An identity theft victim usually discovers that their information has been used long after it has been stolen. By the time the theft is determined, the perpetrators have potentially affected several aspects of the victim’s life.

Too often, victims find themselves in the following situations:

• - They are denied a mortgage due to poor credit
• - They receive bills in the mail for goods and services they never purchased
• - They receive calls from collection agencies for outstanding charges
• - They receive a notice of insufficient funds from the bank
• - They receive calls from law enforcement or fraud departments informing them of suspicious activity
• - A check from a potential employer reveals a criminal record

These can be emotionally devastating and lead to future losses of income before the case is resolved. There are two areas where victims incur losses: time and money.

Your Time

It is estimated that the average identity theft victim spends over 500 hours working to rid themselves of the problems associated with the theft. Many issues take more than two years to resolve. Victims spend time on the following actions:

• Police reports. Some disputes can be resolved internally with the company involved. However, many cannot. Victims need to start documentation of the theft. A police report is the first step in obtaining an Identity Theft Report. Sometimes police departments may not want to take a report face to face. Victims then need to persist, including sending the Federal Trade Commission’s Law Enforcement Cover Letter.
• Distributing the Identity Theft Report. Once a report is available it needs to be sent to the credit reporting agencies, anyone you conduct business with, and the companies that you know have the fraudulent information. It is advised that these are sent certified mail.
• Obtaining the information related to the theft. Victims are entitled to copies of applications and transactions that enabled the theft to occur. Requests must be made in writing.
• Working with the credit report agencies to expunge the fraudulent actions. Victims spend time correcting negative information on their credit reports so they can continue to receive credit.

Identity theft protection may help, however you still need to actively monitor for yourself.

Your Money

Victims of Identity Theft can spend thousands of dollars not to mention lose wages as a result of the fraud. There are several ways they are affected financially:

• Liability for credit card charges, debit card charges, and unauthorized withdrawals on bank accounts. Most victims of credit card fraud are limited to $50 in liability. Debit card holders can be liable for up to $500.00 and they can be liable for the total amount if it is not reported within 60 days.
• Legal Costs. Victims pay for police reports, some court fees, and if necessary, a lawyer.
• Higher interest rates. Because of the time it takes to remove the incorrect information, victims may be offered credit at a higher interest rate because of bad credit.
• Loss of Wages. Victims can lose increased wages from a rescinded job offer or for taking time from current employment to deal with the theft.

Identity theft affects almost nine million Americans per year according to the Federal Trade Commission. Identity theft can be costly both in time and money. There are several things you can do to avoid being a victim of identity theft.

The Information Thieves Seek

Thieves can open accounts, make fraudulent charges and apply for jobs if they have some of this information:

• Age
• Date of Birth
• Social Security Number
• Address and Phone Number
• Bank Account Numbers
• Credit Card Numbers
• Driver’s License Number

These pieces of information should never be shared unless you have initiated the business being conducted.

Minimize Opportunities to Get Information

Thieves get information in a variety of ways, including stealing wallets and purses, email phishing scams, and even pulling information from the trash. There are ways to limit how your information becomes available to them.

• Take only the credit cards and identification you need with you. Leave the Social Security Card and credit cards you don’t plan to use at home. Stealing wallets and purses is the most common way thieves get information. The less identifying information in your wallet, the harder it is use your identity.
• Shred bills, bank statements, credit card applications or any other paperwork with identifying information. Use a diamond cut paper shredder and don’t be afraid to shake up a bad of shredded materials. This makes it difficult for thieves to piece together any information and use credit card applications in your name.
• Keep credit cards, personal information, and bank account materials secure at home. A lot of identity theft victims know the person who has stolen from them. Leaving checkbooks, insurance information and items in the open can increase the potential for identity theft.
• Use complex passwords that are combinations of letters and numbers. Also, individualize security questions. Information such as your mother’s maiden name is obtainable through public records.
• Use secure web browsers and avoid wireless connections that aren’t secure. Companies such as Microsoft constantly update software and improve security for web browsers. Make sure you download security updates. Wireless connections in internet cafes, airports and hotels often have spyware connected to them. The best place to use a wireless connection at home as long as you use and update the security features available from your network provider.

Review Your Records

• Check monthly billing statements carefully to ensure you have made all of the purchases, withdrawals and deposits.
• Obtain a credit report once a year. You are entitled to one free credit report per year. Check for any changes in your address and any accounts that have been opened or report late fees. Go to www.annualcreditreport.com to get the report.

