Identity Theft Basics
Webster's defines identity theft as follows:
The fraudulent acquisition and use of a person's private identifying information, usually for financial gain.
In some cases, with as little as a stolen name, date of birth, and social security number, the identity thief is able to cause major damage.
Quick Facts
- Identity theft was the #1 problem reported by consumers in 2010.
- Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totaling upwards of $50 billion (according to www.identitytheft.info).
- It can take up to 5,840 hours (the equivalent of working a full-time job for two years) to correct the damage from ID theft, depending on the severity of the case (ITRC Aftermath Study, 2004).
Damage Caused by Identity Theft
Common examples of how identities can be abused include financial or credit/reputation fraud, unauthorized financial use, misuse of health and wellness benefits, theft, and other such criminal activities.
Identity Thieves May:
- Use your credit card(s) to go on a buying spree
- Take out major loans in your name and not pay off debt
- Begin an entire new life to hide their criminal record, getting a driver's license or official I.D. using your name and their picture.
Once Your Identity is Stolen - It's Too Late
Many companies offer 'protection' from identity theft but protection only applies AFTER your identity has already been stolen.
Identity theft happens when your personal information is in places where it is easily found and taken. Good identity theft prevention practice start with protecting your personal information and your privacy. Learn More...
