Identity Theft Fraud

Although most people have heard of identity theft fraud at some point, yourself included, lots of people still don’t quite understand just how it works.

Since this form of cyber crime is on the rise, costing U.S. consumers $50 billion every year (according to the FBI), it is imperative that each and every individual understands what ID theft is and how it can effect them.

What happens is a thief somehow obtains information about a victim. This may happen in a variety of ways. They may steal the victim's mail, dig through their trash, or install malicious software on someone's computer.

This software can log the keys the victim presses, or even trick them into entering sensitive information on an illegitimate site posing as your bank or credit company.

Identity theft victims are usually targeted because of their good credit. Loan or mortgage fraud is the most common type of identity fraud.

The scammer, using the victim's identity and good credit standing, will open up a bank account in the victim's name and then apply for a loan with the goal of receiving a lump sum of money.

Of course, they have no intention of paying this off, let alone with interest. Unfortunately, identity theft is difficult and slow to recover from. For some, the repercussions have affected their credit for years. There have even been reports (though rare) of victims being arrested for crimes they didn't commit due to their identities being stolen.

In order to prevent this from happening to you, read our articles on Identity Theft Protection Tips and Reporting ID Theft.

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