Identity Theft

All The Different Methods Of Identity Theft.

Although there are many different methods that one can utilize to rip someone off in an identity theft type scam, there are really only two basic types of actual identity theft which are "account takeover" and "application fraud".

The first of these is generally the easiest and most basic way for thieves to achieve their objective. An example of Account takeover is when a thief gets hold of your actual physical credit card, or perhaps just the card number and expiry date, using it to purchase services or products. This works out extremely well for the thief, as the credit card owner doesn't usually notice the additional purchases until they either receive their monthly statement in the mail or have attempted to use the card and found that it has reached the maximum limit allowed.

The second type of identity theft is called Application fraud, or what is otherwise known as "true name fraud". In order for a thief to be successful at application fraud, they must have access to a good deal of your personal information such as your Social Security Number (SSN), full name, address, place of work, salary, driver's license number, date of birth etc. Of course not all of these pieces of information would be necessary for a thief to get away with application fraud but certainly a combination of some of the above would be required.

Id Scam Can Affect Anyone

Like many, you may assume that identity theft only happens to those people who might be a bit more careless when it comes to safeguarding personal information. Or perhaps you are of the mindset that because you don't really have a lot of money in your personal account or don't have credit cards with large spending limits, that identity theft thieves wouldn't necessarily target someone like yourself. Well, make no mistake about it; Id theft can happen to anyone, including you! Basically, if you have an identity (and we hope that you do) then you are susceptible.

How To Prevent Identity Theft.

Let's check in to see how you're doing before we go any further. That was a lot of information to absorb and for someone who's new to the whole world of Identity Theft it was likely very overwhelming. You're doing really well though and I'm proud of you! You made it through the most difficult part of this book. You learned all about the scariness of ID theft and the many forms it can take and look, you're still here. Now it's time for your reward. The first portion of this book may have caused you to feel helpless, frightened or without power against the enormity of the problem. Now however it's time for you to learn that there is something you can do about it. Knowledge is power and here is where you become EMPOWERED!

Protecting Your Mail

Remember how we talked about thieves that would steal your mail from the garbage and even from your own mailbox? Well don't let them! Make sure that every single piece of mail with any kind of identifying information on it is shredded before you throw it away. Simply tearing it into a few pieces is not adequate protection. This only provides the thief with a fairly basic jigsaw puzzle to your most valued information. Invest in a small shredder for your home. These are very inexpensive especially when you consider that the minimal cost of the item could save you hundreds or thousands of dollars in the long run, not to mention a huge headache. If you can't purchase one yourself then take your mail to work with you and use the shredder in your office.

A locked mailbox will not completely guarantee your protection from identity thieves but it certainly may help in dissuading their attempts to steal your mail. Look into purchasing a mailbox that has a slot in the top for the mail to be slid into but where you need a key to actually remove it. This way, if your mailbox is broken into you will at least know it right away and will perhaps be able to notify creditors, banks and other companies before any real damage is done.

What To Do When Id Theft Scam Occurs

All right, so it happened. Even with all of the precautions and care you've taken to protect yourself from those spineless and despicable thieves, somehow and someway they found a way to the inside…to the inside your personal and financial life that is. Now don't be too hard on yourself.

I know that you're saying to yourself right now, "I did everything I could possibly do. I took the time to make myself aware and educate myself on the facts and this still happened…why?" Well, unfortunately sometimes there is no real answer to the question why, it just is what it is. You have to keep in mind that these perpetrators are professionals and they will stop at nothing to achieve their goal.

Just like you go to work everyday and perform your job with the proficiency and skills that you have acquired, so do they. Their job everyday is to rip off honest, hardworking and innocent people such as you and I. It's not fair and it never will be. They have made a huge mess of your life and you are the one who is stuck with the task of picking up the pieces and turning things right again. Sometimes you can build that fence higher, make the bridge more difficult to cross and even fill the moat with alligators, but inevitably there will always remain a weak and penetrable spot. Identity thieves are adept at looking for and seeking out those particular spots.

The most important thing for you to keep in mind right now is that regardless of how much damage was done and how bad the situation looks at present, it could always be worse. Think about what would have happened had you not already been so familiar with how identity theft works. You may not have been able to prevent it but you certainly knew how to recognize the fact that it was happening to you.

The signs were there and you didn't just dismiss them, as many others would have this early in the process. Maybe you noticed that your credit card statements had not arrived at the time of month that they generally should have. Perhaps during regular review of your bank statements you noticed some unusual transactions that you had not made.

Your Liability As A Victim Of Identity Theft

The question you have probably been asking yourself throughout this entire book is…"What is my liability in this situation"? Well unfortunately that answer is fairly complex and is dependant on the type of identity theft that has occurred, as well as the timeliness in which you have responded and taken action to correct the problem. In some cases, victims are able to identify and act on the problem quickly resulting in very minimal financial loss. Other particular situations have not worked out quite so well and have resulted in substantial financial debt and a very poor credit rating, which can take years and years to repair.

Let me tell you about a few specific cases of identity theft in where the victim truly ended up as the injured party in more ways than one. Continue Reading Actual ID Theft Victim Cases.