Defining Identity Theft
Identity theft is a crime involving someone impersonating a victim for the purpose of financial gain or other personal gain.The victim could be an individual or a business, and the perpetrator could be one person or several individuals acting as part of a theft or fraud ring. Often, the theft of a personal or business identity is used to commit other crimes as well, such as credit card fraud, submitting loan applications in another person’s name, and so on.
Impersonating someone for personal gain has been a problem for centuries, but it has become more prevalent as easily accessible information about people has become more prevalent.Whereas common targets for identity theft used to be the very rich or famous, today ordinary citizens are much more likely to be victims. Here are a few statistics that have been accumulated in recent years by various U.S. government agencies:
- Identity theft is a crime that happens to ordinary people, just like you and me; the average age of victims is 41.
- The U.S. Secret Service estimated the cost of identity theft at $745 million in 1997. Since that time, identity theft has become more prevalent, with total costs estimated in the billions to victims, financial institutions, and taxpayers.
- The number of new cases of identity theft is on the rise.This relatively new trend is the result of the internet’s influence on easy information access.
- Identity theft affects people with good credit or high income more often than it affects those with a poor credit history or low income.
- Identity theft was reported to the Federal Trade Commission (FTC) in 69,370 complaints from November 1999 through June 2001
Identity theft was reported to the FTC at a rate of about 3,000 calls per week, up from 2,000 the year before, according to FTC Chairman Robert Muris in April 2002 (www.technews.com).
Identity theft costs victims an average of 175+ hours and $1,000 in out of pocket expenses to clear their names, according to The Identity Theft Resource Cente.
For the sake of clarity, here are a few examples of actions that constitute identity theft:
Having your wallet stolen is not identity theft. However, if your wallet is stolen and, subsequently, the thief uses your driver’s license and credit card to make a purchase, the crime becomes identity theft.
Losing your ATM card does not constitute identity theft. However, identity theft occurs if you lose your ATM card and someone finds it and then obtains your PIN (personal identification number) to withdraw money from your bank account or uses your ATM card in some other way for financial gain.
Having your cell phone stolen is not identity theft unless the thief makes calls using your phone or uses the data stored on your phone in some way in an effort to impersonate you.
Understanding identity theft
- How Identity Theft Works – How Thieves Can Steal Your Identity and make use of it
One of the well-promulgated threats to personal security nowadays is actually identity theft, through which a person's exclusive financial details are stolen, after which it is put to use illegally. These details may be used in many different ways. ...
- Risk Factor Test – What is your identity theft risk?
Take this test to determine your risk factors. If more than half of the following statements are true, you are at high risk for identity theft. You receive at least one loan solicitation or pre-approved credit offer each week. ¡ You usually toss...
- Striving for Theft Prevention – Best identity theft prevention tips
Can you really absolutely protect yourself from identity theft? Sad to say, the answer is no. In case a thief is really skilled and determined, he or she will find a way to acquire your data. However, you are able to do something in order to lessen the...
- Personal identification – Your identity ?
Personal identification - Your identity ? The use of a seal, card, or other identification while making a purchase or signing a contract is a custom almost as old as history. As merchants and their customers have begun using the Internet in recent y...
- Defining Identity Theft
Defining Identity Theft Identity theft is a crime involving someone impersonating a victim for the purpose of financial gain or other personal gain.The victim could be an individual or a business, and the perpetrator could be one person or several i...
- Business Identity Theft
Business Identity Theft In reality, there are different kinds of identity theft and the one that is not noticed so much is called corporate or business identity theft. Even though it is ignored most of the time, people should still take time and kno...
- Protecting Your Social Security Number – How to prevent ssn theft
Protecting Your Social Security Number Contrary to what many people think, few laws restrict private businesses and people from requesting your Social Security Number. Even though Social Security Numbers had been by no means intended for the purpose...
