Identity theft is the unauthorized use of a person's identity for personal gain. Identity theft is illegal and punishable by jail and fines. It can be one of the most difficult situations to deal with. Often, the ill effects of becoming a victim can last for years. Some of the common problems victims face is:
- Money is fraudulently withdrawn from your checking or saving accounts;
- Mysterious charges appear on your credit card bill;
- Credit score is damaged;
- Experience difficult opening new banking or credit card account;
- Calls from collections agencies;
- You could even end up with criminal record in error.
Identity Theft has been called one of the fastest growing white-collar crimes in America. According to Javelin Strategy & Research, Inc. in 2005, over 9 million people were directly affected with total losses exceeding $56 billion. However, it doesn't stop there. It actually affects everyone due to rising costs from merchants and banks to offset their losses. With Identity Theft growing at an all time high, it is important to do everything you can to keep yourself from becoming a victim.