It is important to understand that identity theft is a fast-growing crime. It is also important to know just how your identity can be stolen and how to protect against it. Try to keep as up-to-date as possible in this growing epidemic, and to know who is most likely to be a target. 2006 Statistics of Identity Theft Each year, the Federal Trade Commission compiles a list of statistics on identity theft. A breakdown of the most important statistics to know follows: In 2006, there were at least 246,000 cases of identity theft reported. Credit card fraud was reported as the most frequent type of theft, with 25% of all reported cases. Evenly distributed at about 16% were phone and utilities fraud, employment fraud and other such categories. According to the statistics, electronic transfer is still the easiest way to target someone for identity theft, even though it is fairly secure. Napa, California and Madera, California were the highest ranked cities for the number of cases of identity theft. The most abused methods of fund transfer are through credit cards (30%), wire transfers (23%) and bank account transactions (20%). The least used method of transaction and the least vulnerable for theft are cash advances and money orders. Identity theft has a different threat online. Identity thieves will set up fake webpages, disguising them as a legitimate company's webpage. They will use it to gather email addresses of victims. This "phishing" (as it is known) is a fast spreading problem in Internet security. Most bank sites are using what is known as a Sitekey. A Sitekey is a special personalized image that appears for an accountholder who has signed up for online banking. It confirms that the browser is displaying the actual correct website- not a fake one. People from the ages of 40 to 49 are the most targeted demographic, according to the Federal Trade Commissions collection of statistics of identity theft. Almost a quarter of all cases fall under this demographic. These are the most important statistics to keep track of; if someone falls in the middle-aged demographic, uses the Internet frequently for business or conducts online banking on a regular basis, he or she should be especially wary, because they have been shown statistically to be the most targeted victims of identity theft.
Incidents of identity theft and fraud are at an all time high this year topping the Federal Trade Commission's (FTC) list of complaints. Reports of fraud and identity theft made up about 39 percent of consumer complaints with Internet auction fraud coming in second place with about 16 percent consumer complaints.
This just proves how big a problem identity theft is for consumers today. The cases of identity theft have gotten more complicated and now include not only credit card fraud and stolen bank funds but also identity theft used to avoid prosecution when committing other crimes.
Identity Theft And Fraud With Credit Cards
One of the easiest and most popular identity theft crimes is credit card fraud. Thieves gain access to an innocent person's personal information and use it to open credit card accounts or use it to gain access to existing credit card accounts. These criminals usually quickly max these credit cards out by purchasing extravagant items. Fortunately most credit card companies will not hold the legal cardholder liable for these purchases.
Another form of identity theft is when criminals obtain a loan in some unsuspecting victim's name. These types of crimes are more difficult to resolve. Many lenders have made the process of getting a loan so easy that it is hard to prove that an imposter took out the loan instead of the victim. Victims often don't find out about the loan until it has affected their credit rating.
Identity Theft And Fraud For Criminal Purposes
Criminals don't always go after money when it comes to identity theft and fraud. Some criminals take over a victim's identity when they have committed a crime. This type of identity theft can create big problems for the victim. Now they have a criminal record and it takes a while to correct this mistake.
Often times the victim doesn't even know this crime against them has been committed until they may apply for a job that requires a criminal background check or get stopped for a speeding ticket. Imagine their surprise when they don't get the job or get hauled off to jail for a speeding ticket because they have a warrant for their arrest. It can take a lot of time and money to clear a victim's name in cases such as these.
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