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).
Ebooks, Scripts,
Websites, and more... On one hand consumers are being universally criticised for running... Read More It is important to know your credit rating for a... Read More What Is Your Credit Rating Now?If you have any charge... Read More A credit report is basically a file about you kept... Read More Spending HabitsSo you've just got your credit card. The first... Read More The average American knows very little about bankruptcy. Most people... Read More Credit 101How does a creditor determine whether to grant you... Read More Now in a world with so many easy to get... Read More When you buy real estate, lenders run all of the... Read More The Beginning of the Credit Card EraIn 1951, Diners Club... Read More Credit and charge card fraud costs cardholders and issuers hundreds... Read More A new sickness is plaguing the UK called Denial. Denial... Read More Ah, the sweet rewards of using credit!Not only do you... Read More Commercial collections: fixture of the new B2B cultureIf you're in... Read More What are inquiries?When you apply for credit the creditor or... Read More What is Credit? Credit is money granted by a lender... Read More #1 Make sure mistakes aren't hurting your credit.Reviewing your credit... Read More Getting worried that one of your clients, customers or patients... Read More There are not many of us who do not have... Read More Individual banks elect to become members of ChexSystems, and to... Read More "I think money was stolen from my card" or "I... Read More Q: I'm opening a gift shop and want to be... Read More A lot of credit score myths about fico score ratings... Read More Online credit reports are easily accessible to those interested in... Read More They arrive in your mail - a conspicuous looking mail... Read More
Cheap Domain Names
Ethical Finance: Who Benefits From Our Spending?
Do You Know Whats On Your Credit Report ?
A No-Brainer Way Of Getting Credit And Credit Cards
Finding What is on Your Credit Report
Addressing Bad Credit Card Debt
Bankruptcy Myths Busted
How Does a Creditor Determine Whether to Grant You Credit?
What Are The Most Common Credit Card Mistakes?
Credit Help for Real Estate Financing: Credit Scores
Give Yourself Credit
Useful Tips On Avoiding Credit and Charge Card Fraud
The Hitchhiker?s Guide To Insanity
Cash Back vs. Rewards Credit Cards
Commercial Collections: Business Finance Booster Shot
Will Inquiries Lower Your Credit Score?
Credit and Its Cost
Top 5 Reasons To Check Your Credit Report Regularly
Collection Agency Secrets for Collecting on Bad Debt
Our World Of Credit Cards! Which One Is Right For You
ChexSystems: Alternative Options for People Whove Been Checking Accounts
Using Credit Cards Wisely
Credit Cards, Merchant Accounts, and Your Bottomline
Common Credit Score Myths
Online Credit Report and Online Credit Reports
Credit Card Traps: How To Spot Them On The Spot!
Credit cards represent an important part of our financial lives.... Read More
As identity theft becomes more prevalent, the need to regularly... Read More
What is a balance transfer?A balance transfer can be explained... Read More
When you apply for a credit card, the application that... Read More
For all people shop around for the best rate, there... Read More
Credit is a funny thing. It can be a useful... Read More
"Cut Your Payments in Half!" the headline screams. "Consolidate Your... Read More
You might not know it, but every time you take... Read More
The next time you open your credit card statement, take... Read More
Always shop around to get the best deal when choosing... Read More
Ah, the sweet rewards of using credit!Not only do you... Read More
The Federal Trade Commission (FTC) has set up a new... Read More
Have your read your credit card contract through completely? Do... Read More
If you've ever applied for a credit card or loan,... Read More
Most consumers are aware that there are companies that keep... Read More
The first rule when applying for banking and credit services... Read More
It is the scourge of our age: identity theft. Thieves... Read More
There are many misconceptions about credit scores out there. There... Read More
Credit counseling is a free service that many people with... Read More
Ever wonder how a creditor decides whether to grant you... Read More
Credit Cards and Loans sounds like just two things, but... Read More
Many people may still not be aware of an amendment... Read More
If you begin foaming at the mouth once a month... Read More
Credit and charge card fraud costs cardholders and issuers hundreds... Read More
With prepaid credit cards, you get the practicality of plastic... Read More
Credit |