Identity Theft: Unstoppable and Devastating

Identity theft is the fastest growing crime in the country. Criminals all around the globe are using the personal information of millions of victims each year. Although identity theft cannot be entirely prevented, there are steps that one can take to reduce the risk of being victimized. In addition, politicians are making laws to protect consumers from identity theft. However, the banking and retail industries have felt the impact of this crime, and are also working to safeguard the personal information of their clients.

Identity theft occurs when a criminal obtains and uses a victim's personal information to commit fraud and other serious crimes. A criminal must first acquire his victim's personal information before he or she can commit any crimes. Thieves can obtain this information in many ways, all usually involving social engineering or theft. Social engineering is used when an identity thief cons information out of a victim or people with access to the victim's personal information. To do this, a criminal may send fraudulent emails or make phone calls posing as a representative of a real company. Information is also stolen from victims in a variety ways. Dumpster diving is the practice of rummaging through a victim's garbage to find papers or other forms of personal information. Identity thieves are sometimes bold enough to steal information directly from a victim's house or wallet. Also, the Internet makes it possible for criminals to obtain data through hacking.

Whatever means the criminal uses to obtain a victim's personal information, he or she can use it to spend money and incur debts in the victim's name. Identity thieves may open credit card and bank accounts or take out loans in other people's names. To maintain this scheme for as long as possible, criminals sometimes redirect their victim's mail to a different address. The victim will not receive notification from the banks or other companies and therefore will not be aware of the theft.

Credit cards provide a fast and convenient alternative to cash and checks when it comes to spending money. However, if they fall into the wrong hands, they can become more troublesome than they are worth.

Credit: Lotus Head

Copyright: Lotus Head