Pros And Consequences Of Identity Theft

Identity theft is the act of stealing another person’s personal identifying information in order to gain access to his financial resources, or obtain access to other benefits, such as money, credit, or insurance benefits. Identity theft, sometimes referred to as “identity fraud,” is a crime that carries serious consequences. The act of fraudulently obtaining and using another person’s identifying information or personal financial documents, such as a credit card or bank account, usually for the purpose of financial gain. Identity theft laws are very strict, providing severe punishments for individuals convicted of the crime. Identity theft, according to the Federal Trade Commission (FTC), was the top complaint the FTC received for the past 15 years, increasing 47% from 2015 to 2016 as a result of a massive increase in

When a person learns that his private information has been compromised, the next step is reporting the theft of personal information. Failing to take appropriate action as soon as the compromise or fraudulent activity occurs may result in greater damage to the victim’s accounts or financial situation. Important steps to remember include make a report to local law enforcement, report the theft or breach to your financial institution, contact the local post office if you believe your mail has been, contact any credit or retail companies with which you have accounts which might have been compromised and contact all credit-reporting agencies. In addition to phone and mail services, each agency provides online services for disputing claims, and for reporting identity theft and fraud. One of the best ways to protect against identity theft is to monitor your credit history. You can get one free credit report every year. Request all those reports at once. Just spread out your requests, ordering from a different bureau every four months. Order your free annual credit reports by phone or