One in every eight adults and one in every four households has been the victim of identity theft in the past five years, according to the Federal Trade Commission. Individual Americans have lost more than $5 billion dollars, and businesses have lost $47.6 billion dollars due to this epidemic.
Identity theft is stealing personal information, such as your name, credit card number, driver's license number, or other personal identifying information to commit fraud. The most common identity thefts occur when thieves use your name to apply for services, for credit cards or loans, to buy merchandise or lease equipment such as cars or apartments, and obtain medical care.
The results of identity theft can be devastating, reaching into every transaction you attempt until you clear your name and credit. You may be rejected for loans, job opportunities, and housing because of your ruined credit. You can even be arrested for crimes that you did not commit.
You can, however, greatly reduce your chances of becoming a victim of identity theft. The Online Identity Theft Prevention Kit provides free suggestions on how to reduce your risk, and also tells you what to do if you think you already are a victim.
Number Of Pages: 288
Published: 28th January 2014