CREDIT IDENTITY THEFT
Credit identity theft is a growing and major white-collar crime in the U.S. The anonymous and impersonal way in which the economy works is taken advantage of by petty criminals to assume other people’s identities and use it for varies purposes. Apart from financial use, a fake identity can be used to evade conviction, and gain employment.
CREDIT IDENTITY THEFT: STATISTICS
Identity Theft Statistics for 2003
- Number of victims: 9.9 million
- Loss to businesses: $47.6 billion
- Average out-of-pocket loss for victims: $500
- Total loss to victims: $5 billion
(Source: FTC identity theft survey report)CREDIT IDENTITY THEFT: HOW IT IS DONE
Getting hold of a few numbers and details is all it takes to commit the act. This information includes your full credit card number, SS number, and personal details. This data can be captures using a number of methods
- calling you under the guise of protecting your identity and recovering all the vital numbers
- phishing
- hacking your computer, using Trojans installed on the desktop that transmit it to outsiders
- records and bills thrown into garbage
- using company sources and hacking company servers
- lost/stolen wallets and cards
- friends/others with access
- stolen mail/changing addresses
CREDIT IDENTITY THEFT: WHAT IS AT RISK
The most popular target are credit cards owing to their immense popularity and the marketing efforts used to sell as many credit cards to as many people. Another area is saving or check accounts. A fake account in your name can be opened and checks issues to buy anything. The checks are obviously going to bounce, and you will be notified and held responsible! Online credit number abuse is quite well known.
CREDIT IDENTITY THEFT REPORTING
The FTC recommends four steps to taken if you suspect foul play.
- Place a fraud alert on your credit report.
- Close all suspected accounts.
- File a police report.
- File a complaint with the FTC. Toll free or online reporting is available.