Different Types of Identity Theft

Posted on January 10, 2006

With the rise of online shopping and electronic transactions, it's becoming easier for identity thieves to make a mess of the credit that you have worked to maintain your whole life. We see commercials on television telling us how we are all at risk, but most of us don't understand how common this is. Identity theft is a federal crime, and the punishment is no joke.

In 2004 President Bush signed The Identity Theft Penalty Enhancement Act which adds two years to prison sentences for criminals convicted of using stolen credit card numbers and personal information to commit crimes. However this doesn't stop millions of thieves out there from stealing honest, hard-working citizen's money.
In 2003, the FTC reported 10 million people in the US were victims of identity theft.

There are different types of identity theft and here is a small explanation of each. The first type has been around the longest, and is when the person's information is stolen from them personally, meaning their wallet with credit cards and other identity revealing financial information.

The second type has been termed "phishing" where phony emails are sent from scam artists claiming to be a bank or financial institution, claiming they need you to sign in and provide personal information. This allows them to take money from your account, or charge purchases to a credit card.

The third type is mail related identity theft where a thief either intercepts your mail to get your personal information or may fill out a change of address form so they can receive your mail and do what they want with it.

The most common type is internet fraud through unsecured websites, when you provide credit card or personal information; a thief may hack into these sites and get your personal information, or infect your computer with a virus which hijacks personal information. Make sure you understand that no one is safe from these thieves unless they protect themselves so be careful and make sure to guard your personal information and check your credit report at least annually to make sure you have no fraud happening under your name.

Contributing National Payday Staff Writer

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