What Is
Identity Theft?
Fastest Growing Crime
Who Are They?
How Theft Happens
Stop
Thief!
Preventive
Measures
Damage
Control
Who Can Help?
What Is
Identity Theft?
Identity theft occurs
when someone uses your personal information to create a new
‘you’ and commit theft or fraud without your knowledge. The
Identity Theft & Assumption Deterrence Act of 1998 made it
a Federal crime to "knowingly transfer or use, without lawful
authority, a means of identification of another person with
the intent to commit, or to aid or abet, any unlawful activity
that constitutes a violation of federal law, or that
constitutes a felony under any applicable state or local
law."
A name, social security number or credit
card number are considered a means of identification. So is
any other piece of information that can be used with other
data to identify a specific individual. In most instances, a
conviction for ID theft carries a maximum penalty of 15 years
imprisonment, a fine, and forfeiture of any personal property
used or intended to be used to commit the crime. But law
enforcement officials admit convictions are hard to achieve,
and their offices don’t have the resources to track down
identity thieves.
And the reality is -- as much
as we all would like to keep track of our credit files to keep
from becoming a victim -- we’re simply too busy to cover all
our credit tracks. That’s where identity theft insurance comes
in -- to help you ‘Cover Your ID’.
Some things thieves
do with your ID include:
The more you have the
more you have to lose.
Fastest Growing Crime
Today
Identity theft was a little known
problem just a few years ago. However with the increased
access to unsecured personal information and use of the
Internet, identity theft has become a very real, widespread
and expensive problem.
-
Over 9.9 million people were victims of ID
theft in 2004
The average discovery time of the theft is 14
months
Victims of identity theft often have no idea
how or when theft occurred
The Federal Trade Commission (FTC) describes
identity theft as the fastest growing crime of our
time
More consumers are asking the FTC for
information about identity theft than any other subject
(over 500,000 calls logged in 2003)
-
Financial loss from Identity Theft: $73.8
billion in the U.S. (2003) -- $221.2 billion worldwide (The
Aberdeen Group)
Who Are
'They’?
There are different types of
identity thieves. They range from opportunistic amateurs
working independently to teams of sophisticated hardcore
professionals systematically targeting groups of victims at a
time. ‘They’ include:
Usually the person who
stole the information is not the person who uses it to commit
fraud. Law enforcement officials typically find entire
networks of those involved in identity theft. Most identity
information is sold several times before it is
discovered.
How Theft
Happens
Personal identity thieves get
the information they need to steal your identity from a
variety of sources. It is much easier than you might think.
All thieves’ need is your social security number, credit card
number, checking account number, birth certificate, mothers’
maiden name or a password. The rest can easily be researched
or made up.
-
Hackers get past Web site security and steal
entire customer information databases that include names,
addresses, phone and credit card numbers
-
Trusted employees have access to client
information, know how to get past security and how to cover
their tracks
-
Temporary staff get access to sensitive
information as they do data entry, file medical claims or
during tax season
-
Cleaning staff canvas information on desks and
in waste paper baskets
-
Organized crime deploy members inside
businesses
-
Unscrupulous friends and relatives have access
to all the information they need
-
Thieves order a copy of your credit report by
posing as an employer, loan officer or landlord
-
Thieves steal mail to obtain bank and credit
card statements, pre-approved credit offers, or newly issued
credit cards
-
Thieves look over your shoulder at ATM
machines to capture PIN numbers
Most businesses don’t report security breaches
because they don’t want the bad publicity. Security experts
will tell you that your personal information is much more
vulnerable than you would ever expect. For example, it has
been common practice for decades to use a person’s social
security number as a unique identifier in many database
systems. Even if a company encrypts sensitive information, it
is easy to break with utilities freely available over the
Internet. Most victims will never know how thieves got their
personal information.
Stop Thief!
Although
you can't prevent identity theft, you can minimize your risk.
It’s important to manage your personal information cautiously
and with awareness of how it is used legitimately, as well as
illegally. There are a number of things you can do to prevent
or minimize exposure:
Preventive
Measures
-
Do not give out personal information on the
phone, through the mail or over the Internet unless you have
initiated the contact or know whom you're dealing with.
Identity thieves may pose as representatives of banks,
Internet service providers and even government agencies to
get you to reveal your SSN, mother's maiden name, financial
account numbers and other identifying information.
Legitimate organizations that you do business with already
have the information they need and will not ask you for
it
-
Be cautious about where you leave personal
information in your home, especially if you have roommates,
employ outside help or are having service work done in your
home
-
Use a crossed-cut paper shredder
-
Purchase a personal identity theft plan to
provide the needed funds and assistance to clear up legal
issues and expenses.
Damage Control
If
your ID is stolen you should immediately do the
following:
-
Contact the credit companies involved. This
would be the bank or credit card issuer who opened the
fraudulent account or allowed access to your existing
account. Close all affected accounts immediately
-
Contact the local police and ask to file an
identity theft report. Even if they can't catch the thief,
having a police report can help you clear your credit
records and is required to make a valid claim for ID Theft
insurance
-
File a complaint with the Federal Trade
Commission by calling the Identity Theft Hotline at
1-877-IDTHEFT (438-4338) or use the complaint form on its
Web site @ www.consumer/gov/idtheft.
Agencies & Information Links
Enjoy peace of mind
ENROLL ME IN 'GOLD'
NOW
ENROLL ME IN 'ID RESTORATION'
NOW
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