What is Identity Theft?
Identity theft, simply put, is the acquisition of another person’s personal information in an effort to commit fraud. Personal information can include social security numbers, addresses, credit card numbers, etc. Once a person has access to such information, they will be able to impersonate that person and take out loans, make big-ticket purchases (such as cars, electronics, etc.), access bank accounts, etc.
Identity theft is serious and could cost anywhere from hundreds to thousands of dollars and countless hours of your time in an attempt to repair the damage. Victims of identity theft stand the risk of being denied loans, housing, or cars due to the information found on their credit report. In some extreme cases, people can also be arrested for crimes they did not even commit.
How does Identity Theft happen?
The most important thing to understand about identity theft is that it can happen to anyone. Whether you’re a wealthy business owner, a student, or a parent – you are at risk for identity theft. The ways identity theft can happen range from someone simply stealing your mail to hacking into your computer.