Indentity Theft, Fraud & Crime

Identity theft has become a worldwide problem that can destroy your credit rating, deplete your assets, and consume large amounts of your valuable time. Your liability in a case of identity theft can vary by case.

Identity theft or identity fraud is the misappropriation (stealing) of another person's identifying information in order to obtain credit fraudulently from banks and retailers; steal money from the victim's existing accounts; apply for loans; establish accounts with utility companies; rent an apartment; file bankruptcy; obtain a job; or achieve other financial gain using the victim's name.

Fraud Insurance limits and protects your liability, but it perhaps more importantly it will also protect your good name and provide necessary claims reimbursement and funds to regain lost personal and financial security. Reports state a victim of identity fraud can require hundreds of hours and dollars to correct and these reports continue to say according to the FBI, the estimated average cost to investigate a financial crime is $20,000.

Typical losses from fraud look like the following:

Account takeover occurs when a thief acquires a person's existing credit account information and uses the it to purchase products and services. Victims usually learn of account takeover when they receive their monthly account statement.

In true identity theft or application fraud, a thief uses another person's SSN and other identifying information to fraudulently open new accounts and obtain financial gain. Victims may be unaware of application fraud for an extended period of time - which can allow the thief to continue the ruse for months, even years.

Minimize Your Risk of Becoming a Victim and practice the following tips to help protect you, your family, and your personal information:

• Do not give your personal information during an unsolicited phone call. Ask the caller to send you information in writing.
• Shred important documents. Identity thieves will go through your trash and retrieve copies of your checks, credit card and bank statements.
• Do not carry your Social Security card, birth certificate or passport.
• Monitor your bank records and credit reports often. Identity theft can go on for years before it is noticed, so check your credit report at least once a year. Your bank statements should be checked each month.

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