- What to do when your identity is stolen ? Reporting identity theft
Ways of Exposing Fraudulent and Identity Theft Cases We cannot deny the fact that there is an increase in the cases of identity theft these days. And, if these would happen to a person then he or she may do some of these things immediately. Reportin...
- Obtaining credit card report – know what others may know about your financials
Obtaining credit card report An exceptionally superb hacker will have a way to look at your full credit report possibly by means of social engineering (for instance impersonating your landlord) or breaking into the database.The credit bureaus try ev...
- Taking Benefit of Marketing Opt-Out Programs
Taking Benefit of Marketing Opt-Out Programs Some other action you possibly can choose in order to prevent your personal information private is to pursue every single opportunity to inform direct entrepreneurs, financial institutions, along with org...
- Do you really understand identity theft
These Commonly Asked Questions are designed to both measure an individual's understanding of the concepts introduced in this section and to advise you regarding real-life execution of those concepts. Q:I received an e-mail from my Internet Service P...
- Closing Bank and Loan Accounts
Closing Bank and Loan Accounts If money out of your checking, savings, or another bank account was stolen, you will not be capable of limit whatever is lost instantly, unless of course possibly you bought separate insurance that covers you in the ev...
- Notifying the Federal Trade Commission (FTC)
Notifying the Federal Trade Commission (FTC) The final step you have to take would be to call the Id Theft Toll-Free Hotline at 1-877-IDTHEFT (1-877-438-4338).The FTC may be the central point of contact within the Federal government for confirming o...
- Coping with Telephone Fraud
Coping with Telephone Fraud One of the most lucrative phone ripoffs occurring nowadays is connected with telephone 900 numbers.You may get a message in your pager or mobile phone showing a telephone number you're designed to call back.The telephone ...
- How You Can Protect Against Identity Theft
ibfog --> video Never respond to phishing attacks. Financial institutions rarely send emails asking that you log in to your account, so never click an email asking you to do so. Instead, call the institution or log in to your account on your own,...
- How Identity Theft Works – How Thieves Can Steal Your Identity and make use of it
One of the well-promulgated threats to personal security nowadays is actually identity theft, through which a person's exclusive financial details are stolen, after which it is put to use illegally. These details may be used in many different ways. ...
- How Credit card is stolen – How Financial Firms Detect Credit Card Fraud
One of the most common ways in which credit card information is stolen is the simplest-physical theft. A thief steals a wallet or purse with the credit card inside, or she steals the credit card itself. Dumpster divers look through dumpsters in sear...
- Following the Black Market Credit Card Money Trail
Most stolen credit cards are not used by the thieves who steal them. Instead, they go onto the vast Internet black market for credit cards. The trail starts when a thief steals many credit card numbers. often by hacking into a financial site or via a...
- Credit Card Security - Online credit card security standards and features
What is actually the most insecure thing regarding your life? In case you are the average person, it is your credit card to be more vulnerable, your credit cards since the majority of persons have several credit cards. Credit cards are being stolen ...
- The Threats of Data Mining
To reside in today's modern society is always to give electronic traces of yourself with nearly all actions you are taking. Purchase a meal in a restaurant? It is likely you purchased it for using your credit card. Obtain a library book? There may be a...
- The Federal Government, Level of privacy, and Digital Surveillance
Much is made concerning the dangers in your privacy through hackers, identity thieves, as well as businesses. Though the greatest threat to your level of privacy comes not necessarily from them, but instead with the federal government and it is massive...
- Physical Theft - Physical credit card, wallet and personal details Theft
If you ever left your handbag or wallet at a place where it may be stolen, it will undoubtedly be. A wallet stuffed with credit cards having a driver’s license and maybe a Pin number written down over a small note is comparable to jackpot for an iden...
- Unauthorized Credit Cards - Credit card fraud and unauthorized charges on credit cards
If you are getting a statement for the credit card that you don't own is probably that some other person has issued a credit card in your name. To be aware of the statements you must obtain every month and also the dates when they usually come will cer...
Comments on this entry are closed.