The various Reasons For Identity Theft

Identity theft is a serious criminal that defrauds large numbers of dollars from innocent victims per year. We’ve all learned of private data breaches that led to credit card fraud, but monetary gain is not the only reason behind identity theft. Let us check out several of the points thieves shall do in your name once they’ve stolen the identity of yours.

Outsmarting the Law

It’s no surprise that a great many identity thieves have criminal records. They are often not able to apply for legitimate jobs because of past felony convictions. Since they cannot erase those crimes from their records, they swipe others’ identities to create a new start. With a victim’s name, date of birth, along with Social Security number, identity thieves are able to get access to work, citizenship, and federal benefits. They could also stay away from arrest in the event of a traffic stop. Sadly, the victim may not realize that their identity has been stolen until they’re arrested for crimes committed in the identity of theirs.

The Comforts of Home

A thief with very poor credit might target victims who are more likely to obtain approval for home loans or rental contracts. As soon as the thief has all of the victim’s personal details, they’re able to apply for a lease or a mortgage. They could also set up brand new utility accounts. Once again, this specific kind of identity theft typically goes undetected up until the victim is contacted by debtors for overdue bills. Imagine their surprise when they’re held responsible for debts they never incurred, or mortgage payments for a home they have never seen before!

Quick Credit and Cash
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By far the most frequent type of identity theft involves credit card, check, and account fraud. Identity thieves use personal information to create new accounts as well as take command of existing ones. With a victim’s name, address, date of Social Security number and birth, thieves have every one of the evidence they have to pass themselves off as the respectable account holder. Next they drain the accounts, run up credit card charges, or perhaps produce bad checks. This particular type of fraud is able to bring about big financial and legal trouble for the victim.

The reasons for identity theft are numerous, but the aim is surely the same: to make use of someone else’s identity for personal or financial gain. Always watch your accounts strongly for proof of unauthorized withdrawals or purchases. Keep your eyes open for messages concerning mortgages and leases for properties you have never ever owned or even rented. if you notice things fishy, or should you get a telephone call about a debt you do not know anything about, it’s time to begin reclaiming your stolen identity.

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