With very little information a skilled thief can tap into someone’s bank accounts or use their credit cards without authorization, wreaking financial havoc on their victims.
Identity Theft Definition
One identity theft definition says it happens when a person uses someone else’s personal information without their permission to commit fraud or other crimes. Criminals can use information like names, credit card numbers or Social Security numbers to steal money directly from accounts or to take loans or buy things in someone else’s name.
- Steal Money
- Take Loans
- Buy Things
Identity theft occurs when someone uses your personally identifying information, like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes. They can have order services like telephone or wireless access, get new credit cards or even rent apartments in their victim’s names.
Identity Theft
Often the victims know nothing about the situation until they apply for a loan or do something else that requires a credit check. Some of them only find out when the collection agencies start to call. Besides the problems of the debts created, having an identity stolen can keep a person from getting a loan for a car, from getting approval for a new apartment or even from getting a telephone.
Identity Theft Examples
Some identity theft examples include going through someone else’s trash to get personal information like account numbers or using a special device to record credit and debit card information and then using the stolen data to commit fraud. Sometimes thieves will call their victims directly or contact them via the Internet and ask directly for confidential information. A surprising number of people do not think to hang up and call the bank back to confirm that the call is genuine.
- Going to someone trash
- Record credit or debit cards info
- Calling directly on the phone
- Contact victim on the Internet
Thieves can be very clever about getting the information they need. They may complete a change of address card to divert their victim’s mail and then get all the numbers they need from incoming bills and statements. They may also steal what they need directly by snatching a purse or wallet.
Sometimes stealing personal information is a two step process. A thief first collects information from the victim in one of the ways already discussed. They may either use the information themselves or, more commonly, sell it to someone else. That person then contacts the victim’s bank or credit card company and claims to have misplaced checkbook, cards or whatever. A helpful customer service representative may give the thief everything needed to clean out the victim’s account or to steal the identity and start running up bills.
Most consumers do not know how to fix identity theft if it does occur. The first thing to do is call one of the three credit reporting companies and place a fraud alert on the victim’s credit report. Then a credit report should be ordered from each of the three companies. These reports will be free of charge. Then the victim should close the accounts that have been compromised and fill out the forms to dispute any charges made by fraud.
THINGS TO DO
- Place a fraud alert
- Order a credit report
- Close compromised accounts
If entirely new accounts have been opened without the victim’s authorization he should discuss the matter with the police, ask that a report be filed and get a copy. Copies, not originals, of the police reports should be sent to the company that issued the card together with a request that they close the accounts, discharge the fraudulent debts and quit reporting them to the credit report agencies.
- Close the account
- Discharge fraudulent debts
- Quit reporting to credit agencies
Identity Theft Help
If protecting one’s identity or fixing the results of identity theft seems like more than an individual consumer can accomplish alone, there are companies that can help. Identity theft protection comparison helps consumers choose the right protection for their situation. Almost all such companies make the information customers need for comparison available on the Internet.
Prices vary but are often in line with a restaurant meal. Free trial periods, when they exist, range from two to eight weeks. Monitoring is the core of the protection. Consumers should check carefully into exactly what each service monitors.
Insurance against identity theft may vary in terms or may not be present. Reporting periods may vary, as may the reports delivered. Computer security programs may be included in the price, although a service without them may be better value for customers who are already protected in this area.
For example, they offer specific services against medical fraud that can help fix fraudulent billing entries. They also work to correct medical records which show incorrect information because of fraudulent activity and to recover records which may have disappeared entirely in the course of the fraud.
Bereavement fraud protection is also a specialty of Identity Theft 911. A death opens a window of vulnerability to fraud in the name of the deceased.
Their mail may be intercepted or their credit cards stolen while no one is paying attention, and if the thief moves quickly enough considerable damage can be done before the appropriate certificates are filed to freeze accounts belonging to the deceased.
Bereaved survivors should not have to deal with these dangers or sort out the results. Identity Theft 911 can help with this and with any other identity protection required.
Identity theft has become a serious problem in today’s technological society. No matter how much care is used in financial transactions, a determined thief can still gain access to the information required to steal an identity. Determined consumers can guard against the risks themselves, but a good protection service like Identity Theft 911 makes it much easier to minimize the risk of identity theft.