What Are The Risks Associated With Identity Theft And Fraud?

Identity theft can be simply identified as a crime throughout the world

. Identity theft and fraud are basically the terms used to refer these crimes wherein a person wrongfully gains access and uses personal data of someone else in some way which involves deception or fraud, usually for financial gain. Therefore with the increasing risks of identity theft it is important you take certain precautions to stay away from identity theft and fraud.

How risky is identity theft and fraud

It is much different form your fingerprints which are unique to every individual and cannot be robbed by anyone for their use, but in case of your personal data specially your credit card and bank account number, social security number, your telephone calling card numbers or any other valuable identification data can be easily robbed and used when they fall in the hands of thieves to personally make profits on your expense.

In the United States and several other places, people have filed reports that an unauthorized person has taken funds form tier bank or financial accounts but in some worst cases it has been taken from their own identity. When done in your own identity it can go much further to creating vast debts and also commit crimes in the name of the victim. In most cases the losses faced by a victim might not just include out of pocket funds but some substantial additional financial costs linked to the effort in restoring their personal reputation in the local community and also correcting all the information that was used for criminal activities.

Common ways to commit identity theft and fraud

Most people dont realize how easy it is for criminals to gain access to their personal data without even breaking into their homes. The criminals for instance might engage in shoulder surfing by just watching you from nearby when you type your credit card number or telephone calling card number. additionally the areas around your office or home might also not be safe, as most criminals usually engage in dumpster diving which means going through your communal dumpster, garbage cans or trans bin.

This is just to check if there are any checks, bank or credit card statements or any other record bearing your name, number and address. These bits of information make it easier for them to get control over your accounts and in your name through your identity.

What should you do?

Identity theft and fraud has become a growing crime and there are certain steps you should take to prevent being an id theft victim. Firstly you should be careful about your personal sensitive data by making sure you dont carry your social security number in your wallet. Make sure you also clear your trash bin frequently by either burning or shredding the thrown away documents including your used credit cards. You should also request your credit report to find out if there are any changes done to your account. In case you find any changes make sure you instantly inform the FTC or the credit reporting agencies about the case.

by: John Goldman

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