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. The term is relatively new and is actually a misnomer, since it is not inherently possible to steal an identity, only to use it. The person whose identity is used can suffer various consequences when he or she is held responsible for the perpetrator's actions. In many countries specific laws make it a crime to use another person's identity for personal gain.
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This rocks! Want to know the secrets of Identity Theft? ... Continue reading "Red Flag Rules to Protect Against Identity Theft Go in Effect May 1st" ...www.identitytheftsecrets.com/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. The term is relatively new and is actually a misnomer, since it is not inherently possible to steal an identity, only to use it. The person whose identity is used can suffer various consequences when he or she is held responsible for the perpetrator's actions. In many countries specific laws make it a crime to use another person's identity for personal gain.
Identity theft is somewhat different from identity fraud, which is related to the usage of a 'false identity' to commit fraud. Identity theft means impersonating a real person.
Types
According to the non-profit Identity Theft Resource Center and other sources, identity theft can be sub-divided into five categories:
- business/commercial identity theft (using another's business name to obtain credit)
- criminal identity theft (posing as another when apprehended for a crime)
- financial identity theft (using another's identity to obtain goods and services)
- identity cloning (using another's information to assume his or her identity in daily life)
- medical identity theft (using another's information to obtain medical care or drugs)
Identity theft may be used to facilitate crimes including illegal immigration, terrorism, and espionage. Identity theft may also be a means of blackmail. There are also cases of identity cloning to attack payment systems, including online credit card processing and medical insurance.
Some individuals may impersonate others for non-financial reasons - for instance, to receive praise or attention for the victim's achievements. This is sometimes referred to as identity theft in the media.
Financial identity theft
There are two basic versions of financial identity theft:
1. Victim Established Accounts Accessed The perpetrator pretends to be an existing account holder in order to obtain funds from the legitimate bank account of the victim. This involves obtaining one or more identity token (plastic card, paper check, deposit slip, PIN code, card number, identifying personal data, etc.) then using the ID token to access funds via one or more delivery system (branch teller, ATM, retail cashier, telephone banking, etc.). If debits (withdrawals, purchases, or checks) are made against the impersonated person's real accounts, that person will need to notify the bank that the debits are not legitimate and request reversal. At the extreme, the perpetrator may take over control of the account by rerouting statements to a new address. This is known as "account takeover" and opens the account to rapid abuse.
2. Perpetrator Established Accounts The perpetrator establishes new accounts using someone else's identity or a made-up identity. Typically the intent is to utilize someone else's good credit history to obtain funds (credit cards or loans) or a checking account which can be overdrafted.