Report Suspicious Activity

• If a credit card or checkbook is missing or stolen, report it immediately. This will stop any charges that are being made to your accounts.
• Contact the Federal Trade Commission www.ftc.gov/complaint if you suspect that someone is using your personal information. Information on the lasts scams will also be available.

Identity theft today is the fastest-growing crime in the world. Tens of millions of persons have their identities stolen nearly every day. The term itself is not new; actually it’s been in existence for nearly 50 years, the term being used for the first time in 1964. But what is new about identity theft today is that it has become more common in recent years. There have been some technical objections to the term on the part of some; technically it is impossible to physically steal another person’s identity. But in the sense that it is generally used today, identity theft is more accurately defined as fraudulently stealing someone’s personal credentials or information and passing them off as if the identity thief was the person, in actuality impersonating the individual themselves , though they are not.

Effects of Identity Theft

What are the effects of identity theft? The effects are nothing short of devastating. As was indicated at the onset, tens of millions have their identities stolen on a regular basis. As one can imagine, the effects are often more emotional than financial. For instance, victims of the above crime have been forced to pay collectively millions of dollars for items that they had not recalled purchasing. Their credit cards have been virtually exhausted by such criminals and they have been forced to pay for utilities or for services that were never rendered in their behalf; it was rendered in the behalf of the identity thief, they were just left to pay the bills-in their name-even though their credit cards were in actuality used by someone who had impersonated them.. This has resulted in loss of much revenue not just for individuals, but also for businesses as well. It has robbed many people not just of their funds, but also of their peace of mind and sanity.

How To Minimize Losses Caused By Identity Theft

Yes, identity theft is indeed robbing many people of their money and sanity. But that does not have to happen to you. How can you minimize the effects of identity theft and protect yourself and your loved ones? There are several ways:

1. Never give out your personal information to people or institutions whom you do not know or trust: Never give out your personal information to anyone of any organazation unless you have a good relationship with such and you positively know them well and you know you can trust them.

1. Never give your banking information to any unauthorized, illegitimate sources: Do not give out such information as your banking account information, full number social security number or your PIN to any of the above. Legitimate companies will never ask you for your PIN or your full SSN; they will only ask you for the last four digits, for instance. This applies whether you use the phone, computer or you in person.

1. Do not just throw your personal information in the garbage, make sure you shred all vital information, such as name, home address, telephone number, SSN, anything that identity thieves can use for their own benefit and your malediction. It would be good to buy a shredder for that purpose.

Identity theft is a growing menace throughout the world today. But don’t become its next victim! Protect yourself and your family from identity theft today!

Identity theft has grown at large as more and more people are being victimized by those scammers and they are seriously affected for a long time. The identity thieves are anywhere and are always lurking for people to victimize so that they can gain for whatever purpose they want through the use of illegal measures. A single and simple mistake made by an innocent individual can turn into an advantage of those wicked thieves. Such case can be quite alarming, however, there are several ways to be able to prevent identity theft and so that you can avoid being a casualty. One great way to do this is to obtain and strengthen identity theft protection. This kind of service is now widely available for those who want to be helped concerning this matter.

CLUMSINESS AND SLOPPY HABITS

Many people are just too relaxed in their ways. Probably because they are thinking that they won’t be singled out by those wicked identity thieves. I can say this because many people are quite careless of their habits and there are even some situations wherein their important and sensitive information is being jeopardized. One should be reminded that negligence leads to this undesirable incident. This is what the perpetrators are on the lookout for. Frequently, the thieves watch over the clumsiness and sloppy habits of some people. A good example is the improper discarding of documents that contain vital information. Though this may not be a big issue for them, this is one great opportunity for thieves.

BE CAREFUL AND PROTECTIVE

But, such kind of habit can surely be changed for the better. Companies who are dealing with documents every now and then can answer to this by getting a shredding machine. Another situation wherein you can get yourself into trouble is when you make financial transactions to sites that are not secure. This is quite risky; hence you need to verify the security protection of your details especially with your credit card when you make payments for your online transactions. Also, be careful with sending and giving away those personal information like your social security number. The strangers who want to use your identity can surely utilize this against you without your knowledge and this can cause you lots of trouble. So be careful when this is asked from you by strangers.

Hence, one should obtain the right degree of security so that you will avoid identity theft. This is one way that you can ensure safety and security. There are different identity protection agencies that can help you out and through them, the customers can employ better methods for protecting themselves and avoid ruining their lives. Those who want to prevent identity theft should know what needs to be done and employ them. An effective solution is signing up for an identity theft protection service. It is also important to improve those sloppy habits. These are just two basic ways that one can eliminate such unfortunate incident. Through these two lines of defense, you can ensure safety and security.

