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Identity theft is no longer an uncommon occurrence. It is developing rapidly and is fast becoming a socio-economic imperative. Identity theft is the fastest growing white collar crime. It is a crime in which an impostor obtains your personal identifying information such as your social security number or driver’s license number and uses them for their own personal gain. Identity pirates can collect all kinds of confidential information about you by prowling the web. They begin with the misuse of your personally identifying information such as your name and Social Security number, credit card number, or other financial account information. Once they have this information, identity thieves can rent an apartment, obtain a credit card, or set up a telephone account in your name.
An identity thief can take your personal information from your mail box or your home. Identity theft is bad enough, but it’s also pretty much a cottage industry right now, mainly relying on techniques like dumpster diving. Identity theft laws and crackdowns, while improving, are certainly not where they need to be. It is difficult to detect, as each law enforcement agency may classify ID theft differently – it may include credit card fraud, Internet fraud, or mail theft, among other crimes.
Identity theft and credit card fraud detection
Credit monitoring/reports are a major method of detecting fraudulent accounts. Review your credit information regularly (free annual reports are available from credit reporting bureaus) Visit your bank, credit card issuer or biller’s web site regularly to monitor regular account activity. Victims of identity theft usually don’t know until they are victims: they are contacted by a collection agency about past due accounts they never knew they had; Credit card bills may show significant charges for purchases they never made; a lender tries to repossess a car they didn’t know they owned; Or they are contacted by the police after a crime has been committed in their name. Resolving fraud promptly is critical to minimizing losses and protecting your credit record. You should ask your financial provider about a zero-liability guarantee against fraud and dedicated resources to help you deal with and recover any potential losses. Some banks will work with you if you have an account with their bank. If you are a victim of theft, notify your financial providers immediately, start monitoring your accounts more frequently, and place “alerts” on all three credit bureaus (Equifax, Experian or TransUnion). When someone uses your name, Social Security number, credit card number, or any other part of your personal information to apply for a credit card, make unauthorized purchases, access your bank accounts, or obtain loans in your name Is.
problems on the internet
Corporate security experts say schemes known as “phishing” use e-mail messages to lure unsuspecting consumers to Web sites masquerading as the home pages of trusted banks and credit card issuers. Online visitors are then prompted to disclose the password as well as the bank account. Social Security and credit card numbers. The crimes ranged from theft of credit card numbers to more elaborate identity thefts used to secure loans.
Thieves have turned to the theft of information, and especially personal information, because with an assumed identity criminals can purchase goods and services using someone else’s credit.
social security issues
Do you use your Social Security number for identification? Identity thieves use key pieces of your information, such as Social Security and driver’s license numbers, to obtain credit, merchandise and services in your name. About 50 percent of students have grades posted by social security number. While there are many ways to get a Social Security number on someone, most criminals start with the phone book. They can use your name and Social Security number to receive government benefits. Thieves can get jobs using your social security number.
A new Social Security number may not solve your identity theft problems, and may actually create new problems. Even if old credit information is not associated with your new Social Security number, the absence of any credit history under your new Social Security number can make it more difficult for you to obtain credit. And finally, there’s no guarantee that a new Social Security number won’t be misused by an identity thief.
fighting back
Each of these actions puts you at risk of becoming a victim of identity theft because each requires you to share personal information such as your bank and credit card account numbers, your Social Security numbers, or your name, address, and phone numbers. it occurs.
- Based on the latest findings, the Better Business Bureau, Wells Fargo, Visa and CheckFree have issued the following tips for consumers to protect themselves from financial identity fraud: Restrict access to your personal information
- Replace paper bills, statements and checks with internet (paperless) versions
- Consider visiting an electronic bill payment service, such as your bank or biller’s web site,
- Stop sending signed paper checks through the mail.
Analysts say most vicious cases involve corporate insiders, who hijack sensitive personal information from corporate databases to line people’s pockets. Call and speak with someone in the security or fraud department of each company. Avoid using readily available information such as your mother’s maiden name, your date of birth, the last four digits of your Social Security number or your phone number, or a series of consecutive numbers.
Be aware of how information is stolen and what you can do to protect yourself, monitor your personal information to spot any problems early, and know what to do when you suspect your identity has been stolen. What to do if it has happened. They may steal your wallet or purse, or coax you into giving up personal information. In short, you no longer need any piece of paper that contains personal information. Do you use your personal computer to purchase merchandise or tickets for travel, concerts or other services? This is the same personal information that identity thieves use to commit fraud. Once you have your personal information, identity thieves use it in a variety of ways.
fix the damage
Victims are spending more time solving identity fraud cases, increasing from 33 hours in 2003 to 40 hours in 2006. The stress, and the many sleepless nights you have to go through to clear your record is what really hurts most victims. It can take months and even years to undo the damage to the reputation of the victims and the stressful trail of destruction that has taken its toll.
prevention is the best remedy
Experts say the solution to preventing identity theft is a simple, three-step process:
- Curb the use of Social Security numbers as a unique identifier for business use, a measure that has been introduced in Congress and failed several times over the past decade
- Credit-granting agencies require more identifiers and shore up their credit card policies
- Prohibit the sale of personal information by credit bureaus, state and federal agencies, and marketing firms.
Preventing identity theft is not as difficult as it may seem. From a personal perspective, make sure you take advantage of technologies that enhance your security and privacy when using the Internet, such as digital signatures, data encryption, and “anonymity” services. Companies and their management need to be more aware of how they are putting their customers at risk.
Obviously, identity theft is a matter of great concern not only for the individual affected, but also for the financial institutions that are defrauded by the practice. According to the FBI, identity theft is the fastest growing crime in the United States. And it cost an estimated $6 billion.
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