A List of Different Kinds of ID Theft

May 25th, 2009 | Posted in Identity Theft

It’s possibly true to say that most people are much more aware of identity fraud today than they were in days gone by. After all, identity theft is one of the most rapidly growing crimes in the USA and in many other developed countries.

According to a recently issued report by the Identity Theft Resource Centre, there are five main types of identity theft - and these are as listed below:

Commercial or business identity theft – in which the name or identity of another company is used to secure credit.

Criminal identity theft – where a fake identity is assumed after being apprehended for a crime.

Financial identity theft – the use of another person’s identity to buy goods, services, arrange loans etc.

ID Cloning – where somebody’s identity is assumed.

Medical identity theft – where someone’s personal information is used to fraudulently receive medical care, drugs or possibly to claim for insurance.

All of these are extremely serious. The financial repercussions for individual victims of identity theft can be very damaging indeed – and it can take a good deal of time for victims to clear their name and get their life back on the rails following identity fraud.

As an individual, there are a number of common sense steps you can employ to minimise the risk of becoming an identity theft victim. Obviously you should keep your personal data secure. Don’t tell friends and family your PIN, your password for example – a high proportion of identity theft victims are known to the criminal who assumes their identity.

Also be very careful about how you give out your data. Anyone who works in an open plan office for instance should not be giving out their date of birth, mother’s maiden name or any other sensitive data over the telephone when workmates may be able to overhear.

Shred your mail before you throw it out in the garbage. So called “dumpster diving” is one of the main ways which criminals obtain sensitive information. Criminals can use details found in junked mail to assume identities – unsolicited offers of credit cards or loans are a real treasure trove for them.

Keep a list of the various numbers you need for cancelling your bank cards. These are detailed on the back of your card of course – but if the card is lost or stolen do you know the number to call? The quicker you act the less the damage will be.
Finally, use the internet to your advantage – monitor your bank account and credit card statements online in real time. You will notice unapproved transactions more quickly and be able to minimise the damage by rapidly halting the fraudster’s access to your account.