Overview of Identity Theft

Overview of Identity Theft

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A situation in which a thief steals your personal information such as your full name, social security number, etc. to commit fraud using your name is known as identity theft. A number of options the thief then has before him to use your identity to his absolute advantage. The identity thief may fraudulently apply for credit or file taxes, make major purchases etc. resulting in the damage of your credit status and your good name that you have developed all your life.

Moreover, it also takes time and money to restore your name. And the most precarious part of the entire thing is that the whole matter could be going on for a long period without even your notice until someday you experience a financial consequence (mystery bills, credit collections, etc.) like a bolt from the blue from actions that the thief has taken from your stolen identity.

Thankfully, there are some companies who are trying hard to help people avert the serious issue like identity theft. LifeLock is one of them. You can try some LifeLock coupons if you wish to avail its service at a discounted rate.

Here are some of the most common types of identity thefts:

  1. Child Identity Theft: Since they may remain undiscovered for years child identity theft is vulnerable indeed. By the time they grow up the real damage has already been done to their identities.
  2. Tax ID Theft: A tax identity theft occurs when a thief uses your social security number to falsely file tax returns with the Internal Revenue Service or state government.
  3. Medical ID theft: When your health insurance member number or Medicare ID is used by the identity thief in order to get medical services or issue fraudulent billing to your health insurance provider it is said to be a Medical ID theft.
  4. Senior ID theft: Seniors i.e. adults are far more susceptible to identity thefts. The reason for that is obvious as they are more in contact with medical professionals who have their medical insurance information. Also there are caregivers and staff at long-term care facilities having access to personal information or financial documents. It is in this way that seniors are immensely prone to identity thefts.
  5. Social ID theft: A social ID theft is said to have taken place when a thief creates a fake account using your name, photo and other personal information on the social media platform.

Synthetic ID Theft

At present identity thieves have come up with a new version of identity theft known as Synthetic ID Theft in which instead of stealing all the information of a single person and creating a new identity the thief steals different kinds of information from various people and create a new identity. It is extremely difficult to detect Synthetic ID Theft as the fraud is not concerned directly to only one person.

Fraud alerts and monitoring services would not simply suffice in preventing these kinds of scams. Children are a major victim of Synthetic ID Theft because social security numbers are primarily targeted in these frauds and no one would be checking their credit scores in the general circumstances until they grow much older. So while it is almost impossible to stop Synthetic ID Theft, you should still check for the copies of your credit report to check for accounts you did not open.

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