What is Identify Theft and Identify Fraud?

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Identity Theft is a Crime

 Over the next few months I will write about Identify Theft and Identify Fraud.  Everyone needs to know what Identify Theft is and how to protect themselves against it.

What happens is that someone steals your personal information.  They then pretend to be you and open bank accounts, buy goods, order credit cards, and steal money among many other things.

This has become a growing issue and is getting bigger everyday. 

Here are some stats from 2008.

• Number of victims rose 22% from 2007

• Record 9.9 million victims

• About one in 23 US adults became a victim

• $45 Billion in total losses

• Average Loss:  $4,849

• Average spend to clear up loss:  $496

• 43% of Fraud:  Stolen or Lost Credit/Debit cards, checkbooks, and wallets.

• ATM PIN Numbers were compromised in 25% of the cases.

As you can see, by the stats above, you need to learn more about Identity Theft and Fraud.  You need to protect yourself so you don't become a victim.

 

What Personal Information are they looking for?

• Number One:  Social Security Number

• Bank Account Numbers

• Credit Card Numbers

• Phone Calling Card Numbers

• Statements from any companies you do business with.

• Birthdays

• All other personal data

How does someone steal your identity?

• Dumpster Diving:  They will look through your garbage for bills and other papers with your personal information.
     

• Skimming:  They use a small electronic card reader to copy your credit card number.  They even have a small reader that fits into an ATM Machine and you think you are getting cash, but instead the crook gets your credit card information.  Another example  is a waiter takes your credit card to pay your food bill.  While out of your sight, they run your card into their reader and get your info.

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