Ten million new victims each year, yet this crime is not on most people’s radar. It is as close to perfect as crime can get.
Allow me to clear up a few common misconceptions about identity theft.
Misconception: Identity theft on affects a victim’s financial situation.
Truth: While the financial damage from identity theft is enormous, this type of event would more accurately be branded identity fraud. Identity theft causes many other types of criminal activity: terrorism, blackmail, pedophilia and tax evasion to name but a few.
Misconception: Identity theft is when someone steals your personal information and borrows money in your name.
Truth: Again, this is identity fraud which is just one kind of identity theft. Identity theft is hard to pin down; it takes many shapes. Sometimes a stolen identity does not lead to other crimes, and the victims never know. ONe example would be the many database break-ins that expose the information of tens of thousands of people. Most of them are never actually financially harmed. Sometimes a criminal will clone the victim’s identity just to hide from authorities. This pattern is common among pedophiles, ex-convicts, and deadbeat dads. Sometimes a stolen identity is used to get medical services (leading to confusion about medical records, a dangerous situation). In some cases, only a portion of the identity is stolen (common among illegal immigrants using Jane Doe’s SSN under their own name.)
Misconception: ID theft can’t damage my life because I have nothing left to lose.
Truth: This may make you more vulnerable. The unemployed have recently become a favorite target of identity thieves. Why? Because those with nothing to lose are desperate and readily give up information. They will probably will not invest a few cents a day in an identity monitoring service to protect themselves. They are easy prey.
Misconception: If I do become a victim, laws protect me completely from financial loss.
Truth: It is a fact that legislation places the onus on financial institutions when money is directly stolen. It is also true that the burden of many moons to make things right. How much is your time worth? Plus, as mentioned, financial losses are only a small part of the total picture.
The message that needs to be communicated is that 10 million Americans will become victims every year. If you have read my other articles on this subject, you should already have known that fact.
I hope this cleared up some of your misconceptions about this subject. If you do “get it” now, please take action to protect your family. There is no time like right now to get your credit ratings.
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Tags: Identity Theft