id theft fraud prevention

John Goldman asked:


Identity theft is something that no one would ever want to experience as it is a case where the victim looses almost everything their financial status and even personal identity. Using everyday data such as your social security number and drivers license the id theft thieves can easily assume your identity to open new bank account, write bad checks, establish new credit card account, avail loans and even take cash advance on your name.

Additionally they might also set up cell phones or run up bills and utility services apart from just making charges on your previous account. The thieves can even gain access to your employment identity and rent an apartment over your identity. Just a single instance of this crime can negatively affect your credit score which can create a lot of problems when you need to avail financial help in the future.

Types of id theft

You can say it identity theft when someone else has sufficient information about you to stand up as you. The id theft criminals can use your information in different ways. There are way main types of id theft or the reasons for the theft. Firstly it can be for account takeover in which the criminals would use all your existing bank accounts including credit cards and run huge bills for you to pay.

The other common type is application fraud. With this type the criminal would take your information to open new accounts, which can take several days to detect as the address provided to the company would probably not be your real one.

How to prevent identity theft

Firstly you should know what you have which means getting ready of all the debit and credit cads you have with their contact numbers. Make sure you don’t carry more than 2 debit or credit cards with you. In case you would be around people such as the city center, keep your wallet safe and in less accessible place.  When using the ATM, using your hand as a shield when typing the PIN would be wise. There are several other things to consider to prevent identity theft

 Order a copy of your credit report every year and carefully review it. In case you find any suspicious activity make sure you immediately report it. You must also check your credit card and bank statements every month. When using your card in shopping malls or petrol pumps watch when it is swiped so that you ensure the clerk does not try to run it through skimmer which stores your information. Make sure you carry the receipt with you rather than just throwing it away. Buying a paper shredder can be an excellent and secure method to dispose all those financial junk mails and credit card receipts. This will help you ensure your personal and financial information is completely destroyed. When shopping online make sure you are providing your information to a secure shopping site by checking if they are SSL certified

Gerald

Abhishek Agarwal asked:


In the United States alone, this is the fastest growing crime. In 2002, the Federal Trade Commission or simply put the FTC reported 43 percent of the fraud complaints they received where for identity theft. With the 2003 report, the incidents reached close to 10 million.

For every five families, there is always one who will fall prey to these thieves. It is hard not to be a victim even when every precaution in the book has been taken. Even though it seems you have safe guarded your data, the thieves always manage to stay a step ahead.

Understand that everything you do leaves a trail. Whether you use your pin number, write a check, sign up for a credit card or even order something online, thieves, if they want, will get your information.

No matter how hard you try, there lurks the possibility that existing information can still find their way to the identity thieves. Be aware of this fact and cautious with whom you give your vital data out to. Knowing this tactic, can put you above those who just give out their information.

It has been estimated that people spend approximately $500 and more than 30 hours to resolve. Some cases begin from a credit getting stolen to a person’s identity being completely “kidnapped”. These crimes are hard to prevent. Because of this, identity theft is hard to correct.

Identity theft is considered a white collar crime. It is because the thieves get in touch with the person directly to steal the information by deception and lies. They will also try and get any money from them that they can.

This crime does not need face to face contact for the thief to steal your identity or your cash. The ID theft is not committed just for the sake of having it but rather using it for other criminal means including to commit fraud.

Until 1998, the federal law had not caught up with this type of crime. In fact, it wasn’t until that year, that cases of a bigger magnitude started to show up. It was then that people began to see they needed a heavier sentence imposed on those who committed the fraud in the first place.

Thanks to these numerous cases, the laws were changed so some of these could be used as prosecuting the thieves. Some were changed or enhanced to repair their credit reports or recoup their losses and reputations.

The primary identity theft statute is 18 U.S.C.

Sally

Abhishek Agarwal asked:


Identity theft as we know is on the rise. It is through measures like reporting it that we can battle this growing menace. here’s how you can help. It has prevailed (id theft) through efforts by governments and individuals alike. The internet has only made it easier for the hackers to get access to all your personal information under one roof – your email id. The government of United States has called for seven preventive methods to curb this growing menace. If not prevent it altogether, it will at least prevent further misuse of your identity, if you follow these seven steps.

1. Get in touch with the department of fraud in the government, when you have a fraud alert. The fraud alert is of course a personalized data that you use when you work with an office that deals with it. If and when the department comes across a double identity – it reports you of it immediately. This is a great way to curb the menace of identity theft, and if you are lucky you may even nab the culprit.

2. if you have reason to believe that your identity has been stolen, get into immediate contact with the nearest police station or sheriff’s office. If you wait to long to do this you are ruining chances of catching the culprit, and it could lead to further loss if it involves something like your credit card.

3. When you are talking to the police personnel, or narrating the incident for reasons of their report making, be as objective as possible. Do not leave out any details but do not go off the track as well. This will be the report that the office will use to begin an investigation, so it better be good!

4. Get in touch with your bank to cancel all credit cards and to issue new ones, and they may need the police report for this. So make sure you carry a copy of the report when you meet with the bank officials. The bank will decide on what measures need to be taken to provide you with future service. In most cases they will immediately suspend the account. Following this, they may issue you a whole new account number and new cards as well. You will probably be charged a fee for this, but that is the least of your problems!

5. If money has been withdrawn from your account before you realized there was a theft, let your bank know about it immediately. This information could give them the chance to trace the location where it was withdrawn, and take everyone closer to getting the bad guy.

