Identity Theft Facts

Important Identity Theft Facts You Need To Know

Knowing these identity theft facts can help you avoid being scammed by unscrupulous fraud artists. Statistics on identity theft (or ID theft) reveal that it's one of the fastest growing crimes, and it costs consumers millions of dollars every year in financial losses. Polls suggest that at least 25% of Canadians have been victimized, or know someone who has, and in the U.S., the victim count is thought to be higher.

Define Identity Theft

Theft of identity occurs when your personal information is obtained without your consent and often in a fraudulent manner, either for economic gain, or other uses.

Your personal information includes anything that might serve to identify you, such as your full name, permanent address, date of birth, social security number (or social insurance number in Canada), credit card numbers, bank account number, health information, and so on.

Credit card fraud is the most common form of identity theft one hears about, but it can take a number of other forms. For instance, an identity thief could simply use your phone number to make unauthorized long-distance calls.

But much worse, by obtaining the right information, he or she could pose as you and open internet, bank, loan, or mortgage accounts, and even buy or sell property.

How Identity Theft Works: Are You A Victim?

How do you know whether you are a victim of ID theft? There are several identity theft facts to be aware of and watch out for:

Your monthly banking and credit card statements no longer arrive.

Your credit card statements list purchases you didn't make.

You no longer receive all your regular mail.

You receive bills for purchases you know you didn't make.

You receive out-of-the-blue approvals or refusals for credit.

Your loan application is denied when you know your rating is good.

You can no longer log into your online accounts

Your credit report contains activity that you know isn't yours.

How To Report Identity Theft

When you discover you are a victim of ID theft, you need to take immediate action to prevent further damage to your credit.

Contact Customer Service at the major credit reporting agencies:

Equifax

Trans Union

Experian

Report the problem and ask them to place a "fraud alert" on your file. Also request an up-to-date copy of your credit report so you can assess your current credit standing.

You might also wish to contact a professional credit monitoring service and take steps to protect your credit rating.

Contact your local bank and credit providers as you will need to change bank accounts, loan accounts, credit card accounts, and so on. You should also contact your local police department to report the crime and file a report.

Additional Identity Theft Facts

Once the theft of your identity is discovered and dealt with, you can restore your identity and credit rating, but it could take months, if not years, and cost you a significant amount of money. The prevention of identity theft is always the best plan of action. You need to take steps NOW to protect yourself from it ever happening.

You need to be aware of the simple methods criminals use to steal your personal information and how you can foil their attempts. You should also know how to prevent identity theft on the Internet so you can protect your personal information from unscrupulous hackers.

For these identity theft facts and more, be sure to read the information provided through the following pages:

Credit Cards And Identity Theft Tips

Ways To Prevent Identity Theft

How Identity Theft Works

Identity Theft Articles & News

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