Identity Theft: Types and Precautions

Identity theft occurs when someone uses your private information without your awareness and consent to commit a fraud. Identity Theft as a crime is on the rise in America. Last year, more than 9.9 million Americans were victimized and the crime cost them approximately $5 billion. It is difficult to lay hands on the culprit because the crime occurs in different ways. It may involve internet fraud, credit card theft, mail theft etc.

The ways identity theft occurs:

There can be thefts like identity cloning (using someone else’s information to take over his or her identity in daily life), financial identity theft ( using another’s social security number or name to receive goods or services), criminal identity theft ( assuming another identity when detained for a crime), and business/commercial identity theft ( using someone’s commercial identity to attain credit). It is difficult to know how, when and who they will victimize. The various techniques that they use can be:

• Stealing mails or rummaging through garbage which can be called dumpster diving
• Shoulder surfing, wherein the rogues eavesdrop on the victims transactions to acquire personal data
• Using Trojan or hacking the victims personal computer
• Infiltrating the organisations that store huge amount of personal data
• Phishing on the net, i.e. by impersonating reputable organisations in electronic communication
• Sending spasm
• By fraudulence while earning the victims faith
• Passport frauds are common identity thefts

Precautions to take:

It is true that identity theft cannot be avoided at times but it is feasible to take precautions in order to fight the crime. Such frauds can be committed easily due to careless handling of information, the easy availability of SSN. One has to be very careful while giving out their SSN. The following should be kept in mind in order to stand against the crime:

• Be cautious of the usage of credit or debit cards. Wherever you are using these cards, you have to keep in mind that anyone can play fraudulent.
• Avoid shopping online because internet Phishing is on the rise.
• Do not distribute your SSN unnecessarily especially when asked for over the phone or net.
• Keep photocopy for all the credit, debit, and ATM cards so that you are aware of the transactions. Keep them in a safe place, not in your wallet, to avoid loss.
• Keep checking your credit report once in a year to keep track of the items that are been added to your account.
• Safeguard your passwords or PIN. Do not use passwords that have relation to your personal details like name, date or year of birth, mother’s maiden name, and last five digits of your SSN etc.
• Close the bank accounts from which the fraud took place.
• File a complaint with the Federal Trade Commission.

You have to be very careful while handling your personal information. To put an end to any crime you have to know the various dimensions of it and have to be able to fight it. Therefore be vigilant and stay alert to preserve your identity.

What happens when your identity is stolen?

As a victim of identity fraud, you might have to face some consequences, which are listed below.

• Cell phone service is established in your name.
• New credit card account is opened in your name.
• New bank account is opened in your name.

What to do when your identity gets stolen?

As soon as you come to know that your identity is stolen, you should immediately follow the steps stated below.

• Report the crime to the police and provide as much evidence as possible.
• Immediately change all the passwords in your existing accounts.
• Close all your accounts that you think has been fraudulently used.
• File a complaint with Federal Trade Commission, by filling out the online complaint form (link).
• Place a theft-alert on all your credit reports and regularly monitor them.

How can you protect your identity from being stolen?

It is possible to prevent identity fraud by following some simple steps, as given below.

1) Speak quietly over the phone in public while giving out any personal information.

2) Always check company reliability before initiating any deal over telephone.

3) Be careful of shoulder surfing when you type your personal information in ATM.

4) Always sign your credit cards in permanent ink immediately after you obtain it.

5) Do not fall prey to any ‘lucky winner’ scams that ask for your personal information.

6) Don’t write any other personal information except your name and address on your checks.

7) Stop clicking on the ‘save’ option, while giving out your passwords from public computers.

8 Don’t choose any predictable personal information as your password and PIN.

It is always better if you follow the steps for protecting your identity in order to save yourself from the consequences of being a victim of identity theft.

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