subject: The Truth About Identity Theft [print this page] Just 20 years ago, less business was completed using electronic means. Cash was still hanging on as king and when you purchased, you still went to a store in your community. As more business is done online or through ATMs, credit cards, and even mobile phones, this has opened numerous places for identity thieves to find your vital information and use it for ill-gotten gains.
The first question to answer is the question of frequency. Is identity theft really as widespread as the hype about it would suggest? In 2007, there were 8.7 million victims in the United States. If that number were the amount of people infected by a flu virus, we would be greatly alarmed so it is safe to say that identity theft is definitely a problem in our country.
Next, how damaging is it? The answer to this is that in most cases, it's more of an annoyance instead of damaging. Providing you didn't send a thief any money, you will rarely be out any money. Credit card companies cannot hold you liable for the expenses that come from a thief. Remember, though, there is still large potential for losing money but if you are a victim, remember that you will probably get your money back.
Don't think you will get out of it easily, though. Statistics show that the average person will spend between 40 and 600 hours cleaning up after identity theft. Getting new credit cards, filing dispute charges, getting your credit report and reviewing that and sometimes new government documents take a lot of time. Because many of the agencies are only open during business hours, you will have to take some time off of work.
Identity theft can take place in a variety of ways. In fact, criminals are frequently finding new ways to get their hands on your data. Even your IPhone is vulnerable to computer hackers. They can also go through your trash, steel your atm card information, and even use your social security number to steal from you.
Identity theft is one of those areas where the best defense is a good offense. First, buy a shredder. Anything with any identifying information on it should be put through your shredder. Next, don't answer any e-mail that asks for personal information. Call the company and ask then if any request of a personal nature is legitimate. Last, review your credit card statements as closely and frequently as possible and immediately report any errors.
Often, you can prevent identity theft by making good choices. You wouldn't leave your favorite diamond where anybody could get to it. Think of your personal information the same way.
