What Exactly is Identity Theft?

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CyberScout^® isn’t just for victims of identity theft. Whether you’re confronted with a serious crisis or would like to take preventative measures, you’ll get comprehensive one-on-one expert assistance.

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Situations that compromise personal information, such as a lost or stolen wallet, purse or confidential papers or after a break-in, theft or burglary.

Fraudulent cash withdrawals or unauthorized charges on credit cards, debit cards or bank accounts.

Fraudulent use of personal information for fraudulent financial and utility accounts, driver’s licenses or employment.

Assistance with tax-related identity fraud issues such as detecting fraudulent activity and providing the IRS with necessary documents to prove your identity.

Child identity theft such as receiving a credit card offer in your child’s name or getting collection calls for your child.

Change in marital status. You may call after marriage, divorce or legal separation to get name change assistance and help obtaining revised identification.

After the death of a loved one you may call to protect the identity and personal information of the deceased from possible misuse by identity thieves.

Medical identity theft such as receiving a medical statement for services not received or getting collection calls for medical services not received.

Before being deployed on active military duty overseas you may call for proactive steps to help protect personal information and help to minimize the risk of identity fraud.

Before foreign travel you may call to get a list of toll-free numbers in the countries where you are traveling, so you may call directly for document replacement help while away and to receive pre-travel tips to help safeguard yourself from identity theft.

Document replacement. You may call to get help replacing identification and personal papers that are stolen, lost or destroyed during a home fire, a natural disaster, including a hurricane, earthquake, tornado, flood or wild fire or for travel in the U.S. or overseas.

Relocation. You may call before a move for help to safeguard your financial, credit and identity data during a move and/or to assist with any needed documentation or information on the new community.

Identity-related questions. Remember even the smallest issue can turn into a major identity theft nightmare.

Debt tagging – when debt collectors target you for another person’s debt, a fraud specialist will run a quick credit check to determine if the debt was actually attached to your credit files, and contact collection agencies if necessary to update incorrect entries.

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Identity Theft Articles

June 6, 2018

Unbiased Financial Information Provided by Financial Finesse

Identity theft is a crime that involves someone else using your name, Social Security number and/or other personal information to steal. The theft can involve the use of your existing credit cards to purchase expensive items, opening new credit accounts in your name, making purchases or cash advances, or draining your financial accounts. Identity theft can even allow someone to use your name when arrested for criminal acts!

When a thief steals your wallet, you can take immediate action to protect yourself - call the police, notify your bank and credit union, and cancel credit card accounts. But with identity theft, you often are unaware of the crime for weeks or months, which gives the thief plenty of opportunities to do a lot of damage.

There are two types of identity theft: application fraud and account takeover.

"Application fraud" is also known as "true name fraud." The identity thief uses your Social Security number or other personal information to open new accounts in your name. You may not become aware of this type of theft for months, because credit card account statements are mailed to the thief's address, not yours. However, victims of the other type of ID theft, called "account takeover," may learn of the crime as soon as they receive their next monthly account statement.

"Account takeover" is the act of someone using your existing credit account information to purchase items using your actual card, or possibly just the account number and expiration date.

How could your identity be stolen? In addition to outright theft of your wallet or purse, these are the most common ways thieves could get access to your information:

Obtaining your name, address, credit card or other account numbers by going through your mail or trash. Finding preapproved credit card offers is an easy way for the thief to cash in on your identity.
Buying your credit information from an unscrupulous employee of a business you deal with. Most popular are auto dealerships and retail stores.
Posing as a potential employer or landlord to order a copy of your credit report.
Filing a change of address form to redirect your mail to a new address.

Once this information is in the hands of an identity thief, they can start stealing from you almost immediately. The theft can occur in one or more of these ways:

Transferring money out of your financial accounts.
Using your existing credit card to buy luxury items.
Opening new credit accounts in your name.
Renting an apartment and setting up utilities in your name.
Setting up cell phone service in your name.
Opening new checking or money market accounts in your name and writing bad checks.
Changing the address on existing cards so you won't see the charges being made.

Identity theft is a serious and growing phenomenon - it is the number one concern of people contacting the Federal Trade Commission. In a recent survey conducted by Javelin Strategy and Research, 12.7 million people were victims of identity theft in 2014, with the amount stolen around $16 billion.

Once discovered, it can take months to correct the damage done. In addition to notifying each financial account impacted, you must make sure that your credit report is updated. Otherwise, you could be denied for credit next time you want to buy a home or a car. The good news is that consumers are becoming more aware of the threat identity theft poses. The Better Business Bureau report indicated that consumers detect almost half of identity fraud cases.

Stay alert to illegal use of your personal information. Checking your credit report each year is a smart step to take in the on-going battle to protect your identity.

The Fair and Accurate Credit Transaction Act (FACTA) allows for all consumers to receive a free copy of their credit report from each of the three credit reporting bureaus every 12 months. Reports can be ordered through annualcreditreport.com or by calling 877-322-8228. You will not be able to receive a free report by contacting the credit bureaus directly.

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