Identity Theft: The Worlds Fastest Growing "Industry"
The news is filled with stories of hackers infiltrating the database of customers at Target, Home Depot, and other household name companies that have been the victim. In the end, it is up to each individual to take the steps to stop it.
United States, December 18, 2014 (Newswire.com) - Victims of Identity Theft Regret Steps They Could Have Taken Identity Theft, Fraud, Stolen Credit Cards, Credit Repair
The levels of criminal fraud and identity theft in this country have finally reached a critical mass. Whatever trust there might have been in the past, has been replaced by fear and suspicion. Every day, personal identity is stolen from millions of people, without them knowing it.
While identity theft is certainly a global problem, experts say it's difficult to measure worldwide losses. However, a Department of Justice study estimates identity theft of all kinds was responsible for U.S. financial losses of $24.7 billion in 2012 — nearly double the $14 billion lost from all other property crimes such as burglary and theft. According to Javelin surveys in the U.S., when an existing credit card is exposed and then used for fraud, the average loss is $1,251. When a social security number is exposed and then used to open new accounts, the average loss is $2,330. Banks take the biggest financial hit, but identity theft victims' out-of-pocket losses can range from an average of $63 for misuse of credit cards to $289 for fraud involving social security numbers. Of course that doesn't quantify lost time and stress. As with many ploys to obtain individuals' personal information, it is likely that many of these imposters are actually thousands of miles away - often in other countries and out of reach of U.S. law enforcement. Pre-paid debit cards, the payment form demanded under this scheme, are now preferable to swindlers; the cards are more convenient than a money wire - and just as untraceable.
Brandon Baileye, AP Technology Writer
The Federal Trade Commission defines this (as if you couldn't figure it out for yourself): Identity theft happens when someone steals your personal information and uses it without your permission. It’s a serious crime that can wreak havoc with your finances, credit history, and reputation — and can take time, money, and patience to resolve.
People ask the government to protect them, but the best protection starts with a plan to correct, monitor and respond to attacks that are inevitable. Few people haven't heard of the reportedly 100-Million+ customers whose information was stolen by hackers getting into the data centers of such huge retailers like Home Depot and Target.
There are simple, inexpensive steps an individual can take to defend against this rampant crime. A number of different credit-protection and repair programs have popped up over the years to help people take steps before AND after a problem shows up.
A comparison chart of the different providers is available on request by email to those who have serious concerns about the rampant fraud taking place of people's identities. The best defense is a good offense, but it starts with each person taking the steps first to protect their financial house.