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ID Theft occurs when a criminal steals your account or personal information (your name, birth date, address, driver's license, pass codes, or Social Security number) and uses it to secure loans, credit cards, checks, merchandise, etc. The identity thief uses this information and impersonates the victim in order to take over existing financial accounts, open new bank accounts, apply for loans and credit cards, obtain Social Security benefits, purchase vehicles, rent apartments, as well as illegally obtaining other financial benefits.
The Federal Trade Commission (FTC) received over 635,000 complaints during the calendar year 2004: 61% represented fraud and 39% were identity theft complaints. Internet-related complaints accounted for 53% of all reported fraud complaints with monetary losses of over $265 million. The two top complaints for Pennsylvania consumers were Internet Auctions and Credit Card Fraud. Average ID theft victims spend 607 hours resolving their case with $1,495 in out-of-pocket expenses.
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