Identity: Your Most Valuable Possession

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10 million Americans lose their identities each year as a result of identity theft. Your identity has become more valuable to thieves than electronics, appliances, jewelry, or automobiles. If you are not careful, your identity could be just another statistic. What then is identity theft, why do thieves want it, how do you protect yourself from it?

What is Identity Theft

When someone uses your personal information without your permission to commit fraud and other related crimes it is known as identity theft. Thieves use Social Security numbers, credit card numbers, and other personal information to apply for loans, buy expensive electronics, rent apartments, apply for new credit cards, and many other deviant acts. There are many forms of identity theft and you or someone you know may have been a victim of identity theft. The crime is very serious. People who are victims of identity theft spend hundreds of dollars and many hours trying to fix the damage caused by thieves. Often times consumers miss out on job opportunities, are denied educational, home, and auto loans simply because thieves have damaged their credit report. In some cases, victims are arrested for crimes they didn’t even commit.

How do Thieves Steal Identities

There are various ways that thieves go about collecting your personal information. They need credit card numbers, Social Security numbers, banking information, etc. before they can start using your identity. Thieves will dig through your garbage, steal your mail, steal personnel records from your place of work, steal your wallet or purse, and pose as legitimate companies through email just to get this information. Thieves can sometimes be people you know or work closely with. Once a thief has your personal information, then they are free to do whatever they want.

What do Thieves do with Your Identity

After obtaining your personal identifying information, thieves begin to engage in various types of criminal activities. These activities typically result in some form of fraud:

• Credit Card Fraud -Thieves will open new lines of credit using your identity or they will change the billing address of your credit card statements. This allows them to spend freely without you being aware.
• Phone & Utilities Fraud - Thieves will open phone, wireless, electric, cable, or water services in your name.
• Bank Fraud - Thieves will counterfeit checks using your name and account number. They will also open new bank accounts using your information and write bad checks. Thieves will even get loans in your name.
• Government Fraud - Thieves will file fraudulent tax returns, get Social Security benefits, and obtain a driver license using your identity.
• Other forms of Fraud -Thieves will use your information if they are arrested, they will apply for jobs and even rent homes using your identity.

How to Protect Yourself

The best thing you can do to protect yourself from identity theft is to become more educated about the subject and learn what to do if you suspect that you are a victim. You should frequently check your credit report for unusual activity and monitor your personal information. Doing so will increase your awareness of fraud. If you are interested in learning more about identity theft and what to do if you suspect you have been victimized, read more on Fraud Alert.

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