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The Fundamentals of Identity Theft that you should know

By Ruth Racey
Published: Saturday, July 24th, 2010

Identity theft is a term used to imply that someone else is using your identity to pose as you and reap benefits that are offered only to you. Identity theft is a serious crime that can cause the victim emotional and financial problems. Understanding how this theft works is one of the good ways to protect yourself from this type of fraud. The following paragraphs will elaborate about how this theft works and how this theft can impact you. 

Understanding How Identity Theft Occurs 

Unscrupulous people go to various extents to benefit from your losses and financial identity theft can indeed cause you immense loss. In order to commit this crime the thief has to pose as you and he needs an id proof to do so. While some people opt for sophisticated tools to steal identification proofs many thieves prefer going through your thrash for identity proofs. In order to protect your own interests it is always recommended to tear up old identity proofs such as credit cards, bills and bank statements while you throw them away. 

Understanding How Online Financial Identity Theft Occurs 

Online id theft is one of the most common crimes these days. While some thieves prefer to hack into your email account to retrieve password, other prefer to befriend you and get information by asking questions. Since online banks and email accounts need information to confirm you identity before sending your password to your email account these thieves get to know these answers so that they can hack your accounts. The best way to protect yourself from online fraud is to change your email and online bank passwords every few months. You should also refrain from storing any information in your email account.

If possible you should use a notebook to write down all the information and you should refrain from telling people personal information unless you know them very well. Information that can be used during identity fraud includes your full name, your street address, your social security number, your security answer and your bank account numbers. 

Ways Identity Fraud Can Harm You 

Identity fraud can definitely cause financial problems but identity fraud can also cause emotional problems. If the thief uses your information to commit a crime then you can also face legal problems. The best way to protect yourself is to learn about this crime and follow the steps mentioned above.

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