Before the victims realize the damage done, identity theft can pursue for several months or probably years and because of this, the severity of how much was lost can be tantamount especially in the case of undetected identity theft. One reason for this is because a lot of people just don’t mind reviewing the new charges which have been added on their accounts. There are so many of us who settle bill payments online or opt for auto pay arrangements with the use of our checking accounts or credit cards and we neglect to review our financial statements each month. What we are just mindful of is that we have paid our monthly dues on time since we have received confirmation letters from our lender that we have arranged our payments. But, for the most part, you need to be extra careful.

The Reasons Behind Identity Theft

The thieves online know much about and they are largely interested with this kind of crime. The market now is becoming more demanding when it comes to getting personal information and the thieves are using this and creating false identities. One good example is the driver license number. This can be one of the most prevalent forms of identity used. But, if a person has gotten his driver license suspended like for drunk driving or for any other road and traffic violation, what the thief just have to do is to present valid license number on a false document. We don’t if there are other people who are using our driver license number, right?

The Social Security number is also another valuable piece of your identity. There is now an increasing number of foreigners entering in the United States and for them to get a job, they need a social security number because of this, the chances of your social security number being used by other people has now increased. This is one situation wherein such numbers are just occasionally checked for any fraud. As soon as you receive a letter coming from the IRS that informs you that you have unsettled taxes on income which you have failed to report, and this is already quite late. What you have to do is to explain with the IRS and make corrections on the paperwork to prove that you are earning this kind of income.

Just by using a couple pieces of personal information, an identity thief can access the information of your medical insurance and obtain coverage on medical treatment. And if you go for emergency medical treatment, you could acquire some type of medication that can be potentially harmful because of the information that’s used in your medical records from the thief who used your identity. Also, this kind of situation can happen when you are stopped for minor traffic violation only to find out that you will be arrested for failing to show in court.

These are only a few of the dangers pertaining to identity theft. Just by the theft having an access on your credit card number, can you now imagine the serious result that can happen? Hence, it is important that you check your credit report and make sure that no other person has opened a bank account using your name.

It can be a disaster to have your identity stolen. A scammer can utilize your identity to be able to steal money, engage in different illegal activities and make purchases without your knowledge. A lot of the Americans are always in fear of having their identity stolen but taxpayers are increasingly falling into tax scams which are designed for stealing their identity. Thus, for all those sensitive information, the taxpayers should always keep them safe and secure so that they avoid the traps setup by the identity thieves. These few tips may help prevent you from such unfortunate situation and avoid getting yourself and finances into major trouble.

- First, you should know that the IRS or the Internal Revenue Service doesn’t communicate through sending e-mails. They don’t send and will not communicate with the taxpayer through electronic mails. Hence, if you have received tax-related messages in your inbox, though this claims urgency for a direct payment of what’s said to be a tax debt, you should be suspicious and consider this a scam.

If you receive a suspicious paper correspondence, then you have to first contact the Internal Revenue Service office and find out if the correspondence you have received is legitimate and you may send a reply if required. But, when you have confirmed that it is not legitimate, then you should talk to the Treasury Inspector General that deals with Tax Administration.

- Secondly, take care of your social security number since this can be prone to thieving. What the taxpayers should do is to carefully monitor as well as keep a comprehensive record. Watch out for any correspondence coming from the IRS. Sometimes, you will be able to recognize the nature of the letter you received from the IRS that an identity thief has actually stolen your Social Security Number.

To be specific, such suspicious correspondence may include alerts that are associated with unsettled taxes pertaining to a job you don’t have. There are also identity thieves who use the Social Security Number of other individuals to obtain a job. With this, the real individual will look like the income tax return has not been fully declared.

- Third, the standard theft like home break-in and mugging can also increase your risk to identity theft. This is very true if the thief steals a wallet which may contain your credit cards and driver’s license. Hence, it is important that you don’t put such things on display and make sure that you don’t leave them anywhere so that you can protect yourself from getting into trouble.

If you think you have been victimized, then you should contact the Internal Revenue Service as soon as possible and prove your identity. Don’t wait that you will receive inappropriate letters coming from the IRS. But, you should make that initiative to let the IRS know the risk and they should be aware about this so that you can also prevent yourself from receiving undue charges. You may submit a valid copy of your State or Federal issued identification for this matter.