The Definition of Identity Theft in Simple Terms

One of the most common crimes in the 21st Century is identity theft. It is the concept of someone taking your personal information and using it for their own gain. There are three very common ways that thieves are able to accomplish this. Anyone who is a victim of identity theft suffers more than just financial losses. They experience feelings of being violated, trauma, and stress. In some cases the individual has to file for bankruptcy or loses their home.

It is possible for identity theft to leave you as the suspect in a murder or other crime. In most cases the individual is not aware that their identity has been compromised until they are contacted by the law.

The Most Common Types of Identity Theft

There are many different types of identity theft to be aware of. Here are some of the most common ones:

It is possible to open up new accounts based on the information individuals provide. They can open a fraudulent bank account to move money from your real account to the one they have created. Obtaining someone’s bank account information can be done from their online transactions. Many scammers create fake websites that look like the real thing. Make sure any sites you use have the symbols showing that your information is secure.

Thieves also set up fake transactions by setting up a merchant account. When you go there to make a purchase they have captured your financial information and they can now use it for their own gain.

One way you can protect your identity is  -

In The News...

News-Democrat - A day after a stolen identity scheme was publicly announced, the governor's and attorney general's offices exchanged blame about an attempt to arrest a former state employee at a state office. A federal indictment handed down May 31 - but not ...

Forbes - ID Tool ToGo Combines Convenience with Multifactor Authentication Superior to Tokens, Smartcards and Biometrics LOS GATOS, Calif., June 14 /PRNewswire/ -- TriCipher, the leading provider of multifactor authentication solutions that protect online ...

Dallas Morning News - The controversial co-founder of LifeLock Inc., a company that helps people fight identity theft, has resigned in the wake of reports about his past run-ins with fraud regulators and law enforcement officials. Robert J. Maynard Jr., a former Dallas ...

Forbes - A federal indictment accuses seven people - including two former state employees - of using the identities of nursing-home residents and others in a scheme to help prison inmates make phone calls. The seven are accused of using Social Security ...

TMCnet - As credit card fraud has become one of the most common forms of identity theft today, there's no wonder a number of consumers are demanding enhanced security and increased paying options. In the restaurant business, where credit cards are regularly ...