Why The Heck Would A Thief Steal That

I guess the real answer to why a thief would steal anything is because thieves are always on the lookout for a way to make money at the expense of someone else.  But a thief can steal a lot  more than the stuff that you have in your house.  The things in your home may be valuable and some things may even be irreplaceable but they are just things.  When it comes down to it you can live without the things or you can replace them but what happens when someone steals your identity?  One of the most important things that you own is your identity.

What is Identity Theft

According to Wikipedia, “identity theft is a crime used to refer to fraud that involves someone pretending to be someone else in order to steal money or get other benefits.”

Identity theft can take on many different forms.  Identity thieves may get your credit card and go shopping on your dime, or they may go so far as to rent an apartment, buy a home or automobile using your identity.  The different forms of identity theft are:

  • Credit Card Fraud: the identity thief may open a new account using your name and when they use the credit cards, they just don’t pay the bills.  If they steal a credit card that you already have, they may change your mailing address so that you don’t get the bills, all the while they are racking up the charges on your account.
  • Phone/Utility Fraud: this is where an identity thief uses your name to open a new phone account or they may get their utilities like the electric or cable turned on using your information and again they just don’t worry about paying the bills.
  • Bank/Finance Fraud: in this case, the identity thief may open a bank account in your name and write bad checks, they can clone your ATM card and drain your accounts. Or they may even go so far as to take out a loan in your name.
  • Government Document/Benefits Fraud: if an identity thief get a hold of your driver’s license they may change the picture and do whatever they want using your name.  They may also use your name and Social Security number to get benefits from the government or file a fraudulent tax return.
  • Other Fraud: some of the other things that an identity thief can do with your good name is: get a job using your SSN, rent a home, get medical care, avoid arrest.  Actually this list could probably go on for a little while longer but I think you get the idea.

According to the FTC, the most common form of identity theft is credit card fraud.  The second most common type of identity theft is government documents/benefits fraud.

The point is that identity theft is very serious and you may not find out that your identity is being used by someone else until you review your credit report, look at your credit card statement, get contacted by a debt collector, try to get a loan, or even get arrested.

Some victims of identity theft can take care of their problems rather quickly but others can spend hundreds of hours and dollars trying to repair the damage to their good name and credit record. 

The best protection from being a victim of identity theft is prevention.  Stay tuned for future posts on how to secure your identity.  Until next time, Stay Safe and Secure.