Identity Theft News

There Are Many Types Of Fraud That Fall Under The Category Of Identity Theft

To understand the unique problems facing the aging with regard to identity theft, I will clarify what actually happens to victims. There are many types of fraud that fall under the category of identity theft.  It could be as simple as “account take over” where the thief steals an ATM VISA or MasterCard, credit card, or just the account number, and makes purchases on-line, by phone or in person. By stealing your mail or trash, a fraudster can either use your checks or create new checks using your account number to drain the funds from your bank accounts.   You only find out when your checks start bouncing or you can’t use your ATM to obtain cash.Fraudulent purchases can also be made without your knowledge if your credit cards are “skimmed”.  A “dirty employee” at a retail store, restaurant, or hotel simply duplicates the metal strip on the back of your credit card using a skimmer (a small handheld device designed to copy information from the magnetic strip on a card) to later create a new card with your account information- thus your credit card bill arrives normally with purchases you never made- yet your credit card sits safely in your wallet. The more invasive and lucrative type of identity theft- “true name fraud” or “application fraud” occurs when your “evil twin” obtains your social security number, (that’s often all they need) pretends to be you, and applies for credit at his/her address or a mail drop. The thief, needing a photo ID, obtains a driver’s license- either a “valid” duplicate from the state Department of Motor Vehicles (many states are less than careful in issuing duplicate licenses, i.e.: California issued over 100,000 duplicate “valid” licenses with the impostor’s photo to fraudsters in the year 2000), or buys a high tech phony license on the street for $25.00. With just these documents, the “identity clone” can create havoc in your life. The impostor can obtain more credit cards, credit lines, a mortgage, an apartment, purchase cars, open utilities accounts, get a cellular phone, make cash advances, obtain health care, purchase life insurance in the victim’s name, (making the fraudster the beneficiary), order a passport, work under your name (and of course the IRS comes after you), become a “legal” citizen, steal your professional identity (even create business cards), create e-mail accounts and web sites, and worse yet, commit crimes ruining your good name and destroying your reputation.  Although every one of us is vulnerable to this crime (since our personal information including our social security number is readily available offline and on line and its use, sale and transfer is often beyond our control), seniors are a more susceptible for a variety of reasons:

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