Identity theft statistics are shocking. And we are told that it will only become worse, before it gets any better. Are you likely to be affected?
According to recent studies, up to 7,000,000 people become identity theft victims each year, in the United States alone. That's over 19,000 cases a day, or 799 cases an hour. Whichever way you look at it, these are shocking figures. And with more and more people using the Internet, online banking, and other hi-tech services, things aren't likely to improve any time soon.
In fact, another research, a survey conducted on behalf of the Federal Trade Commission recently, tells us that the situation is even worse. According to the FTC survey report, 4.6% of the US population were identity fraud victims last year - that's 10 million people.
According to the FTC figures, if someone fraudulently opens a new credit card or another loan account under your name, on average you can expect the dollar amount to go to about $10,200. That's just an average amount.
To clean up your name, and your credit rating, you will need to deal with this experience. You can expect to spend between $500 and $1,200 of your own hard-earned money cleaning up the mess. You can also expect to invest between 30 and 60 hours of your time.
The above figures are just cold statistics. They say nothing about the emotional trauma, through which you are likely to go when it happens to you. It's all very well to read and hear about bad things that happen to other people. It is quite different when the same thing happens to you, or your loved one.
Is there anything you can do in order to protect yourself? There is. Quite a bit actually. It's all based on common sense and, while there are no guarantees in life, you will minimise the risk and make the life of an identity thief a lot harder.
Funny thing about thieves. They don't like working hard. If you make it hard enough for them, they will usually go away - to find an easier target.
One of the common-sense things you can do in order to protect yourself, and your family, is to make yourself aware of the current scams that may affect you.
The most infamous one at the moment is so a called 'phishing' scam. In a nutshell it looks like this:
You get an email that looks like it was sent from your bank. They ask you to log in to your online account and verify some of your details. For your convenience, there is a link included right in the email. All you have to do is click on it an log in. Don't ever!
The moment you click on that link and log in, the scam artists have your login ID and password recorded. This will enable them to log in to your account and within hours, or days, your account will be cleaned out!.
There are two common-sense approaches to deal with this.
First, you have to realise that your bank already has all the details they need to operate your online account. If they didn't, you wouldn't be able to open it in the first place. So, you can most likely quite safely delete the email and forget about it.
Secondly, if you have any doubts as to the authenticity of the email, you can get the bank's phone number from your local phone book and give them a call. Tell them about the email you received and ask if they tried to contact you. I bet they are going to be as surprised as you are.
And just remember: Whatever you do, never, ever, log in to your bank account, or any other sensitive account for that matter, right from an email. You already have the login link somewhere in your records. If not, go to the bank's main page and look for an online login page.
What we covered today is just one of the things you need to do in order to protect yourself from identity fraud. There are many more. Lack of space doesn't allow me to cover more in this short article. You will find many more tips at http://www.credit-report-a-z.com/articles.html . They are free to implement and could save you lots of time and money.
Andrew Obremski is the owner of www.credit-report-a-z.com, a web site devoted to information about credit reports, identity theft, debt, and other personal finance topics.
Webmasters: Author's permission is granted to reprint this article, provided that:
1. The whole article, including the bio info above, is reprinted intact.
2. All links are live and in pure HTML (no Javascript or redirection allowed).
You've decided to apply for a Citi MasterCard, but with... Read More
As a young student I feared getting bad grades because... Read More
Having a better credit score not only represents easier access... Read More
The Fair and Accurate Credit Transactions Act, signed into law... Read More
Some credit cards offer a cash advance option. But how... Read More
As identity theft becomes more prevalent, the need to regularly... Read More
Credit is currently and has been historically an integral component... Read More
It's no surprise that thousands of Americans are victimized by... Read More
There are a lot of questions about using credit cards.... Read More
On one hand consumers are being universally criticised for running... Read More
Have you ever looked at your credit card statement? I'm... Read More
Credit cards have both benefits and drawbacks. It is wise... Read More
1. Buy clothes at thrift stores. BEFORE you buy them,... Read More
Like me, you've probably been offered a fair old number... Read More
Clean Credit Reports, your credit report contains information about where... Read More
With interest rates rising, low or zero percent credit cards... Read More
Your credit rating affects many areas of your life. Opening... Read More
I've got some very important info I want you to... Read More
You might not know it, but every time you take... Read More
Most of us get a credit card on our name... Read More
Here's a simple system on how to pay zero interest... Read More
Obtaining a credit report is an excellent way to begin... Read More
This summary of the Fair Credit Reporting Act will explain... Read More
The all important credit score! It determines the amount of... Read More
One of the biggest problems people have in these modern... Read More
If gold medals were awarded for marketing consistency, the credit... Read More
So you ordered a copy of your credit report to... Read More
What are the avenues available to businesses with weak credit... Read More
Did you apply for a personal loan only to be... Read More
With so many low interest credit cards on offer, how... Read More
Why do some people get offers for pre-approved credit cards... Read More
One of the focus areas of my information is the... Read More
Q: I'm opening a gift shop and want to be... Read More
It goes without saying that your first and best defense... Read More
A credit card allows you to buy things even though... Read More
STUDENT CREDIT CARDS With graduate debt averaging... Read More
Article excerpted from the new book, "How to Do Space... Read More
It is very easy to find a site that is... Read More
Because most of us have one or two credit cards... Read More
Almost all students have and use student credit cards. Some... Read More
As I am not from the US, I had no... Read More
Online credit reports are easily accessible to those interested in... Read More
Anywhere you go online nowadays, you will see a multitude... Read More
Your credit report is a very important piece of the... Read More
In the olden days, about 10 years ago, before the... Read More
Until recently lawyers for victims of credit damage had little... Read More
In industrialized nations, going into debt starts early. It's easy... Read More
1) Do your homework. Applying for and getting approved for... Read More
Many people may still not be aware of an amendment... Read More
Do you know why you should check your credit report?Of... Read More
Here are some useful tips on borrowing money. Borrowing money... Read More
As a young student I feared getting bad grades because... Read More
Having a credit card is a wonderful convenience for those... Read More
What is Credit? Credit is money granted by a lender... Read More
So what do you look for when applying for a... Read More
If you intend to apply for a loan, you need... Read More
Consumers often have the first credit card that they ever... Read More
For people with a spotty credit history or bad credit,... Read More
If you begin foaming at the mouth once a month... Read More
HarassmentHarassment of people in debt by creditors or their agents... Read More
1. Choosing A new credit cardThere are many reasons for... Read More
Everywhere we go, the word credit can be found, shining... Read More
About Search Entries:Every time a lender checks your credit history... Read More
If you want a cash advance or a payday/paycheck loan,... Read More
The moment I placed myself in front of the computer... Read More
The good thing about bad credit is that you can... Read More
Credit |