Indentity Fraud is considered by some to be the fastest growing crime in America. The number of identity fraud complaints reported to Commission nearly doubled in 2002 to more than 161,000 cases. These complaints alone racked up to $122 million in damages. From stolen credit cards to total identity kidnapping, these ugly and prevalent crimes are hard to prevent and often difficult to correct. Although it is hard to truly avoid becoming a victim of identity theft, there are a few ways you can guard against this damaging crime.
Types of Identity Fraud: Identity fraud crimes range from purse snatchings to kingpin-style fraud rings. The defintion of identity theft is a crime in which an imposter obtains key pieces of personal information, such as a Social Security Number, in order to impersonate someone else. Identity fraud can occur when someone takes your mail, steals your wallet or swipes your records from an institution. Most cases can be resolved fairly easily if they are caught early . Creditors and banks usually hold you responsible for only the first $50 of fraudulent charges. The most serious cases of fraud can take several years and many resources to resolve.
Preventative Measure: In this world of smiling strangers, it can be tough to keep your identity safe. The best security policy is to be aware of fraud and cautious about where you share personal information. Check your account statements carefully each month and keep an eye out for suspicious activity on your credit report. A paper shredder can also be a powerful tool for making sure personal information and pre-approved credit offers don't end up in the wrong hands.
If you suspect that your identity has been stolen: The first step is to post a security alert on your credit report and contact your creditors. Be sure to get all the facts about the damage- become your own detective -search your credit report and bank accounts for clues. Ask your creditors to immediately cancel any fraudulent charges If the theft is serious, file a police report. If fraudulent records start to show up on your credit report, send letters of dispute to the credit reporting companies with copies of documentation supporting your claim. Signing up with a credit monitoring service will inform you of changes to your credit. It may take a while to fully recover the security of your accounts, but it's crucial that you don't let the fraud escalate.
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