What Is Identity Theft

The Answer To The Question – What Is Identity Theft?

What is identity theft? It is a question which we need to be asking a lot more in the highly computerized world of today. We need to be making ourselves aware of the huge problem of identity theft and fraud, we need to understand why and how it happens, and we need to be taking steps to reduce our risk as far as possible. It is never going to be possible for an individual to eliminate the risk completely, as you can have no control over data which is one someone else's system. What you can do is make sure that you minimize the risk on your part, and then campaign for security to be tightened at national level.

Identity theft does not even exist, technically. It is actually impossible to steal an identity, but it is very possible to steal information relating to that identity, and to profit from misusing it. It is worth taking the time to distinguish between what is called identity theft, and identity fraud. They are related, but not the same. Identity theft is the stealing of personal information belonging to someone else, either alive or deceased. Identity fraud is the practice of using this information in a criminal way for illegal gain.

Having your identity stolen is a very distressing experience, and many people are immediately thrown into panic because they do not know how to handle the situation. It is well worth while taking the time to prepare an exact plan for how you should react in an identity theft situation, and then to practice this plan so that you will do it automatically. It is important not only to realize which reports need to be made, but also to know in which order you need to make them. Some reports are extremely useful when making other reports.

The first thing you need to do when your identity is stolen is to contact all of the banks or credit card companies you do business with. They are used to dealing with this situation, and it is their money at stake. By freezing these accounts, you can stop them being looted. It is then vital to report the theft to the three major credit reference agencies, who will put a mark on your credit file. It is important to do this straight away, as identity thieves will nearly always try to obtain loans in the defrauded identity.

It is necessary to report the theft to the FTC and the police, although it is hard to believe that there are still local police authorities which do not know how to handle identity theft. This is something which needs to improve dramatically in the future, as this problem is simply not going to go away. It is often a long and hard fight for someone to clear their credit file after fraud has been committed, and it just should not be that way. More of a problem than it should be, is one answer to the question, what is identity theft?

 

 

 

 

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