How Does Identity
Theft And Fraud Affect Me?
Many people wonder, "How does identity theft and
fraud affect me?" It can rear its ugly head in
number of ways. You may have noticed that when you
use your debit or credit card at retail outlets, you
are often asked for a picture ID. This is to verify
that you are indeed the rightful user of that card
because identity theft is one of the fastest-growing
crimes in America.
Many people are robbed of their personal information
long before they ever realize it, and by the time
they do, their credit has been severely damaged.
Even people without a lot of assets can find
themselves indebted thousands of dollars dues to
fraudulent charges. Identity theft is defined as
using a victim's information for criminal purposes.
This could mean applying for credit cards or even
renting an apartment.
Identity theft is costly, even if you aren't a
direct victim. Banks and other companies have stated
losses in upwards of $48 billion, while consumer
losses total more than five billion dollars every
year. As the world advances technologically, more
scams inevitably crop up. To protect yourself, it is
vital to get educated on the scams out there.
A general rule, though, is to never give out your
personal information unless it is absolutely
necessary. This means only share this information
when you're applying for a loan, a mortgage, or a
credit card. Other than that, your Social Security
number or other pertinent information is rarely
necessary. |
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