It’s one of the fastest growing
crimes in the country
...and getting worse. Criminals take your name,
Social Security number, or credit card information.
With that little bit of information, they can go off
on a spending spree wiping out your bank accounts, establishing
credit and charging merchandise in your name, and, in
many cases, ruining your reputation and credit history
along the way. Apart from losing your funds, it could
take years to sort out the mess and restore your good
name.
According to the Federal Trade Commission, 10 million
Americans have been affected by identity theft in the
last five years. In addition, identity theft cost US
businesses and financial institutions more than $50
billion in 2005. While a large majority of identity
theft is for the purpose of setting up accounts, obtaining
credit and making fraudulent purchases, the FTC reported
that personal information is also being misused in non-financial
ways, including obtaining government documents, using
the victim's name when stopped by law enforcement, or
when caught committing a crime.
Using everyday items such as a drivers license or Social
Security number, a skilled thief can:
Open a new account and write bad checks
Establish new credit card accounts and not pay the
bills
Obtain personal or car loans
Get cash advances
Set up a cellular phone or utility service and run
up bills
Change credit card mailing addresses and charge
on other accounts
Obtain employment
Rent an apartment, but avoid the rent payments
In many cases, months can pass before the victim is
aware of any wrongdoing. Typically, either a collection
agency or a loan rejection alerts the victim to the
crimes.
The following is a list of resources to help you protect
yourself from becoming a victim of ID theft or fraud.
Click on any of the items in the list below for more
details.
