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IDENTITY
THEFT
Identity theft is one of the scariest things that happen to someone.
The reason being is that due to the nature of the internet, the
perpetrator may very well get away with the crime while the victim
is often left to spend years trying to repair their credit rating
and good name.
Even when I.D. theft has been proven, it may still be near
impossible for the victim to recover from the effects that it has
caused
to their lives. In some cases, the victim may still be liable for at
least some of the charges incurred from the activity of the fraud
perpetrated in their names.
Types
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Financial fraud
Financial fraud is one of the biggest reasons that people
commit identity theft. Let's face it, a lot of people like
to
get something for nothing. Identity theft allows them to do
just that, only they're getting for nothing on their end of
it.
The victims often end up paying heavily for the actions of
the thieves, though.
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Criminal activities
Financial fraud isn't the limit of identity theft. Many
other serious crimes can be committed in the victims name
without their knowledge, leading to serious legal
repercussions. Some of these crimes include the following:
Computer and cyber
crimes
Illegal immigration
Organized crime
Drug trafficking
Terrorism
Alien smuggling
Espionage
Money laundering
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Credit card fraud
While this is actually a sub-category of financial fraud, a
brief explanation of what it entails is in order.
Whereas financial fraud revolves around getting money from
people, credit card fraud usually involves getting goods and
services instead of cash. |
Causes
If any of the following types of documents, or the information they
contain, gets into the hands of the wrong people, it makes stealing
your identity a lot easier. Make sure you safeguard the following
personal documents:
- Social security number (SSNs)
- Bills
- Medical records
- Loan applications
- Bank statements/checks
- Credit card applications or statements
Repercussions
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What can happen?
First and foremost, you may very well be responsible for any
monies stolen with your identity. Even if you prove that it
wasn't you, you are still liable for some of the stolen funds
(typically up to $500). Until you prove that your identity was
stolen, you may have creditors coming to you for the money
"you" owe them. If the identity theft goes unnoticed for a long
period of time, a warrant for your arrest may even be issued
due to the fraud that was committed in your name.
What's worst, your credit rating will be compromised, making it
harder for you to borrow money in the future.
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What to do after the fact?
The U.S. Federal Trade Commission (FTC) recommends that
you place an initial fraud alert on your credit file now
by
contacting any one of the nationwide credit reporting
agencies listed below. The alert will stay on your
credit reports
for 90 days. Contact information for the credit
agencies:
-
TransUnion(800-888-4213)
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Equifax(800-997-2493)
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Experian
(888-397-3742)
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INNOVIS
(800-540-2505)
If you find your
personal information has been used to commit a fraud,
file a report with your local police department.
This will allow you to send a copy of the report to
creditors that require evidence that you allege a crime
has occurred.
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