Identity Theft Facts

Is your identity likely to get stolen every time you make an online transaction? Is every email that you receive a bobby trap set to empty your bank account?

Is your credit card likely to be skimmed every time you withdraw cash from an ATM?

How about if you use your card to pay the bill at your favorite restaurant? Or use it to pay for the groceries? Or use your credit card to pay for gas? Every time the phone rings is there a scammer at the end of the line?

Things have not got quite that bad yet, but all of the above does happen, especially to the unwary.

Figures released in February 2010 by Javelin Strategy & Research (Javelin Strategy & Research) indicate that the number of identity theft victims in the USA grew by 12 % to 11.1 million in 2009.

The figures also show that the total amount of fraud went up by by 12.5% to Fifty Four Billion Dollars, yes Billion.

And now the good news - Javelin report that both businesses and the public are protecting data better and identity fraud is being resolved quicker, with the cost to the victim being reduced.

This shows that whilst identity fraud is still very much a danger, those of us that are aware of identity theft facts and take active measures to prevent it, are at much less of a risk.

Identity theft is never a victimless crime. Even if you, the victim, are limited in your liability for the loss, the bank or financial institution will have to cover the stolen amount. They then are the victim. Of course, this loss gets passed on to customers one way or another, we all become the victims. ID theft is a nasty crime, it is never victimless.

Internet bank accounts where you can check your statement online anytime that you want, may be just that bit safer than offline accounts.

Is your money safe in the bank? Knowledge of identity theft facts can help prevent becoming a victim.

With an offline account you generally get sent one statement per month. Should there be a suspicious transaction shown on the statement you may not know about it for some weeks.

With an Internet account you can, and should, check your statement frequently. The sooner you take action the better.

Should you spot a suspicious item, whether on an online or offline statement, you need to report it immediately to your bank or the issuing institution.

If you think you have become a victim of identity theft.

As soon as possible make contact with your local police department and report that you believe your personal information to be stolen. Creditors may demand a police report as proof fraudulent activity took place.

Call the Federal Trade Commission (FTC) hotline, 1-877-438-4338 (1-877-ID THEFT) and speak with an identity theft counselor.

You can make a request to any of the three main credit bureaus to lodge a fraud alert on your credit file.

This action will require institutions to get verification of your identity before making any changes to any of your accounts and before opening any new ones.

Only one of the credit bureaus need be notified, they are obligated to notify the others. However, request a free copy of of their credit report from each one (as the reports can differ.) Study the reports carefully for any signs of other fraudulent transactions and inform the credit bureau and appropriate institutions if you find any.

Shut down any of your accounts that have been compromised and set them up again with new account numbers and new secure passwords.

Contact any other accounts that you have, loan accounts, banks, credit and debit cards, utility, phone etc. and inform them that your personal information has been compromised. Follow up phone conversations in writing.

The three main credit bureaus:

• Equifax: 1-800-525-6285
• TransUnion: 1-800-680-7289
• Experian: 1-888-397-3742

In this age of home technology it is easy to to think that the only way identity thieves operate is by stealing information online, by email phishing, from social networking sites, by skimming credit cards etc.

Be warned, identities are still being stolen the old fashion way from the paper trail with your personal information.

Criminals can and do rummage through your trash, at your home or at public trash dumps searching for items of personal information.

Be very careful of what you throw out, do not dispose of any statement, letter or document that has any form of personal information, however seemingly insignificant, without running it through your home paper shredder.

The humble telephone is still frequently used by scammers. Always being suspicious about unexpected, and unsolicited, phone calls will greatly help to prevent you from becoming a victim of telephone fraud and phone scams. More information - Phone Scams.

Of course personal information can be stolen, during burglaries, muggings, by pickpockets and purse snatchers. Avoid carrying personal information around with you.

Many of us do not use secure passwords. In fact, some people use the same easily cracked password for most of their accounts, for their bank account, for their loan account, utility accounts, for their social networking and so on.

Identity thieves l-o-v-e simple passwords that they can crack quickly and easily. - Secure Passwords.

It is not always the other fellow that gets his identity stolen. It does not only happen to the stupid or particularly careless. It does not only happen to the very wealthy. Identity theft happens to Mr or Ms Ordinary, that's a fact.

The reality is that you can greatly reduce your chances of identity fraud happening to you by being on your guard, by being vigilant and by being aware of identity theft facts.

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