What should I know about Identity Theft?
·Identity theft is a form of cheating or fraud of another person’s identity where someone pretends to be someone else by usurping that person’s identity. When someone else’s form of identity is stolen, the fraudulent party then assumes access to the victim’s resources, benefits, and financial information. As a result, the victim of identity theft will suffer adverse consequences as they are responsible for holding accountability of the perpetrator’s actions.
When you realize your identity has been stolen contact an identity theft lawyer to acquire legal advice and assistance.
·There are numerous forms of identity theft, but in all cases, the victimized party is exposed to the actions of the aggressor’s illegal obtainment of the individual’s financial and personal information.
Identity Theft Statistics
·In the United States, as many as 12 million Americans are victims of identity theft per year.
·40-50% of identity theft victims are made aware of identity theft within 3 months of the illegal action. 10-20% of the victims; however, take 4 years or longer to discover the illegal infiltration of their personal and financial information.
·Victims of identity theft spend from 3 to 5,840 hours repairing damages realized through identity theft. This wide range is due to the varying levels of severity present in the crime—a lost credit card, for example, will require less time repairing than a compromised social security number. The total average of time spent repairing the damages realized through identity theft is approximately 330 hours.
·26-32% of victims will spend a period of 4 to 6 months dealing with their particular case, while 11-23% of victims will take over 7 months to repair and resolve the consequences of their particular case.
·Nearly $250 billion a year is lost by businesses who are victims of identity theft. On average, a victim of identity theft will lose between $2,000 and $14,000; victims will subsequently spend an average of $851 to $1,400 in expenses related to their case.
Aftereffects of Identity Theft
·50% of identity theft victims experience trouble getting loans or credit cards as a result of identity theft.
·20% of victims will experience higher credit card rates, while 16% of identity theft victims have higher insurances rates because of the theft.
·72% of identity theft victims will have trouble resolving or terminating the negative information left on their credit reports or other information left on their personal records.
What Information is used by the Fraudulent Party?
·Nearly one third of identity theft cases revolve around checking account fraud.
·2/3 of victim’s personal information is used to open new checking or credit accounts.
·30% of victim’s personal information is used to purchase a cell phone service.
·12% of identity theft victims end up having warrants issued in their name for financial crimes committed by the identity thief.
Steps taken to Prevent Identity Theft
As technology continues to improve, numerous companies (such as LifeLock) continue to develop cutting-edge techniques and programs to offer identity protection means to the average consumer or business. Various security requirements, encryptions and anti-piracy software produced by such companies as LifeLock are used to secure personal and banking information and impede identity thieves from conducting fraudulent activity.