How Identity Theft Works And How To Protect Yourself
Sunday, October 5th, 2008by Jim DeSantis
Identity theft is one of the fastest growing crimes in America. Every day thousands of people suffer immediate financial hardship and long-term difficulty because their personal information has been compromised. But there are free steps you can take to protect yourself.
For the seventh straight year, the Federal Trade Commission says identity theft is the largest consumer complaint and the fastest growing crime in America. In 2007, the FBI reported that identity theft affected 9.91 million Americans. There are probably many more cases that went unreported. It accounted for $52,600,000,000 (billion) in losses in 2007.
In a way we can thank the U.S. Congress for the increase in identity theft. Congressionally-mandated use of the Social Security number as an identifier facilitates the horrendous crime of identity theft. Thanks to Congress, an unscrupulous person may simply obtain someone’s Social Security number in order to access that person’s bank accounts, credit cards, and other financial assets. Many Americans have lost their life savings and had their credit destroyed as a result of identity theft. Yet the federal government continues to encourage such crimes by mandating use of the Social Security number as a uniform ID!



