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What is Identity Theft?
Education is the first step to protecting yourself from this crime
Identity theft remains the fastest growing crime in the nation. Last year alone, 11.1 million Americans were victims of identity theft, resulting in roughly $54 billion in loss.
On the bright side, the best thing that can protect you is completely free—education. Learning about this crime and the common ways it’s perpetrated then taking simple steps to prevent it are your best defense against becoming a victim.
First, what is identity theft? It is a serious crime that occurs when someone uses your personal information such as your name, Social Security number, credit card number, or other identifying information without your permission to commit fraud or other crimes. A thief may use your information to open credit cards, redirect mail, establish cellular phone service, lease vehicles, obtain housing and even secure employment.
While some identity theft victims resolve their problems quickly, others spend thousands of dollars and years repairing damage to their good name and credit record.
According to the Federal Trade Commission, the nation’s consumer protection agency, identity theft impacts more and more Americans every year, and would-be thieves continually try new, bold and invasive tactics. But we can be proactive and protect ourselves. In fact, you’re already taking the first step by educating yourself.
It’s key to understand how your information can get into the wrong hands so you can beware and take appropriate action. According to the FTC a few of the most common examples are:
- Stealing from inside your home, mailbox or trash, including bank and credit card statements, credit card offers, new checks, and tax information.
- Taking advantage of an existing relationship to access your information (a friend, employee, or acquaintance that you gave permission for a specific purpose but they use it fraudulently).
- Completing a “change of address form” to divert your U.S. Mail to another location.
- Stealing your wallet or purse.
- Stealing your personal information through email, texting or the phone by saying they’re from a legitimate company and claiming there is a problem with your account. This practice is known as “phishing” online or “pretexting” by phone.
Now that you understand identity theft, take the next step and learn how to protect yourself, your family, and even your business by reading our other articles on this important topic. We also recommend the Federal Trade Commission as a trustworthy source: www.identitytheft.gov or 1-877-ID-THEFT (1-877-438-4338).
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