August 30, 2008
Methods and Consequences of Identity Theft
Tip! Maintain services of Identity Theft Protection and Recovery Company. Better safe than sorry.
Identity theft is a fast growing problem within the US and many other countries. There are many victims desperately trying to put their lives back together after an unknown person has taken everything from them. Identity theft is when someone uses your name, address, social security number (SSN), bank or credit card account numbers or other identifying information without your knowledge. With this information they then are able to open accounts, commit fraud and other crimes all in your name!
It would appear that Identity Thieves are using this as a career and are very experienced in what they do. They can use a number of low and high tech methods to gain access to your personal identifying information.
Tip! Purchase identity theft insurance. This will cover any losses incurred while recovering your lost identity once a crook has stolen it.
A person wishing to steal someone’s identity can get information from businesses or institutions by stealing records from their employer, bribing an employee who has access to the records, conning information out of employees or hacking into the organizations computers.
A less glamorous way to steal an identity is to rummage through your trash, the trash of businesses, or dumps in a practice known as dumpster diving.
Tip! Ask your financial institutions to add extra identity theft protection to your account.
Identity thieves obtain credit reports by abusing their employer’s authorized access to credit reports or by posing as a landlord, employer or someone else who may have legitimate need to the information.
As your credit or debit card is processed identity thieves steal the account numbers in a practice known as skimming.
They steal wallets and purses that contain credit and debit cards as well as identification.
Mail is stolen which includes bank and credit card statements, pre-approved credit offers, new checks or tax information.
Tip! It is important that you install a locked mailbox at your residence for enhanced identity theft protection.
All they have to do is complete a change of address form to divert your mail to another location.
And the more confident identity thief may scam the information from you by posing as a legitimate person or government official.
Unfortunately there are many consequences to becoming a victim of identity theft. Once the thief has your personal information he can go on spending sprees. Buying ‘big ticket’ items such as computers (these can be sold easily) using your credit and debit account numbers.
It is easy for an identity thief to open a new credit card account using your name, date of birth and social security number. Needless to say the thieves do not pay the bill and the delinquent account is reported on your credit report.
The imposter changes the mailing address on your credit card account so that it will take some time before you will realize there is a problem. By this time he has probably taken out auto loans in your name as well.
Tip! The third step to take if you believe you are a victim of identity theft is to file a police report. Request a copy of the report for your records and to send to creditors for verification of the crime.
With your information it is easy for the imposter to establish phone or wireless service in your name.
He will more than likely open a bank account in you r name and write bad checks on that account. Another useful trick for them is to file for bankruptcy under your name to avoid paying debts or to avoid eviction.
If arrested at any time they can give the police your name and when they do not show up for the court appearance a warrant for arrest will be issued in your name.
So as you can see it is very easy to become a victim and the consequences can be enormous and take a long while to sort out. It is essential to do everything within ones power to protect their identity from these thieves.
Tip! The moment you feel that there has been an identity theft, it is important to report the crime to the police. Provide all the requisite documented evidence.
Michael Russell
Your Independent guide to Identity Theft
