Posted on Saturday, 8th January 2011 by Nathan Thorpe
According to the FTC, in the last five years, 27.3 million people have been victims of identity theft. The number in 2002 alone was 9.9 million. The two largest credit card companies estimate that “aggregated identity theft related losses from domestic operations rose from $29 million in 1996 to $114 million in 2000, and increase of about 43%” [1] .
Identity theft is on the rise but what damage can a thief do to an individual, family or business?
Credit Fraud:
They can open new accounts or “hijack” your current credit accounts, by changing your billing address. They can easily find this information by “dumpster diving” or by credit card information you use online, or at retail establishments.
Phone or Utility Fraud:
They can open a new phone or wireless account in your name or order a new phone under your plan. They can also, turn on new utilities, such as gas, electric, or order heating oil under your name.
Bank or Finance Fraud:
They can use your name, address, and account number and print out counterfeit checks. Blank checks and check printing software can easily be obtained at any office supply store. They can use your name and credit information and either apply for a loan or use your information to co-sign for a loan. If they use your name as a co-signer on a loan you will probable never know until you either view your credit report or they miss a few payments and the bank looks to you to make good on the loan.
Medical Fraud:
How would you feel if one day you apply for life insurance and are told your declined because you are positive for HIV ? This may sound impossible but if someone get’s a hold of your health insurance number and your social security number they can get treatment, medical operations, or testing under your name. Not only will you pay for it but all the results become a part of your medical records.
Motor Vehicle and Criminal Fraud:
A thief can be involved in an accident or commit a crime and provide a fake motor vehicle license with your information and their photo. When they fail to show up to court guess who the police will be looking to arrest? Don’t know the answer just waite for the knock on your door.
The best protection is to safeguard your information, monitor your public records periodically, and have a fraud restoration contingent plan.
Jim Garton provides consultation with business owners, and organization on identity theft issues and protection measures. He is also an independent representative for a nationwide company which markets an identity theft plan that provides continuous credit monitoring and fraud restoration services.
His website provides additional information on identity theft protection: http://www.newmembership.info
Similar Posts:
- Answers to Common Questions About Identity Theft
- Identity Theft Myths Part 1of3 During PYIW
- Be Prepared, In Case Identity Theft Happens to You
- Fraud Alerts – What You Need to Know About Them
- Financial Identity Theft
Tags: Identity Theft, Theft
Posted in Thieft Protection | No Comments »