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How To Protect Your Identity: Identity Theft Defined
By: Paul Wilcox
Many things can be owned. These things may have been purchased, given as gifts or passed along from one generation of a family to another.
Those things may have a monetary value, they may have a sentimental value. They may be things like pictures or heirlooms that would be worth little to anyone other than the people who know their history.
Of course, the problem with owning something is that it could be stolen. Or it could even be lost due to something like fire, flood, or some other natural cause. And naturally, there are plenty of thieves out there who would steal your possessions if given the chance.
One of the most critical things that can be stolen from you is something you can't actually hold in your hand. It's your identity. Identity theft has become a very serious problem and in order to prevent it, you need to understand it.
What Is Identity Theft?
Identity theft is when one person pretends to be someone else, most often for the purpose of committing some type of fraud. This could mean accessing your banks accounts or even committing crimes in your name.
One of the most common and severe results of identity theft is some type of financial loss. Having your identity stolen can have a negative effect on your finances when someone is able to access your credit cards, bank accounts and other personal data.
Plus, if it isn't stopped quickly, this damage can have a serious impact on your good name. Credit reports, employment history, criminal records, etc. are all potential problems. Even though you are innocent, the problems are on your record. It can take years to clear your name.
How Identity Theft Works
Additionally, when asked to define identity theft, it may be beneficial to discuss how identity theft occurs. Often identity theft takes place when critical pieces of information are obtained from the individual who is being stalked by an identity theft thief.
These pieces of critical information are generally identification numbers or data that only the owner of that information is privy to. Some of those numbers could be social security numbers, personal identification numbers (PINs), passwords, a mother's maiden name, date of birth, etc.
If these numbers are obtained by an identity thief, they can use them to pose as you to banks, credit companies or other services. This personal information should never be given out glibly.
Most legitimate companies will only ask for this information if you have initiated the call. They don't call you and ask for it. They may also only ask for the last few digits, rather than the entire number.
Your trash is another source of this information for identity thieves. Don't ever throw out papers with personal information on it - make sure you shred it thoroughly first.
Article Source: http://www.ezarticles.info
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