Identity theft causes many difficulty problems to the victim. Most of the problems are financial, and some are legal. It is important to know what it identity theft and how to prevent identity theft.
How is Information Stolen to Commit Identity Theft?
Personal information can be obtained in many different ways. Here are the more common ways thieves steal identities:
- Stealing out of a dumpster or out of the trash to find bills and personal information.
- Using a special device to steal information from your card when it is swiped (called skimming).
- Attempting to have a victim give the information to them by pretending to be a financial institution (called phishing). This is usually accomplished with fake websites that look as though they belong to a financial institution.
- Completing a change of address to have your bills and personal information detour to another address.
- Stealing wallets, credit cards or mail.
It is a good idea to check whether you have already become a victim and to prevent identity theft from happening to you. Get Equifax Credit Watch Gold 3-in-1 to discover if you are a victim and to prevent becoming a victim. This is an inexpensive solution that can save financial and personal ruin.
What Does the Identity Thief Do With the Stolen Information?
- Open credit cards in the victim's name to use the card at will without paying the bills. Often the billing address is changed, so the victim does not know that they have been stolen from, leaving the thief to spend freely until it is reported or discovered.
- Get utilities services paid for in the victim's name.
- Create fraudulent checks or open a fraudulent bank account in the victim's name.
- Create an ATM card using the victim's account.
- Take out a loan in the victim's name
- Get a driver's license
- Use a social security number for government benefits
As can be seen, this can cause many damaging issues. It's not only the obvious financial turmoil from identity theft that is an issue, but if an identity thief has a fake driver license in a victim's name, it is the victim that gets the arrest warrant.
How to Prevent Identity Theft?
The first step to prevent identity theft is awareness. Knowing what it is and how it happens is a major step in prevention. Knowing allows you to know what to look for. Monitoring credit and bank statements is another major step. The best way to do this is with credit monitoring and identity guarantee services.
For more information, visit the US Federal Trade Commission Identity Theft Information website.
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