Identity Theft Overview

Are you just learning about identity theft? It’s a growing crime around the world and one you should be highly aware of in order to protect yourself. As you may know, identity theft is a crime that involves an individual posing as someone else, typically using their identification or credentials for their own personal gain. How do people gain from using your identity? There’s an almost endless amount of ways, such as withdrawing all of the money from your bank accounts, opening and using credit cards in your name, and even taking out loans in your name. It happens to over ten million people each year and many of them don’t even realize it till the damage is done. Since it remains a fairly new crime, there isn’t a clear way to deal with it, which is why repairing the damage from an identity theft could take years and end up costing you thousands. Here’s a look at the primary types of identity theft and how it’s committed.

Types of Identity Theft

Identity Cloning: This refers to the basic act of stealing another person’s information and then using it to assume their identity
Financial Identity Theft: Typically occurs when an individual uses someone else’s name or Social Security Number to obtain goods or services.
Business Identity Theft: A business identity theft involves a person or a business using another business’s name to obtain credit.
Criminal Identity Theft: This usually refers to the act of misrepresenting one’s self when committing a crime.