 Understanding the Threat of Identity Theft
Thieves Know What They're Doing and So Should You
Knowing how identity theft happens provides an important perspective that can
help you limit your risk. Understanding the challenge of getting your identity
back will also raise the urgency of taking active steps to protect yourself.
Seven Ways Thieves Get Your Personal Information
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Rummaging through trash, also known as "dumpster diving."
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Obtaining credit by posing as a landlord, employer, or someone else who may
have a legal right to the information.
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Stealing wallets and purses or personal information from your home.
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Stealing mail, including bank and credit card statements, pre-approved credit
offers, new checks, or tax information.
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Completing a "change of address form" to divert your mail to another location.
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Hacking unprotected computers and all of the personal information stored on
them.
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Stealing credit and debit card numbers as your transaction is being processed.
A special information storage device is used; this is known as "skimming."
Five Things Thieves Can Do in Your Name
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Open new credit card accounts to fund shopping sprees.
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Establish cell phone or utility accounts.
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Take out loans.
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Open a new bank account and write bad checks on that account.
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Give your name to the police during an arrest. If they are released and don't
show up for their court date, an arrest warrant could be issued in your name.
What it Takes to Undo the Damage
It's difficult enough to deal with feeling vulnerable and violated. Victims
express great pain and emotional stress from having gone through the ordeal.
Once the initial shock subsides, the difficult job of reclaiming an identity
and repairing the damage begins.
Victims typically spend thousands of dollars undoing the damage to their good
name and credit record. The average victim spends more than 175 hours of their
personal time to clear their name, over as many as four years! Plus, victims
have lost job opportunities, been refused loans, education, housing or cars and
have even been arrested for crimes they didn't commit.
Clearly, this is an issue to be taken seriously. But there is a lot that you
can do to protect yourself. If you continue to learn more about the issues and
take steps to minimize your risk, you'll have peace of mind from working to
secure your identity.
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