Personal Finance

Identity Theft

Identity theft is very old and over a period of time criminals have tried several methods to find their way into peoples' pockets and various other valuables. The advancement in technology has only made stealing easier for the thieves and complicated for the innocent consumers who are being victimized increasingly.

Identity Theft Statistics

The FBI has stated that in the last few years, almost 9.91 million Americans have been identify theft victims, losing above $52.6 billion to the thieves. Of these, more than half victims had their debit or credit cards stolen by the identity theft criminals. Account fraud cases victimized over 3.23 million people, causing losses of above $36.7 billion. The officials are of the opinion that if these figures on rise, their affects on economy could be disastrous.

Victims Suffer Endlessly

Victims of identity theft end up spending several years and thousands of dollars to sort out the mess these heinous criminals leave behind. And recovery of the lost property is most of the times a distant dream. What is dreadful is the fact that the victims may never realize until many years that their identity has actually been stolen and being misused for a long time. The affect of identity theft on the victims is very harsh. In many cases, the theft of identity has cost victims their jobs. They have also been refused loans at the time of dire necessity or even been arrested for the crimes they never actually committed.

Who Is To Blame?

Experts have pointed out that the advancement in technology is the culprit behind all these mishaps. They say phishing has become convenient with increasing use of internet usage for banking, shopping, and surfing, making it convenient for the criminals to steal consumers' identity, victimizing them in the process. Criminals, involved in identity theft, often use high-tech and low-tech methods, or a combination of both to steal identities.

Protect Your Identity

One's identity is amongst the most invaluable assets. Therefore one must protect it at every step. Law enforcement is a must, but waiting till the time laws are implemented could be foolish. So, take responsibility of protecting your own identity.

Undoubtedly, it impossible to keep a track of all the online transactions we do. It is also difficult to find if all the online traders we are dealing with are safe, as not all of us can install anti-identity theft software. However, the least we can do to protect our and our family's identity is to get it insured. Such insurance will give you peace of mind and safeguard you and your family from financial emotional wraths caused by identity thefts.

There are a number of agents providing such insurance. It is however advisable for you to check their background before entrusting them with your insurance work. Checking the agent's track record in this case is essential. You may also choose to seek professional guidance to reach the right agent. As far as possible, stick to a limited number of credit cards and if at you do transactions through them, keep a track of them all. Deal only with reputed credit card companies to eliminate chances of fraud.