Identity Theft Continues to Become Bigger Problem
Identity theft is very much a modern crime. It has always existed on a small scale, but these days identity theft continues to become a bigger problem in society.
Identity theft is the swiping of someone’s identity for personal use or sale. If it happens to you, it is a nightmare unlike most others. Although it is widespread, few companies or agencies know exactly how to deal with it. Let’s take a look at how on identity theft scenario can play out.
You apply for a job. The company runs a background check on you. You do not get hired. The company throws the background report out in the trash. A criminal goes dumpster diving and finds the report. [This happens all the time.] He or she will then sell the identity to another person who will sell it again. Every time this happens, you take a hit. One person might open a credit card in your name. Another might take down a lease on a home. A third might sell it to an illegal alien who uses the alias at their place of work.
What do you end up with? A massive headache. Credit card companies start calling demanding payment on the expenses. Just as you start getting that worked out, the IRS sends you an audit notice. The agency wants to know why you reported $55,000 in income when records from employers show you earned more like $90,000! Yikes, what a mess!
The bad news is the trend towards identity theft is going up. Why? You guessed it – the economy. As people lose their jobs and face desperate times, crime goes up. It is not right, but it happens again and again whenever the economy goes in the tank.
Is there any good news? Actually, there is. Most people are being paying much more attention to their finances then normal. As a result, they are noticing fraudulent charges much quicker and reporting them faster as well. This results in the “nipping” of the problem in the bud and keeps the aggravation level to a minimum.
Protect yourself against identity theft. Watch your credit card and bank statements closely. If you see something you don’t recognize, report it.