ID Theft Facts

Identity theft is a fast growing epidemic throughout the world. According to the Federal Trade Commission, more than 10 million people become victims every year which roughly converts to one new victim every twenty minutes or so. With improvements in technology, identity theft has become the number one crime in the United States.

Though identity theft is so prevalent, many consumers are not entirely sure what it is. Identity theft does not only involve credit and financial fraud, but also the use of your personal information in many other ways. Identity theft can include bank fraud, loan fraud, employment fraud, insurance fraud, and phone and utilities fraud.

Identity theft can happen through a variety of way. The most widely assumed way is through the theft or loss of a wallet. When a wallet is stolen thieves have personal information such as credit cards, identification cards, and other personal materials in their possession.

Many people don’t realize, but improper handling of customer personal information by corporations can lead to identity theft. In fact, in the last year more than 70 million identities were stolen in this manner which has lead to over $1 billion in reported losses. Cell phones are also used to steal personal information as the cameras can shoot quick snapshots of social security numbers, bank pin numbers, and credit card numbers.

Preventing identity theft is the key to protecting yourself from becoming a victim. It is beneficial to monitor your financial statements on a regular basis, daily at best. If you keep a close eye on all of your accounts, you will know when something is out of order. If you do find odd transactions, report them immediately and file a police report to protect yourself from further damage.

If you do become a victim of identity theft, it could end up taking you hours upon hours to recover from the crime. On top of the time and frustration, it could also cost you thousands of dollars. If you do not take actions to prevent yourself from becoming a victim, you could even end up serving jail time for crimes you did not commit.