The Silent Crime — Identity Theft
It may even be the hardest to prosecute. Countless people have asked, “Who would want my identity?” or stated, “If they want to be me, then let them.” Frankly speaking, that’s a dangerous perspective. If you believe that identity theft can only affect your finances, you’re wrong. The impact of identity theft on the lives of those who’ve had their indentities stolen is devastating. Through our extensive research, we have concluded that identity theft consists of three categories: financial, medical and character, or what some call criminal. According to data from the Consumer Sentinel and Identity Theft Clearing House published in February 2009, financial losses from credit cards and bank fraud amount to less than half of the reported cases, which leaves us all vulnerable to countless other schemes.
Let’s begin with defining identity theft. The FTC’s definition is: “Identity theft occurs when someone possesses or uses your name, address, Social Security number (SSN), bank or credit card account number, or other identifying information without your knowledge with the intent to commit fraud or other crimes.” Now, let’s break this definition down to the three categories that, in our opinion, are at greatest risk: financial losses, medical files and procedures, and character attacks that most often take shape as criminal actions by another in your good name.
The first form of identity theft is that of your financial credit. Simply put, it is the stealing of your identity for your money. Credit card fraud is the most common form, at 28% of all cases, followed by bank fraud at 18%. The criminal will set up accounts in your name using alternative addresses, use your existing bank account at another branch (with the drivers license he or she obtained in your name with his or her picture), borrow money on your home, buy a car or furniture in another town, drain your online stockbrokerage accounts; the list is endless.
Secondly, there is medical identity theft. Most of us overlook this criminal aspect. This occurs in numerous ways: employees of hospitals copying your files for personal information; others using your Social Security number to have procedures like surgery or even an AIDS/HIV test; or checking into the emergency room under your name so they can kindly pass on the cost directly to you. Another reason may be to obtain an elderly person’s insurance, Medicare/Medicaid or prescription drug benefits. Imagine if you went to your pharmacist, and they told you your prescription was already filled in a neighboring community, and they could not fill it again.
Finally, there is character identity theft, where employment fraud tops the FTC list at 13% of total cases, followed closely by criminal acts being committed in your name. One day, you may wake up to a knock on your door by the sheriff’s department arresting you for an outstanding warrant in your name for crimes committed in another state.
There are many stories more frightening than the ones above. The point is, there are many forms of identity theft and many more to arise from this multibillion dollar criminal industry. If you have never experienced the long-term consequences of being a victim, then you may not realize the need for proper insurance or protection.
Let’s begin with defining identity theft. The FTC’s definition is: “Identity theft occurs when someone possesses or uses your name, address, Social Security number (SSN), bank or credit card account number, or other identifying information without your knowledge with the intent to commit fraud or other crimes.” Now, let’s break this definition down to the three categories that, in our opinion, are at greatest risk: financial losses, medical files and procedures, and character attacks that most often take shape as criminal actions by another in your good name.
The first form of identity theft is that of your financial credit. Simply put, it is the stealing of your identity for your money. Credit card fraud is the most common form, at 28% of all cases, followed by bank fraud at 18%. The criminal will set up accounts in your name using alternative addresses, use your existing bank account at another branch (with the drivers license he or she obtained in your name with his or her picture), borrow money on your home, buy a car or furniture in another town, drain your online stockbrokerage accounts; the list is endless.
Secondly, there is medical identity theft. Most of us overlook this criminal aspect. This occurs in numerous ways: employees of hospitals copying your files for personal information; others using your Social Security number to have procedures like surgery or even an AIDS/HIV test; or checking into the emergency room under your name so they can kindly pass on the cost directly to you. Another reason may be to obtain an elderly person’s insurance, Medicare/Medicaid or prescription drug benefits. Imagine if you went to your pharmacist, and they told you your prescription was already filled in a neighboring community, and they could not fill it again.
Finally, there is character identity theft, where employment fraud tops the FTC list at 13% of total cases, followed closely by criminal acts being committed in your name. One day, you may wake up to a knock on your door by the sheriff’s department arresting you for an outstanding warrant in your name for crimes committed in another state.
There are many stories more frightening than the ones above. The point is, there are many forms of identity theft and many more to arise from this multibillion dollar criminal industry. If you have never experienced the long-term consequences of being a victim, then you may not realize the need for proper insurance or protection.
Let me help you in protection. Contact me: www.legalshield.com/hub/taylor_ra
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