Identity Theft Articles

What is ID Theft?

By Jim Travers

©Jim Travers - All Rights Reserved

http://www.MyIDTheftHelp.com

ID theft is the fastest growing consumer crime today. The Federal Trade Commission (FTC) had revealed that recent count of ID theft victims has reached 9.9 million and total amount of loss incurred reached over $5 Billion! As for businesses and institutions that were also victimized by ID fraud, their total financial loss amounted to over $48 Billion!

A Simple Definition for ID Theft
Any act in which a person willfully and knowingly misrepresents himself or uses the identity of another person to conduct any illegal activity is considered as identity theft or fraud.

Why ID Theft Cases are on the Rise
Unlike committing murder or adultery, there is really nothing obviously immoral or unconscionable about stealing other people’s identities for profit. What’s worse, identity theft and fraud is also easier to accomplish than other forms of non-violent crimes. Age or gender isn’t even a barrier in this case. All a person has to do is gain sufficient information about his intended victim then start opening accounts or engage with other similar activities. Fake IDs are easily created with the help of information that can be readily accessed from the Internet and basic printing equipment like a copier, scanner and printer.

An ID thief’s main purpose is to either illegally redirect money to his account or redirect his personal expenses and have it charged to his intended victim’s account.

What Happens to People Caught Guilty of ID Theft
Many ID theft cases involve Postal Service employees tampering with personal property of private citizens. For that reason, the U.S. Postal Service has been given power by the federal government to impose the following penalties:

Any person caught stealing or tampering with your personal mail and using the information taken from them to file change-of-address orders or other similar claims may be fined for $2,000. They may also be sentenced to a maximum of five years’ imprisonment.

If the information was used to open a credit card in the victim’s name, the person guilty of the crime shall be slapped a fine of $1,000 and possibly sentenced up to five years’ imprisonment as well.

If a financial institution has been affected as well because of the crime committed, the fine shall be raised to $1,000,000 and the individual may also be sentenced up to 30 years’ imprisonment.

Famous Names that Have Been Hit by Identity Theft
Many famous people such as actresses, professional athletes, models and even politicians have been victimized by identity theft as well. Even the likes of Oprah Winfrey, Steven Spielberg and Tiger Woods have been victimized one way or another by ID theft just like ordinary citizens.

What the Government Has to Say about It
Because modern technology has made it increasingly easy for blue-collar crime to flourish, the government is still finding ways to improve the legislation and sufficiently protect the citizens from crimes like ID theft and fraud.

Meanwhile, citizens are advised to regularly check bulletin messages from their local government unit regarding any updates and tips to protect themselves from these crimes.

The Stand of Banks and Other Financial Institutions
Banks and other financial institutions are as vulnerable – if not more so – as private citizens to ID theft. They have far more to lose as well as their main line of business which involves transferring huge amounts of money from one place or investment to another.

To protect themselves and their clients, banks have implemented stringent measures as a means of safeguarding everyone’s interests. Banks have advised stores to request valid proof of identification before allowing anyone to use a credit card. Checks must undergo careful inspection before they may be deposited or converted to cash. People intending to open an account must also supply complete and verifiable personal information before their applications can be approved.

Banks have also made certain that clients who have already been victimized by ID theft still have hopes of salvaging the major part of their finances.

By signing up for insurance, clients are adequately protected against ID theft. Instant changes of passwords may be done by a simple call. You can also instruct the bank representative to flag your account and get in touch with you the moment he or she notices any unusual movement in your finances.

ID theft has the power to greatly affect lives...and it's never for the better. Even if you haven't been victimized by ID theft yet, take action now so you won't have to worry about it later on!

=========================================

Worried about Identity Theft or Online Fraud?

A complete information pack, together with self help action plans to stop ID thieves in their tracks can be found in the 'MY ID Theft Help' book package published by My Help Books. Visit => http://www.MyIDTheftHelp.com

=========================================

Attention Ezine editors/Article editors/Site Owners

Please feel free to reprint this article in its entirety on your site or in your Ezine or Article directory PROVIDED you leave all links in place, leave the content unchanged and include our resource box shown above.

You may substitute your own affiliate link in place of our link in the resource box. You will earn up to 60% on every sale you refer to us!

Affiliate details can be found at http://www.MyIDTheftHelp.com

If you use our articles and information please send us details so that we know where our site is being promoted. THANKS