Loan and Equity Help

Many things can be owned. These things may have been purchased, given as gifts or passed along from one generation of a family to another.

They may have a monetary value or they could be more sentimental. Things like pictures or other heirlooms are hard to put a price on, but they can be invaluable to people who know their history.

And what’s the problem with owning things? They can be stolen. Or damaged by fire, flood or earthquake.

One of the most personal things that can be stolen from you is your identity. Identity theft is becoming more and more of a problem, and the first step in preventing it is to understand what it is.

Just What Is Identity Theft, Anyway?

Identity theft is when one person pretends to be someone else, most often for the purpose of committing some type of fraud. This could mean accessing your banks accounts or even committing crimes in your name.

Also, to properly define identity theft, it is critical to define the negative impact experienced by the individual whose identity has been stolen. One of the negative repercussions of identity theft is financial loss. Often an identity theft crime will affect a person’s bottom line as thieves access credit cards, bank accounts, etc.

Plus, if it continues for long it can have a big impact on your good name. Credit reports, criminal records, employment history - they can all be affected by identity theft. If you run into these problems, it can take years to undo.

How Identity Theft Occurs

Identity theft usually happens when someone obtains critical pieces of information about you.

This may include things like social insurance numbers, driver’s license numbers, or bank PINs. Things that only their owner ought to know.

If an identity thief gets hold of this information, they can impersonate you to banks, credit card companies and other services. Don’t ever give this information out to anyone who shouldn’t have it.

Often a company is very clear that they will never ask for these sensitive numbers unless the customer has initiated the call. In addition, often a company will only ask for the last four numbers of a person’s 9 digit social security number.

Your trash is another source of this information for identity thieves. Don’t ever throw out papers with personal information on it - make sure you shred it thoroughly first.