and bank accounts. Perhaps you have had personal experiences of unauthorized exploitations of your own identity and assets.
A recent email caught my attention because it dealt with identity theft of a deceased person.
What is Involved? If there is a scam involving use of a credit card or social security number of a deceased person, the decedent is obviously not in a position to care. However, the decedent=s estate, trust or spouse could be involved in an unpleasant mess. As you are no doubt aware, the time and sometimes expense of sorting out an unauthorized credit card purchase or bank account withdrawal can be aggravating. If professional help from an accountant or attorney is used, that will mean an out of pocket expense.
A joint credit card account is an especially dangerous target because a surviving spouse may have to fight off the collection efforts for unauthorized expenditures. In our practice we see the effect that such collection efforts have on a surviving spouse who is the typical target on a creditor collection, whether the spouse is a joint signer or not.
Other Scams. It is always possible that a thief may seek to use an identity and social security number for immigration purposes, as a cover for other illegal activities or simply as an alias.
Some Suggested Steps. Typically in our area, a funeral home will notify Social Security immediately in the event of a death. It is important to verify that this has been done. Similarly, we would recommend notifying the credit reporting agencies of the death, so that the credit files are immediately brought up to date. For the record, the agencies and phone numbers are:
Equifax - 888-766-0008
Transunion - 800-680-7289
Experian - 888-397-3742
Other Experiences. I recently received two absolutely authentic-looking emails from a bank where I maintain an account. These communications, with the appropriate bank logo, stated there were irregularities in the account and that the account could be Asuspended@ unless I contacted them. Fortunately, the response link was blocked and I never made communication with the sender. When I contacted the bank=s customer service office, I found out that the emails were forged and were an attempt by someone to get by account information. This information could then be used to make charges against the account by telephone. Needless to say, I was upset at both receiving the emails and at learning that they were fraudulent.
Several years ago, I had two unauthorized telephone withdrawals from accounts at a different bank. After the second one, I closed the account on recommendation of the bank. (Which stood the loss in each case.) My experiences involved very minor amounts of money. Friends have told me of unauthorized charges on their credit cards of $5,000-$20,000 in two different instances. Sometimes the banks pick up these charges, but sometimes they slip through bank security and it is up to the cardholder to find them in their monthly statements.
Moral of the Story. Be sure to be wary of emails asking for personal or financial information. Make sure that you and your family are vigilant about clearing the credit history of any deceased member of your family to avoid aggravation, time and expense. Check your credit card bills carefully to discover any unauthorized activity.
If we can be of any assistance in estate planning or probate for you, family members, friends or relatives, please contact Jim Modrall or any of the attorneys listed below.
Donald A. Brandt, Joseph C. Fisher, Thomas R. Alward, Edgar Roy, III, Matthew D. Vermetten, Thomas A. Pezzetti, Jr., John M. Grogan, Susan Jill Rice, Gary D. Popovits, H. Douglas Shepherd, Laura E. Garneau and David H. Rowe at (231) 941-9660
©BRANDT, FISHER, ALWARD & ROY, P.C.
This newsletter is provided for informational purposes and should not be acted upon without professional
advice.
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