6. Let the check verification agency know about this theft. They could stop payments on checks.

7. In any case, it is better to notify the social security office and get a whole new security number.

Following these seven steps will get you out of the mess.



Rosemary

Abhishek Agarwal asked:


Have you ever felt pity for those who have suffered from the effects of identity theft? Should you be in their same situation suffering from identity theft, your life may be like theirs and you would understand and feel pity. It is this reason here that laws were passed to detour this continuous threat of security to everyone in the country including business and individuals.

Consumers’ awareness to this threat has finally peaked within the last five to ten years. Largely due to the media attention it has gotten, people are more aware of when they give out their personal data and especially when it is given out without their consent, such is the case on the Internet.

With the widespread attention and public outcry, federal and state legislation have been brought up regarding Identity theft issues.

ID Theft and Assumption Law

On the federal level, the Identity Theft and Assumption Deterrence Act (18 USC 1028) was passed in 1998. When the law passed, it made any type of identity theft a felony. The law states that if a person knowingly uses the identification of another person with the sole purpose to commit some type of unlawful crime under both the state and federal laws.

Those who, in turn, violated this law, were put under close supervision by several federal agencies including:

- U.S. Secret Service

- the Social Security Administration

- the Federal Bureau of Investigations (FBI)

- the U.S Postal Service

Criminals were then prosecuted by:

- the U.S. Department of Justice.

The law does allow for victims to be reimbursed. This reimbursement was established within the Federal Trade Commission as an identity theft clearinghouse.

Following on the federal law’s heels, 40 states have criminalized identity theft, most of them being a felony.

Senate Bill 2328 called the Identity Theft Prevention Act of 2000 signed by Sen. Feinstein, Kyl and Grassley. They wanted more attention to direct on prevention matters before theft occurs. They wanted also to find out where the prevention should be taken and where the preventions should belong.

President George W. Bush signed the Identity Theft Penalty Enhancement Act or ITPEA as an addition to many of these laws.

What are the provisions of this identity theft law?

When a theft is found to have occurred, it is made a felony with a mandatory two-year sentence in prison. Should any of the theft be related to terrorist activity, there will be an additional five years tacked on.

It also orders the U.S. Sentencing Commission to strengthen its penalties should the theft be found in the role regarding employment.

Many people are happy that identity theft is now being prosecuted but still say the credit bureaus and the industry itself has to make necessary changes before all is said and done.

Laws were also needing to address the frustration that victims felt and a way to for them to let others know they have criminal record that is not theirs.

Some bills that were passed include a provision, which made it possible for people to get contents regarding their own information that has been put together by information broker, employment background checks and an individual reference service.

For those who had criminal records that is not of their own doing, there must be a way for those people to clear it up an expedited process. These would involve the law enforcement where the arrest was first made and the court issues the warrant. Currently, there is no such remedy for victims of identity theft with criminal records



Jack

Abhishek Agarwal asked:


Are you really safe from identity theft? Each day people are being attacked. So how would you feel if you got arrested for a crime you did not commit? The phone rings and creditors are harrassing you saying you owe X amount of dollars despite the fact you do not have a credit card or you haven’t used it in that month. What will you say to them?

Perhaps when you become a victim you will have the answers to these questions. But until then…

People say that identity theft is the “perfect crime” Everyone who is anyone can be a victim including children. The best way to prevent yourself from being the prey is learn about the crime. There are millions affected every year.

Once a thief decides to take your place in your life, it’s almost impossible to get that life back. So you have not been a victim of ID theft, then do not take any risk that can harm those chances.

ID theft is the type of crime that one person pretends to be another in sake of getting information, money or any other reasons. This is typically done for financial reasons and or criminal activity.

Information that the thieves look to get are the potential victim’s complete name, their date of birth and any array of related data such as social security number, passport, driver’s license number and credit card number.

Once the thief has any part of the information, he or she can use it to take over the victim’s accounts. He or she can apply for loans and even purchase items and services.

The thief can also apply for medical benefits, education assistance and other personal finances. Just by creating or forging birth certificates or immigration documents, all this can be gotten when presented to the right agency who provides this type of help.

For those who are involved in this kind of crime either want to mislead police on who is committing the fraud or hide from police while they are pursuing the assailant. Some like to use the person’s name to do larger crimes and do human trafficking and terrorism acts.

According to the Federal Trade Commission (FTC) 29 percent of complaints come from individuals from people aged 18-29, 25 percent for 30-39 individual ages, 21 percent in from individuals in their 40s. 13 percent from the individuals in 50s. The remaining 10 percent come from those ages 60 and older.

Thieves target those who have an average income and those with good credit.

Do not forget that even children can be victims of identity theft especially from their relatives…their parents mainly.

Even businesses, corporations and smell enterprises can be struck by identity theft by thieves disguising themselves as the top executives of the company. They withdrawal large sums of money which can topple business relations and its reputation.

This day and age, ID theft can be committed by gaining access to information systems and duplicating, although not the original, important documents. Afterwards, they can open new credit accounts and charging older ones.

Technological advances have made it possible for hackers to break into public databases and cracking important government sites.

There are seven ways to guard yourself from these thieves though not altogether foolproof.

1. Make sure to never provide your Social Security number unless it is required;

2. Shred important documents;

3. Checks should only have your name and address;

4. Carry only necessary documents needed for the day;

5. Review credit reports regularly. Look for unauthorized accounts;

6. Never give out private data on the phone.



Antonio