The Most Common Types Of Identity Theft Crimes
Incidents of identity theft and fraud are at an all time high this year topping the Federal Trade Commission’s (FTC) list of complaints. Reports of fraud and identity theft made up about 39 percent of consumer complaints with Internet auction fraud coming in second place with about 16 percent consumer complaints.
Identity theft is a major problem for consumers today. With the inception of the Internet, more and more innocent people are finding themselves victims of identity theft and fraud. These crimes include credit card fraud, stolen bank funds, and even stolen identity theft by criminals looking to escape prosecution for their crimes.
Credit Card and Loan Fraud
The easiest and most popular fraud resulting from identity theft is credit card fraud. Once a person’s information is stolen, thieves use it to open credit accounts or use existing credit card accounts and purchase extravagant items with no intention of ever paying for them. Luckily credit card companies are forgiving in these situations and few hold you liable for any charges that are made as a result of identity theft and fraud, not even for the fifty-dollar limit the government allows.
A related form of identity theft fraud is obtaining personal loans in the victim’s name. These types of debts can be more difficult to deal with than credit cards. Additionally lenders have made it so easy to get a loan that it can be difficult to prove that the loan wasn’t really taken out by you. Imagine finding that a person you have never met took out a $45,000 loan in your name that has pretty much destroyed your credit rating and you’ll begin to understand how devastating identity theft and fraud can be to its victims.
Identity Theft And Fraud For Criminal Purposes
It isn’t always just your credit that gets destroyed; it can be your police record as well. There have been many instances where someone who has stolen the identity of another individual has given the stolen identity when caught committing an unrelated criminal act.
For example, an identity thief is pulled over for speeding and gives the stolen identity to the cops. Years later the victim may find a warrant for their arrest as well as a pile of court fines in their name that need to be paid.
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