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The problem of Identity Theft continues to rise as consumers and businesses
struggle to stay ahead of identity fraud criminals. According to the Federal
Trade Commission, Identity Fraud affected an estimated 3.3 million Americans
in 2002, costing consumers $3.8 billion and businesses $32.9 billion
dollars.
For the most part, Identity Theft involves an identity fraud criminal
obtaining another person’s personal information, such as bank account
numbers, Social Security numbers, etc., then utilizing that information to
make improper charges, establish credit, or take over financial accounts.
One of the most popular methods of Identity Theft is to go through a
person’s trash to obtain copies of bank or credit card statements, checks,
address and telephone number information, etc. Because of this, it is
important for the consumer to shred or properly destroy any paperwork
containing personal information, such as letters, bank statements, credit
card statements, etc. It is also important for consumers to closely monitor
the spending for their bank and credit card accounts to ensure all charges
are valid.
Businesses are beginning to seriously address the problem with new
technologies, all of which are linked to their extensive databases created
with shared information from multiple industries including financial
institutions. For more information on Identity Theft, review the Federal
Trade Commissions site
http://www.consumer.gov/idtheft/.
For more information on Identity Theft, check out:
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