Identity Theft

Identity theft occurs when someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception, typically for economic gain.  This is also known as identity fraud.

Identity theft is increasing at an alarming rate. And it's doing a lot of damage to unsuspecting people.

According to the Federal Trade Commission (FTC), “people whose identities have been stolen can spend months or years (and their hard earned money) trying to clean up the mess the thieves have made of their good name and credit record. Some victims have lost job opportunities, been refused loans for education, housing, cars or even arrested for crimes they didn’t commit.”

According to FTC statistics, approximately 300,000 Americans have their identity stolen each year. More than 27 million Americans were victims of identity theft in the last five years. That's nearly 5% of the U.S. population. 

A typical victim can spend more than $800 on attempts to clean up his or her credit. That's on top of the fraudulent charges, which can amount to thousands of dollars. Businesses, such as banks, mortgage companies, etc., are also directly affected as a result of identity theft costing them billions of dollars each year.

Identity theft is, unfortunately, relative easy to commit. Unlike your fingerprints which are unique to you and cannot be taken by someone else for their use, your personal data (such as your Social Security number, bank account or credit card number, and other valuable identifying data) can be taken and used. If they fall into the wrong hands, others can profit at your expense.

In the United States and Canada, for example, hundreds of victims have reported that unauthorized persons have taken money out of their bank accounts, or, in the worst cases, taken over their identities altogether.

Once this occurs, theives can run up vast debts and even commit crimes while using the victim’s names.

In some cases, victims' losses may be substantially more than money. Their reputations can be ruined.

Identity theft is the fastest growing crime in the U.S., according to the Federal Bureau of Investigation.

Identity thieves have perfected the art of collecting information from unsuspecting victims. Law enforcement agencies worldwide are working hard to find ways to combat these issues.  In 1998, Congress passed a law which made identity theft a federal offense.

But there's only so much law enforcement can do. Most of their actions occur after the crime has been committed. Your best defense against identity theft is to be informed, be prepared, and take proactive steps to prevent become a victim.

Explore this site for the best information on how to protect yourself.