What is ID Theft AND HOW CAN YOU PROTECT YOURSELF?

Statistics for ID theft are staggering. Every day hundreds of people have their identities stolen and their personal finances destroyed. You have probably heard about it, but what is ID theft really and how do you protect yourself? What questions should you be most concerned with when arming yourself with identity crime knowledge? There are a lot of different kinds of identity theft.

Some people may pretend to be others to get jobs, for example. Some commit tax fraud and some assume the identity of others so that they can receive expensive medical treatments and not have to pay for them. What is ID theft at its root? Well, that's actually pretty simple. In general, most ID theft is committed in order to make money or obtain goods or services without spending their own money. In other words, ID thieves could drain your bank accounts or use your good credit to get houses, cars or make other large purchases. It may be a surprise to you, but ID theft has actually been around for awhile. Even in the 1950’s people were getting their passports and social security cards stolen. But it is the modern technological world that has made it such an easy crime today.

So, what is ID theft in a modern world where economic downturns around the globe are wreaking havoc on citizens, and information can be digitally transmitted in a matter of seconds? It could be anything from having someone use your credit card to buy a fancy flat-screen TV set, to someone taking out a loan in your name, to someone simply pulling all of the money out of your bank account. Any way you look at it, though, ID theft is not a good thing. Many folks wonder what is ID theft causing in terms of real damage to real people. Unfortunately, this type of crime has the capacity to ruin credit histories in the blink of an eye. Typically, it's the result of good people making bad decisions when it comes to their personal information.

For example, have you ever told someone your social security number, birth day, passwords or account numbers over the phone or in an e-mail? What about casually discussing such things with a trusted family member or friend, but in a public place? Unfortunately, it is these sorts of things that make you vulnerable to becoming an identity theft victim. Another disturbing thought is what is ID theft going to do to your credit history? It’s not a pretty picture. Your credit score could completely plummet in a matter of hours or days. You may suddenly find yourself in debt up to your ears, too. Many people reason that if identity theft is such a scourge, and technology is part of the problem, then what is ID theft cured by? Should they just shun the internet and digital technology entirely?

There's no way to guarantee that you won't be a victim, or that the mess will be easily cleaned up if you are. However, if you’re careful with your personal information in the first place, you may be able to avoid identity theft altogether. The best cure for ID theft is to guard your personal data. If you do become a victim, you'll need to file many different reports with various agencies to get your credit back on track. It can take awhile, and it will not be a fun experience. So think about this: what is ID theft going to do to you emotionally while you handle these things? It’s going to take time to clear the mess up. You may feel embarrassed and angry, so it is best to be prepared for a long battle ahead. Just remember to remain calm and vigilant. The most important thing is not to give up. ■

- by Neil Carson