In this post ComparedForMe.com takes a look at the most frequently asked questions regarding identity theft. You hear about it in the news and may have even browsed some identity theft protection websites. Find the answers to the questions you have about identity theft below.
Q: How does identity theft work?
A: It is important to note that identity thieves work in many, many ways. They fish for information through email, through phone calls, and through good old fashioned snail mail. No matter how they get to you, they are all looking for the same pieces of personal information: your social security number, your date of birth, your address, your phone number, and your bank account numbers. They will take anything they can get! No matter which type of scam you look at, identity thieves all have the same goal in mind: to gather your personal data and use it for their own financial gain.
Q: How can thieves steal my identity without a photo ID?
A: You would think that identity thieves could only really steal your identity if they had a photo ID to go along with all of your information, right? Wrong. Think about how many consumers live their lives online. You shop online, open new accounts online, transfer and wire money online, pay bills online—the list goes on and on. Does anyone ask for a photo ID when you are sitting in front of your computer making an online purchase? Nope! What they do ask for is your personal information—your date of birth, your social security number, your address, your bank account numbers, your pin numbers, your passwords. If the wrong person has this information knows how to enter it online, they can steal your identity in a matter of minutes. This is why it is so important to keep that private information private. While photo ID is required to open certain types of accounts, the ease of living your life online makes the Internet a virtual playground for identity thieves.
Q: Who do identity thieves target?
A: Everyone! The truth is, identity thieves don’t care who they steal from. They target people of all ages, ethnicities, and financial backgrounds. If you have a social security number—you are a target. Identity theft scams target the defenseless like you would not believe. Children are not even safe from identity thieves. There are hundreds of thousands of reported cases where scammers have obtained children’s’ personal information for their own financial gain. When the child turns 18 and goes to apply for student loans or buy their first car, they often realize that someone has been using their identity to buy houses, open credit card accounts, and obtain loans. This could be a one-time theft situation; however, many parents discover that their child’s identity has been in the wrong hands for months, or even years. If you have children, access their free credit report annually. If all is well, there will be no activity listed. Keep your children’s personal information private—only give it out when absolutely necessary, for medical or educational reasons.
Q: What are the laws against identity theft?
A: The Identity Theft Prevention Act of 2001 and the Identity Theft Victims Act of 2002 set forth specific laws to protect consumers like you. Among the many details outlined in both acts is a statute that requires consumer credit reporting agencies to block the reporting of bad credit that results from identity theft. This means that upon discovering your identity has been stolen and misused, anyone checking your credit report will not view any damage that thieves may have caused. The 2001 act also increased imprisonment time for convicted identity thieves from three to five years. We encourage you to read more about these acts by visiting the Federal Trade Commission’s “Fighting Back Against Identity Theft” website.
Q: What do I do if I discover my identity has been stolen?
A: Upon losing your wallet or any other documents containing your personal information, the first thing you must do is place a fraud alert on your credit reports. You should also request to review your credit reports immediately. This prevents identity thieves from opening any additional accounts in your name. You only need to call one of the three major credit bureaus, Equifax, Experian, or TransUnion; by law, upon receiving this report, they are required to contact the other two bureaus regarding the fraud alert. Close any accounts associated with the identity theft, and file a police report in your community. Finally, it is important to file a report with the Federal Trade Commission (FTC), as this can help stop identity theft on a nationwide scale. You can file a complaint with the FTC online at www.ftc.gov/idtheft.
Q: Which services can I subscribe to prevent identity theft?
A: ComparedForMe.com outlines in detail the many services available to help detect and prevent identity theft from happening to you. Click here to compare identity theft products and learn more about which services are right for you and for your budget.
