Identity Theft - It s Not What You Think
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Identity Theft: It's Not What You Think
Understanding Identity Theft
By 2007, identity theft had become a significant global issue, especially in the United States, where affluence and available credit make it a prime target. For five consecutive years, the Federal Trade Commission reported that identity theft was the top consumer complaint. This article delves into what identity theft entails, how it commonly occurs, and the real threat it poses to everyday consumers.
Credit Card Fraud vs. Identity Theft
Credit card fraud occurs when someone illegally uses your card information. While this is a form of theft, it's not identity theft in the strictest sense. The term "Identity Fraud" is now commonly used to encompass both identity and credit card fraud. In 2006, identity fraud costs were estimated at $56.6 billion, up from $54.4 billion in 2005. Credit card fraud makes up about 26% of identity theft cases. More severe is new account identity theft, where criminals use your personal information to open new accounts. This type of theft can severely impact an individual’s finances and reputation, sometimes taking years to resolve.
Who Are the Identity Thieves?
Identity thieves aren't just individuals sifting through trash or stealing mail; they also operate through computer data breaches. In recent years, the scale of information compromised due to these breaches is alarming. In 2005, there were 151 significant data breaches, exposing the information of 57.7 million people. In 2006, this number grew to 327 breaches involving 48.8 million records. This data fuels a sophisticated black market for stolen records. Operating globally, often from servers in places like the former Soviet Union, these marketplaces trade and sell personal data like credit card numbers and Social Security numbers.
The Emerging Threat
Gary Miliefsky, a founding member of the U.S. Department of Homeland Security and a tech officer at NetClarity, warns of increasing malware attacks orchestrated by organized criminals. Unlike traditional viruses, these malware attacks exploit system vulnerabilities to plant harmful programs. As the business of identity theft expands, malware has grown into an $8 billion industry, according to the FBI.
How to Prevent Identity Theft
Currently, consumers face a 1 in 7 chance of falling victim to identity theft. Thieves are relentless, targeting us by rifling through trash, stealing mail, hacking corporate systems, and attacking personal computers. Protecting personal information is crucial. Tracking and monitoring your credit can help ensure that no one ruins your financial standing through identity theft.
By staying informed and vigilant, you can reduce your risk and better safeguard your identity.
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