ID Theft affects more than 27 million people a year.  The Federal Trade Commission reported nearly 10 million reports in 2003 alone.

What Is ID Theft?

ID or "Identity" Theft is the act of stealing someone else's personal information such as a name, Social Security number, credit card number or other identifying information without that person's permission to commit fraud or other crimes.

Identity theft is also a federal crime...enacted under the Title 18, Section 1028 "Identity Theft and Assumption and Deterrence Act of 1998" with penalties of up to 15 years in prison and $250,000 in fines.    Those affected may spend months or years and thousands of dollars recovering their good names and credit records.

How Does ID Theft Occur?

Thieves claim your identity through several means including

• (a) "dumpster diving" --rummaging through your trash,
• (b) posing as landlords, employers or government officials who may have a legitimate need for and a legal right to information,
• (c) using special information storage devices to steal credit and debit card numbers as your card is being processed in stores, restaurants, and gas stations,
• (d) stealing your purse or wallet,
• (e) stealing mail (including bank and credit card statements, new checks, and tax information, 
• (f) completing change of address forms to divert your mail to a post office box or other location they've specified,
• (g) hacking credit card processing companies data bases, and
• (h) negligence of financial institutions to protect your personal identity information.

Unfortunately most identity thieves charge thousands of dollars before you even know they have your information. Here are some warning signs to alert you that identity theft may have occurred:

• You don’t receive bills or other mail, which could mean an identity thief has taken over your account and changed the billing address to cover his tracks,
• You receive credit cards you didn’t apply for,
• You’re denied credit or offered a high interest rate, for no reason, and/or
• You get calls or letters from debt collectors or businesses about merchandise or services you didn’t buy.
• You notice unsolicited inquiries on your credit report.

These are warning signs that may or may not indicate identity theft has occurred, but to be sure, you should check with the bank or business who issued you the credit

What Should You Do If Your "Identity" Has Been Stolen?

If you fall victim to the heinous crime of identity theft, then you should immediately contact the security or fraud department of the company who issued the credit (or the government agency who issued the license or card).  Close the accounts that you know or believe have been tampered with or opened fraudulently.  You should then file a report with your local police department.  Retain a copy of the police report for you records.  You may need to supply it to the credit-issuing company in the future.  Keep copies of any written correspondence as well as telephone records established during the time you were resolving the fraud. Contact each of the three credit bureaus and ask that a credit alert or fraud alert be put on your account.  You can reach them by one of these 3 methods:

File your complaint with the Federal Trade Commission utilizing their ID Complaint Form or via telephone at (1-877-IDTHEFT) 

Falling victim to identity theft can take years to recover from, financially as well as emotionally.  Hopefully, by following the above-stated tips for prevention, you will not have to endure such a traumatic event.

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