Causes of Identity Theft
Identity theft has become so widespread in the past few years. This life-altering experience has caused serious problems for many consumers. Although it can't be totally eliminated, it can be controlled by taking appropriate measures. It's a crime where a thief uses the identity of an unsuspecting victim for the purpose of gaining money. Identifying information that is usually misused include social security number, passport, credit cards and driver's license. By law, victims are basically not held liable for the recovery expenses and charges resulting from identity fraud as long as they report the incident immediately, but the cost of time for repair and personal damages are far greater than the monetary damages of the crime. Unfortunately, people who are innocent of the crime may not know they are already victims of identity theft; this can happen for months or even years. As victims continue to suffer from the problem, the thieves, in the meantime, are continuously accumulating debts and ruining their credit records. It's important to know the causes of identity theft first to better understand how criminals work and devise appropriate and best identity theft protection techniques.
How do thieves obtain identifying information?
Basically, stealing wallets and purses is the most common way to get hold of a victim's personal
information. Once crooks have your credit cards, driver's license or passport, it'll be easy for them to inflict all kinds of damage on your finances. They can open up new credit accounts or apply for new credit cards using your name and they'll change your billing address to make sure all mails related to their inquiries and applications will go directly to them. The next thing you know is that you're not receiving your mail anymore. The only time you'll realize that your identity has been stolen is when you check your credit report.and personal belongings. All it takes for a "shoulder surfer" is to fish out your account number and PIN whenever you make transactions on high-street and your identity can be compromised.
Thieves known as "Dumpster divers," on the other hand, target your garbage. They search for usable documents and old billing statements to steal your identity. These documents are rich in information that they can use to open new accounts or accumulate more charges on your current credit.
Basically, stealing wallets and purses is the most common way to get hold of a victim's personal
information. Once crooks have your credit cards, driver's license or passport, it'll be easy for them to inflict all kinds of damage on your finances. They can open up new credit accounts or apply for new credit cards using your name and they'll change your billing address to make sure all mails related to their inquiries and applications will go directly to them. The next thing you know is that you're not receiving your mail anymore. The only time you'll realize that your identity has been stolen is when you check your credit report.and personal belongings. All it takes for a "shoulder surfer" is to fish out your account number and PIN whenever you make transactions on high-street and your identity can be compromised.
Thieves known as "Dumpster divers," on the other hand, target your garbage. They search for usable documents and old billing statements to steal your identity. These documents are rich in information that they can use to open new accounts or accumulate more charges on your current credit.
Technology has also paved way for the improvement of tactics that thieves use against their victims.
Phishing, for instance, is one of the top scams designed by thieves, in which they create a web page similar to a financial institution website or other companies that victims usually do business with. They'll send out emails to various recipients - their purpose is to lure victims into giving out their identifying information to "verify" their accounts. The email contains a link to their fake webpage. Upon entering that site, whatever you type will be intercepted, making you expose your information unknowingly. Some phishing scams are not highly-advanced. They'll urge you to reply directly to their email with your account number, credit card information and other personal details, while others will call you straight asking for your personal information over the phone. This tactic still works well on innocent victims, who don't have any idea about identity theft causes and prevention.
Lastly, there are thieves that use scanners that are either handheld or attached to a credit card terminal. Once your card is swiped on these scanners, all your account information will be copied and stored in their device. This strategy is known as skimming and it works pretty well in gas pumps and other self-serve merchants.
Lastly, there are thieves that use scanners that are either handheld or attached to a credit card terminal. Once your card is swiped on these scanners, all your account information will be copied and stored in their device. This strategy is known as skimming and it works pretty well in gas pumps and other self-serve merchants.