How Common Is Identity Theft

How Common Is Identity Theft

How Common Is Identity Theft

Identity theft is a common problem in countries throughout the world. Identity theft has occurred when someone steals the identity of another individual and uses information, such as social security numbers and credit cards fraudulently. According to the Federal Trade Commission, approximately 9 million Americans experience identity theft each year. The Justice Department refers to identity theft as the fastest growing white collar crime in America, as more victims report identity theft issues each year. The U.S. Government defines identity theft in several ways, including taking over existing accounts, creating new accounts and creating an entire new identity, using the social security number of an individual with a different name and personal information. There are several different ways identities can be stolen and each is a common and growing problem. In millions of cases each year, the perpetrator steals the social security number or credit card numbers and runs up debt on existing credit cards. This can be monitored by checking your credit card statements, but the thief can be using your information for a month or longer before it is noticed. In other cases, the identity thief uses your social security number and personal information to open new credit card accounts in your name. This form of identity theft is potentially more damaging because the fraud may not be noticed until you try to apply for credit and get denied or debt collectors begin to contact you for payment of fraudulent debts. There are many other ways to use your personal information once they?e gotten it. Identity thieves have used personal information to open bank accounts, rent apartments, purchase vehicles and even buy houses in the name of another person. In order to steal your identity, the thief must first steal your personal information. This can be done in several ways. The identity thief can steal bills, credit card statements, credit card numbers, bank information and other financial and personal documents by picking pockets, purse snatching or stealing from the mail or garbage, as well as through electronic means. One electronic method for stealing personal information is known as phishing and involves impersonating a bank, credit card company or financial institution. Urgent emails are sent warning people of possible identity theft and a request that the person clicks a link in the email to reset their password. When you click the link, you are taken to a fake website and the thief records all your personal information when you change your password. Understanding identity theft and taking steps to prevent it is essential to protecting your good name. Identity theft is common, but you can prevent becoming one of the over 9 million people who have their identities stolen every year. There are steps you can take on your own, such as monitoring your credit report and carefully reviewing all your bank and credit card statements every month.

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