Basic Guide to Identity Theft

Talking About Identity Theft

What is Identity Theft?

Identity theft is described as a fraudulent activity in which your essential personal, financial or business data including credit cards, social security card, bank statements, and online account details are misused or stolen by someone for their personal growth. A person who becomes a victim of identity theft may have to face many serious consequences, from huge debts and employment loss to jail arrests.

What are the different types of identity theft?

Different types of identity theft involve:

• Credit Card Identity Theft
• Social Security Card Identity Theft
• Driver’s License Identity Theft
• Medical Identity Theft
• Criminal Identity Theft
• Online Identity Theft

Why should you be worried and careful about identity theft?

Since it involves the stealing of most important information, it may badly affect your good credit. This is because thieves primarily use your information such as credit card and social security card number to withdraw more cash, thereby leaving debt on your name. Further, the victim of identity theft may also lose his job. Sometimes, thieves utilize your personal information to avail of auto loans in your name or set up an internet or phone connection in your name. There are also instances in which you may be charged with a criminal offence due to identity theft.

When do you come to know about identity theft and who is more prone to identity theft?

Anyone could be a target for identity theft. In other words, anybody could be a victim of identity theft irrespective of age, sex, and income levels. In most cases, you may not be attentive that you have become a prey of identity theft firstly, and you may come to know only when creditors, credit card companies, or collection agencies inform that you have not cleared your debts. Sometimes, you may come to know only when you check you bank or financial statements to find transfers or withdrawals that you have not made.

What are the different ways through which your identity could be lost?

Your identity could be stolen in a number of ways, from stealing records from your office, bribing an employee who keep track on your records and hacking your company’s computers to skimming and stolen wallets and purses. According to the studies reveled by credit card companies, about 50% of identity theft occurring in the nation is obtained via stolen wallets.

Tips to reduce or prevent identity theft

Even though it is difficult to prevent identity theft completely, you may reduce the chances of identity theft. Here are some tips to reduce the risk of identity theft:

• be cautious always when you carry your important personal or business information, mainly when you are in busy airport and metro station, noisy restaurant, bustling city street, or while crossing the road
• Equally important is to secure your online information via installing the latest software
• Secure your critical personal and business information in a safe place

Is there any ultra-modern alternative to overcome identity theft?

iWallet – the high tech cash and credit card wallet launched by Iwallet Corp – has been regarded as an answer to overcome identity theft. An added advantage is that it also protects your mobile phone, as it could be paired with the selected PDA cellular phones via the Bluetooth Technology. One could open this wallet only if it recognizes your finger print with its hard case construction and biometric fingerprint scanner.

Easy Guide to Prevent Identity Theft