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Protecting Yourself From Identity Theft and Fraud
The FTC estimates that nearly 9 million Americans are victims of identity theft each year. Victims of identity theft can miss out on numerous opportunities in their lives due to having their identity stolen. Many victims can not find jobs or apply for credit cards and loans since their credit report is mostly negative after an identity theft. Identity theft is basically a term used to describe the illegal use of another person’s identity. This can vary from one extreme to another but ultimately identity theft is the practice of using an identity other than your own, without permission, to commit fraud or crimes. Identity theft can take many forms, including: Financial ID Theft, Identity Cloning, and Business/Commercial ID Theft.
Financial ID Theft is when someone uses another person’s identity to purchase goods and/or services. The identity thief can use the victim’s identity to obtain credit cards and other types of loans, or set up telephone and electricity services for their home. The next form of ID theft is Criminal Identity Theft, which is when a person is arrested and uses a stolen identity to pose as someone else so that they are “innocent.” This allows the person to evade capture and presume a new identity, at least for the time being. Another form of ID theft, termed Identity Cloning is done by stealing someone’s identity and using it as your own on a regular, day-to-day basis. This can be done with Government Documents Fraud which will allow the thief to get a Social Security Card or even a Driver’s License with the victim’s information but the thief’s photograph, and many times coincides with Criminal ID Theft. A person may also use a business’ name to obtain credit on their behalf, which is the case with Business/Commercial Identity Theft. These types of identity stealing are just some of the major forms a theft can take. Many other crimes including illegal immigration, terrorism, espionage, and blackmail stem from identity theft.
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Five Ways to Prevent the Identity Theft Trap
Everyday we read in the newspaper that millions of people all over the world are becoming a victim of identity theft. Identity theft is a serious crime that is punishable by law. It happens when your personal information is stolen and used without your knowledge, it is use to commit fraud, steal or use your identity to commit other crimes.
Identity theft has become a global problem that occurs every minute, and since then this has been the banking industries problem. This is because, it involves major financial losses for the financial industry, as more and more people files for fraudulent transaction. In fact, the most common form of identity theft is the credit card fraud.
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