Monday, November 8, 2010

Identity Theft: What You Need to Know about it

The use of your personal data such as your name, address, telephone number, credit card, and mother’s maiden name by other people is called identity theft, which is also known to be an identity fraud. It is the illegal use of your personality to commit crime or any illegal acts.

Usually, this crime is done to commit financial fraud or deception. Either it is using your name to buy something or obtaining it thought the use of your credit account and other personal security accounts.

By the use of your name, the identity theft gets a good service and all they left for you is the bill that your name will be paying.

Sometimes, the well-established citizens are the ones victimized by identity theft; it can also target some people who do not have that much account.

These identity thieves also use college students, the data and information about these students are much better and much easier to obtain. They use their names for application for credit cards and use it for criminal and illegal purposes.

Most college students do not care about their financial account and do not apply for these credit cards but will eventually receive credit card application on their mailbox.

Large business groups are the main target of these identity thieves. They usually find out before they apply for credits, they have history of non-payment of bills, which is actually done by these identity thieves.

Small businesses will be surprised once they apply for loan and denied of approval because of the pending loan that needs to be paid. This is every critical problem where in these small businesses have to pay the loan they did not purchase.

Almost everybody is possible to be victimized by these identity thieves. It is because of the modern technology that exists in the world today.

Transactions are made without face-to-face contact, transactions that require the name, address, contact number, security information and sometimes password. Using malicious software that are downloaded through websites, thieves are able to gets all these information.

This is how easy these thieves get the information they need. Once they got all the information they need, they will have all the possibilities to commit different financial and other related crimes.

These thieves use different identities to purchase something, gather different services, obtain bank account, apply for credit card, apply for loans and other government benefits and obtain money using the victims’ identity.

The major problem with this kind of crime is that the victim will be forced to clear all the transaction he or she has not made. In most cases, these thieves usually pretend to be the victims’ identity, obtaining all the necessary information including the victim’s security settings.

The funny thing, these transactions are from the knowledge of the owner but will be surprised to receive many bills and loans to be paid. The more that these thieves involve in these crimes the longer it is to repair the damage.

The damage done to the victim will bring difficulty in obtaining new jobs, applying as an employer, applying for credit cards and renting apartments.

However, this major problem can be resolved. Many companies offer identity theft insurance. Many people will have the privilege to obtain this insurance as an option in their home insurance policy.

It is now possible to detect the people that uses the personal data if have home insurance policy. By this means, the owner will have the knowledge on who are the thieves that tries to use their personal data.
Reports about the present situation of the accounts are given to the owner in regular basis. However, the owner may need to pay the service rendered.

The amount that is paid over to these identity theft insurance is huge. There are many debates about it but people prefer to pay it to have peace of mind.

It is better to pay the huge prize than to be worried about the security of your identity. These insurance will surely protect the account from the identity thieves. You do not need to worry if the accounts are secured by it.

Finding the best identity theft insurance is the first thing you need to do.

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