Identity theft happens when someone obtains and uses your personal information without your permission. The most common information stolen is your name, social security number, and even credit card information. This information is taken for the sole purpose of committing fraud and other crimes by opening bank accounts, credit accounts or purchasing items or services in your name.
An estimate from the FTC shows that nearly 9 million Americans have been the victim of identity theft every year. As a matter of fact, you or even someone you know might have been a victim. Identity theft has many forms; thieves might rent a residence, get a credit card, or get utility bills in your name. Most people don’t even realize they’ve been victimized until they see an unusual charge on their credit card or receive calls from debt collectors.
Identity theft is a serious crime and it is nearly impossible to completely shield yourself from becoming a victim. Some people can recover from identity theft quickly, while others have to spend large amounts of money and time trying to repair the damage to their credit and their name. If you are a victim; you could miss out on job opportunities, or even worse, you could be denied for housing, education and car loans. In some cases, victims have been arrested for a crime they didn’t commit, although this is rare, it is still a possibility.
It is very important to protect your identity. If you are running a business it is even more important that you protect yourself by safely destroying all documents that are thrown away or no longer needed. A reputable business can take a huge hit if they let a client’s personal information fall into the wrong hands.
