How to shred the hopes of identity thieves

We often think of identity theft as being a crime that victimizes people online. Scam e-mails, text messages and other lures make it important to be vigilant in the digital world.

Yet it is often through old-fashioned paper documents that identity thieves get the information they need to steal one’s identity. That’s why it is so important to stay aware of what you are throwing into the trash or recycle bin each day.

Every household should have a crosscut document shredder. Because many do not, it’s important to take advantage of events like the BBB’s “Secure Your ID” shredding day on Oct. 3.

If you think simply ripping up a document or a piece of junk mail before you toss it will prevent a criminal from stealing your information, you are mistaken. Thieves will spend as much time as necessary to piece together those puzzles from your trash.

When they are done, your information is compromised and your identity is at risk. The payoff to these crooks is huge and it may be from your own bank account.

What thieves love to find

Here is a partial list of thrown-away items that a crook can make use of:

▪ Expired credit and debit cards

▪ Credit and debit card receipts and statements

▪ Unused credit card checks

▪ Those “junk mail” pre-approved credit card offers and applications

▪ Canceled checks

▪ Any investment, pension, savings or checking account statements

▪ Paycheck stubs or wage and earnings statements

▪ Phone and utility bills

▪ Any invoice, any statement

▪ Tax returns and documents

▪ Medical bills

▪ Insurance claims or policy information for auto, life or health insurance

▪ Expired ID documents like driver’s licenses and passports

▪ Used airline tickets and travel itineraries

Even seemingly harmless junk mail fliers that have your name and address can be of use to crooks.

What to hang on to

Of course, some paper items should be kept and stored in a safe place. Use this guide to tell you what and how long:

One year or less:

▪ Pay stubs

▪ Statements from your bank, Social Security, insurance companies, retirement plans, credit card companies

▪ ATM receipts (until reconciled with your monthly statements)

▪ Utility bills

▪ Any receipt needed for income tax filing purposes

Three years:

▪ Items possibly needed in the event of an IRS audit such as thank-you letters from charities and year-end investment statements

Six years:

▪ Documents from a home’s sale, purchase or improvement expenses, for six years after your home is sold

Seven years:

▪ State and federal tax records and receipts

▪ Your 1040 tax return (save these forever, in fact)

During 2014, 12.7 million Americans fell victim to identity thieves. Work to keep from being one of those unfortunate folks this year and throughout the future by making use of shredders.

This story was originally published September 25, 2015 at 3:41 PM with the headline "How to shred the hopes of identity thieves."