In the
course of a busy day, you may write a check at the grocery store, charge
tickets to a ball game, rent a car, mail your tax returns, change service
providers for your cell phone, or apply for a credit card. Chances are you
don’t give these everyday transactions a second thought. But an identity thief
does. Identity theft is a serious crime. People whose identities have been
stolen can spend months or years – and thousands of dollars – cleaning up the
mess the thieves have made.
Identity
Theft is Vega’s topic of the month. You
can find an executive summary of our monthly technical review at page 3, and
few examples of players on the protection side at page 5.
A full
article with much more information about the Identity theft threat and how
to protect yourself is published at our Blog,
Identity Theft or Identity Fraud
In the course of a busy day, you may
write a check at the grocery store, charge tickets to a ball game, rent a car,
mail your tax returns, change service providers for your cell phone, or apply
for a credit card. Chances are you don’t give these everyday transactions a
second thought. But an identity thief does. Identity theft is a serious crime.
People whose identities have been stolen can spend months or years –
and thousands of
What is Identity (ID) Theft?
Identity theft is a crime in which an
imposter obtains key pieces of personal information, such as Social Security or
driver's license numbers, in order to impersonate someone else. The information
can be used to obtain credit, merchandise, and services in the name of the
victim, or to provide the thief with false credentials. In addition to running
up debt, an imposter might provide false identification to police, creating a
criminal record or leaving outstanding arrest warrants for the person Identity
theft is categorized in two ways: true name and account takeover.
True name identity theft means that the thief uses personal information
to open new accounts. The thief might open a new credit card account, establish
cellular phone service, or open a new checking account in order to obtain blank
checks.
Account takeover identity theft means the imposter uses personal information
to gain access to the person's existing accounts. Typically, the thief will
change the mailing address on an account and run up a huge bill before the
person whose identity has been stolen realizes there is a problem.
Identity theft occurs when an
unauthorized party uses your personally identifying information, such as your
name, address, Social Security Number (SSN), or credit card or bank account
information to assume your identity in order to commit fraud or other criminal
acts.
How does identity theft occur?
Identity
thieves can steal your personal information directly or indirectly by:
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Stealing your wallets and purses containing identification cards,
credit cards and bank information.
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Stealing your mail including credit and bank statements, phone or
utility bills, new checks, and tax information.
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Completing a “change of address form” to redirect the destination
of your mail.
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Rummaging through your trash for discarded personal data in a
practice known as “dumpster diving.”
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Taking personal information that you share or post on the Internet.
What can ID thieves do with your
information?
Call your
creditors and change your mailing address on your credit card account.
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Open new lines of credit using your personal identification
information.
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Establish new services using your name which are charged to you.
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Open bank accounts in your name and write bad checks.
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Forge checks to wipe out your bank account.
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Apply for auto loans taken out in your name.
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Commit other crimes and then give your name, instead of their own,
to the police during their arrest.
What you can you do to prevent ID theft?
Identity
theft is on the rise. While there are no guarantees that your identity will not
be stolen there are steps you can take to minimize your risk.
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Use passwords on all your credit card, bank, and phone accounts.
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Never keep passwords, “PINs” or your SSN card in your wallet or
purse.
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Learn about security procedures in your workplace.
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Never give out personal information on the phone, through mail, or
over the internet unless you know the receiver and have initiated the contact.
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Guard your mail and trash from theft.
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Shred or destroy discarded financial statements in your trash.
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Give your SSN only when absolutely necessary.
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Keep your purse or wallet in a safe place at work.
How can you protect your personal
computer from ID theft?
SSNs,
financial records, tax information, birth dates, and account numbers may be
stored on your personal computer. Follow these tips to help keep your personal
information safe.
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Update your virus protection software regularly, especially when a
new virus alert is brought to your attention.
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Do not download files from strangers or click hyperlinks from
people you don’t know. This could expose your system to a virus.
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Use a firewall program. This will stop uninvited guests from
accessing your computer.
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Use a secure browser to guard the security of your online
transactions.
What do you do if you are a victim?
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Contact the fraud departments of each of the major credit bureaus.
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Close the accounts that you know or believe have been tampered with
or opened fraudulently.
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File a police report with your local police and/or the police in
the community where the identity theft took place.
At the end, it is
our duty to understand the threat and take all the actions needed to protect
our identity. To learn much more details about this threat you can refer to the
technical review: “Identity Theft -
What, How, Protect, Take Care”, at Vega’s Blog.