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How does identity theft occur?

By Derek Brown
Published: Friday, November 27th, 2009

In United States and Canada, identity theft is considered the commonest problem and the crime rate is highest here. The Federal Trade Commission receives complaints against identity theft five times more than the past years. The number has increased from 31,117 to 161,819 down the years 2000 to 2002. In the year 2002 “PhoneBusters National Call Center”, located in Canada, received about 7629 complaints against identity theft from the residents of the country. Two of the major credit bureaus in Canada, TransUnion and Equifax receive a bunch of complains related to this problem every year.

Often consumers are in touch with the identity thieves who collect their personal information without much hassle. Now there are other ways as well. If you are taking out money from an ATM center there are chances that the machine installed in it is fake and can collect the data encrypted in the magnetic panel of the card. Using this information the thieves make fake cards which are clone to the original cards. They use it and drain out the savings in your bank account. Some of them try to look over your shoulder in order to find out the PIN. Keeping track of the expenditure from your bank account is advisable if you wish to put a stop on identity theft.

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