Allow me to clear up a few misconceptions about identity theft.
Myth: This crime is primarily a financial issue.
Fact: While the financial damage from identity theft is enormous, this would more accurately be called identity fraud.
Identity theft leads to many other types of criminal activity: terrorism, blackmail, pedophilia and tax evasion to name but a few.
Myth: Identity theft is when someone steals your SSN or credit card information and borrows money in your name.
Fact: Again, this is identity fraud which is a sub-crime of identity theft.
Identity theft is a chameleon, taking many forms.
Sometimes a stolen identity does not lead to other crimes.
Many database break-ins expose the information of hundreds of thousands of people, most of whom are never actually victimized.
Sometimes a criminal will clone the victim's identity to hide from authorities.
This is common among pedophiles and ex-convicts.
Sometimes a stolen identity is used to obtain medical treatment (this can lead to confusion about medical records).
In some cases, only parts of the identity are stolen (common among illegal immigrants who will use Joe Blow's SSN under their own name.
) Myth: ID theft won't touch me because I have nothing left to lose.
Fact: This may make you more vulnerable.
The unemployed have recently become a favorite target of identity thieves.
Why? Because they are desperate and readily give up information.
They will probably will not invest the 30 cents a day to protect themselves.
They are easy targets.
Myth: If I do become a victim, laws protect me completely from financial loss.
Fact: It is true that legislation puts the burden on financial institutions when money is directly stolen.
It also happens to be true that the burden of proving that one's identity was stolen falls on the victim.
It can take years to sort everything out.
How much is your time worth? Plus, as mentioned, financial losses only represent a small part of the total picture.
The main fact that needs to be known is that 10 million Americans will become victims every year.
If you have been following my articles on this subject, you already knew that.
I hope this cleared up some of your misconceptions about this subject, and I hope you take action to protect your family.
There is no time like the present.
Myth: This crime is primarily a financial issue.
Fact: While the financial damage from identity theft is enormous, this would more accurately be called identity fraud.
Identity theft leads to many other types of criminal activity: terrorism, blackmail, pedophilia and tax evasion to name but a few.
Myth: Identity theft is when someone steals your SSN or credit card information and borrows money in your name.
Fact: Again, this is identity fraud which is a sub-crime of identity theft.
Identity theft is a chameleon, taking many forms.
Sometimes a stolen identity does not lead to other crimes.
Many database break-ins expose the information of hundreds of thousands of people, most of whom are never actually victimized.
Sometimes a criminal will clone the victim's identity to hide from authorities.
This is common among pedophiles and ex-convicts.
Sometimes a stolen identity is used to obtain medical treatment (this can lead to confusion about medical records).
In some cases, only parts of the identity are stolen (common among illegal immigrants who will use Joe Blow's SSN under their own name.
) Myth: ID theft won't touch me because I have nothing left to lose.
Fact: This may make you more vulnerable.
The unemployed have recently become a favorite target of identity thieves.
Why? Because they are desperate and readily give up information.
They will probably will not invest the 30 cents a day to protect themselves.
They are easy targets.
Myth: If I do become a victim, laws protect me completely from financial loss.
Fact: It is true that legislation puts the burden on financial institutions when money is directly stolen.
It also happens to be true that the burden of proving that one's identity was stolen falls on the victim.
It can take years to sort everything out.
How much is your time worth? Plus, as mentioned, financial losses only represent a small part of the total picture.
The main fact that needs to be known is that 10 million Americans will become victims every year.
If you have been following my articles on this subject, you already knew that.
I hope this cleared up some of your misconceptions about this subject, and I hope you take action to protect your family.
There is no time like the present.