Finally! Something Worth Worrying About – ID Theft

Finally! Something Worth Worrying About – ID Theft

Article by Chuck Lin

In preparing to write a few articles about identity theft, many statistics popped out at me. Every number freaked me out a little more than the last..

I did not know, for example, that a mere 20 percent of identity theft involves credit card fraud. According to a recent report from the Federal Trade Commission, identity thieves use stolen information in numerous types of fraud. Without giving criminals any ideas, suffice it to say that becoming a victim of ID theft can make a mess of your whole life, not just your credit report.

Additionally, barely a tenth (11 percent) of identity theft is committed by cyber-criminals. In fact, 48 percent is committed by an acquaintance of the victim. Taken together this means that the secretary at your orthodontist’s office or a hotel manger is likely to be the one who steals your identity, not some acne-ridden hacker in the Russia. The sad fact is that even if you burn every document, never misplace anything, and never lay hands on a computer, you could become a victim. Unless you physically look over the shoulders of everyone you do business with (and all their employees), it would be a good idea to find some tool to help you protect yourself.

Why has identity theft become so common, and why does it continue to grow? Because it is an easy to commit and difficult to catch. Cases rose between 2007 and 2008 alone by 22 percent. As a matter of fact, the occurence of identity theft has been on a steady rise for the past decade. With the economy stuck in first gear, this trend will unfortunately continue.

Desperate people who wouldn’t otherwise turn to crime see ID theft as almost a “victimless crime” since recent fraud protection legislation places most of the financial responsibility on banks. Criminals — many of whom are just desperate — move quickly once they have your information. The average fraud takes place within a week of the stealing of personal information.

The damage happens fast, but it takes a long time to undo, 70 hours of frustration on average, and many times the damage is never fully repaired. Some victims do not learn that they are victims until years after the criminal has stolen their identity. Sometimes the IRS audits a victim for income earned by the criminal. How unfair! Other people get a rude awakening when it turns out that the thief has committed other crimes using the victim’s identity. Imagine finding out that you have a criminal record that you didn’t know about.

The most important thing to remember is that ID theft prevention is the best medicine. Identity theft resembles a disease in that preventing it is better than treating it. Should you get the disease, early diagnosis is essential to successful treatment.

Which brings us to a little bit of good news: There are ways to protect yourself. Look for those in a future article, or just click the link at the bottom of this article to try it for yourself.

Chuck Lin knows all about identity theft, unfortunately. He strongly encourages you to protect yourself.










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