General FAQ
Here you'll find answers to general questions about the Identity Theft. If you have a question about our Product, visit our Product FAQ.
What is Identity Theft?
How can identity thieves get my information?
What do thieves do with stolen information?
How much does it cost to repair an identity theft?
How does a thief steal a person's information?
The act of using someone's personal information (such as a name, address, account number, driver's license number, Social Security Number (SSN), health insurance number) without that person's knowledge, and using the assumed identity to commit fraud or theft.
How can identity thieves get my information?
Most instances of identity theft take place offline. Personal online transactions account for only 11% of identity thefts1.
Identity thieves have become increasingly savvy at gaining access to people's personal information. Here are some sources thieves employ:
Common Sources:
- Hacking into a bank, credit union or credit card company's database*
- Phishing - when a scammer sends an e-mail that appears to come from your bank or another legitimate company, asking you for personal information such as your credit card or Social Security Number
- Bank statements
- Credit card statements
- Restaurants and bars where you swipe your credit and debit cards
- Department stores
- ATM machines
- Dumpster diving - the act of going into people's garbage searching for junk mail, bank statements or other material that may contain personal information
To see more sources of where thieves can steal your private information visit the Product FAQ page.
1. Javelin Research & Strategy. 2009 Identity Fraud Survey Report (Based on 35% of respondents who knew how their information was stolen)
What do thieves do with stolen information?
Once they have your personal information, identity thieves use it in a variety of ways:
- Credit card fraud: They may open new credit card accounts in your name, change the billing address on your credit card so that you no longer receive bills, and then run up charges on your account or steal a pre-approved credit card application out of your mailbox.
- Phone or utilities fraud: They may open a new phone/wireless account in your name, or use your name to get utility services like electricity, heating, or cable TV.
- Bank/finance fraud: They may clone your debit card, take out a loan in your name, create counterfeit checks, open a bank account in your name and write bad checks or use your bank checks fraudulently.
- Government documents/Benefits fraud: They may get a driver's license or official ID card issued in your name, use your name and Social Security Number to get government benefits or even file a fraudulent tax return using your information.
- Other fraud: They may get a job using your Social Security Number, rent a residence or even get medical services using your name.
How much does it cost to repair an identity theft?
The mean fraud amount per victim of identity theft is $4,8411. The mean cost to the consumer of identity theft is $3731. The cost to repair an identity theft goes beyond the financial and includes significant time spent to resolve the issue. The mean resolution time for an identity theft occurrence is 21 hours1
1 Javelin Research & Strategy. 2010 Identity Fraud Survey Report
How does a thief steal a person's information?
There are several ways a thief can steal a person’s information. Read about them here.
