Define Identity Theft

Many people understand the concept of identity theft. The idea that someone takes personal information that belongs to another person and uses it as his or her own is a relatively old concept. However, with the advances in technology and the terabytes of personal information stored in different databases around the world, it has become increasingly easier to assume the identity of another person.

From a purely literal standpoint, though, how does one define identity theft? By definition, identity theft is the utilization of someone else’s personal information, such as Social Security numbers, banking information or driver’s license information to create new lines of credit, purchase merchandise or for use as identification credentials. The results of this illegal misuse of personal information can be financially and emotionally devastating to the victim and his or her family. Additionally, if the thief provides false identification to the police, this information may lead to a criminal record or arrest warrants for the original victim of the theft.

There are two categories of identity theft: the first is true name theft and the second is account takeover. When true name identity theft occurs, the criminal uses the stolen information to open new financial accounts. This may include various credit card accounts, checking accounts and different utility services. When an account is taken over, the thief uses the victim’s information to acquire access to existing accounts. The agenda of the thief is to change the mailing information on an account and use it for his or her own gain. This is especially true for credit card accounts where the thief will max out the account without the victim’s knowledge.

While it’s very dramatic to imagine an identity thief hacking into a database and acquiring the personal information they need to perpetrate their crimes, it’s more likely that a thief has stolen the information in a much different way. Dumpster diving and shoulder surfing are preferred methods of acquiring this information. Both methods require minimal effort on the part of the thief, but the end result is the same.

A final thing to keep in mind is that the key to preventing identity theft is to use common sense and protect your personal information as if your life depends upon it.

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