Identity theft is rampant. In fact, January 2023 in an ironic twist Norton Lifelock, the largest consumer cyber security platform in the world with over 80 million users worldwide disclosed a data breach subjecting some customers to potential identify theft. In this post, I discuss what identity theft is, how it occurs, the impact it can have on people, what steps can be taken to protect against it, and provide additional resources.
What is Identity Theft?
Identity theft is the act of stealing someone’s personal information for the purpose of committing fraud or other illegal activities. This information can include a person’s name, social security number, driver’s license number, credit card information, and more. Once a thief has obtained this information, they can use it to open new credit accounts, make purchases, apply for loans, and commit other fraudulent acts.
How Does Identity Theft Occur?
Identity theft can occur in a variety of ways. One of the most common methods is through phishing scams, in which an attacker sends an email or text message that appears to be from a legitimate source (such as a bank or government agency) and requests personal information. Other methods include hacking into databases that contain personal information, stealing mail or trash that contains personal information, and stealing wallets or purses.
The Impact of Identity Theft
The impact of identity theft can be significant and long-lasting. In addition to financial losses, victims may experience damage to their credit score, difficulty obtaining credit or loans, and even legal troubles if the thief commits crimes in their name. Identity theft can also be emotionally distressing, as victims may feel violated and vulnerable.
How to Protect Against Identity Theft
Fortunately, there are steps that individuals can take to protect against identity theft. Some of these steps include:
- Monitoring financial accounts regularly: By keeping an eye on bank and credit card statements, individuals can quickly detect any fraudulent activity.
- Shredding personal documents: Before throwing away any documents that contain personal information, such as credit card offers or bank statements, it is important to shred them to prevent thieves from obtaining them.
- Using strong passwords: When creating passwords for online accounts, it is important to use a combination of letters, numbers, and symbols, and to avoid using easily guessable information such as birthdates or names.
- Being cautious with personal information: Individuals should be careful about sharing personal information online or over the phone, particularly with unknown sources.
- Freezing credit reports: By freezing credit reports, individuals can prevent new accounts from being opened in their name without their permission.
Conclusion
Identity theft is a serious crime that can have significant consequences for victims. By taking steps to protect personal information and monitoring accounts regularly, individuals can reduce the risk of becoming a victim of identity theft. It is important to remain vigilant and take action quickly if any suspicious activity is detected. By working together to combat identity theft, we can help protect ourselves and from this type of fraud.
At the Law Office of Michael Primus, we have helped hundreds of clients get out of debt, stop wage garnishments, and start fresh through bankruptcy. If you live in northern California and have debt problems, contact us for a free consultation. Offices in Walnut Creek, Antioch and Hercules.
Additional resources:
www.consumerfinance.gov/consumer-tools/fraud/answers/key-terms/#identity-theft