Here’s something many people don’t know about me: I was the victim of identity theft.
It happened less than a decade ago by a guy I worked with. The FBI, as well as local police got involved because the incident crossed state lines. The guy’s motives were beyond sick and he ended up being tried and convicted. Fortunately, I didn’t lose too much financially, though I can’t say the same for the emotional toll it took, especially since I feared for my safety nearly every day after he was caught, arrested, and then freed on bail.
According to an identity fraud survey report, nearly 10 million Americans were victimized by identity theft last year, yielding more than $50 million in losses. It should be noted that identity theft and identity fraud are two separate issues. The former is the unauthorized access of personal information which may or may not lead to financial loss. Meanwhile, the latter is the actual misuse of information which directly impacts the victim, such as monetary loss.
In the majority of cases, personal information is stolen either from the Internet or by traditional means, such as a robbery. However, a growing trend in identity theft involves what is called “friendly fraud.” The term encompasses incidents in which family or friends steal money from loved ones via personal information, such as PINs, checking account routing numbers, and social security cards that are left out in homes and offices.
Regardless of how well you think you are protected, it always pays to monitor your financial accounts at least once a month. In addiiton, you should review your credit report at least once a year. If you feel as though your credit information has been compromised, it is a good idea to place a fraud alert or freeze at the major credit bureaus. A fraud alert notifies potential creditors to verify the identity of anyone accessing your personal information, while a freeze completely stops your credit report from being shared with anyone.