What is Identity Theft?
The Issue: Identity theft is a crime. The crime occurs when someone invades your life, taking pieces of your personal identifying information and assumes it as his/her own, thereby causing damage to your credit, as well as your name. This rather broad topic takes in any number of privacy crimes, including theft of a Social Security number, credit card number, debit card, phone card or other illegal assumption of or obtaining false credit in your name.
Typically, Identity Thieves are looking for a quick fix - the opportunity to buy merchandise or obtain cash without being identified. This generally entails using your identity and/or existing credit to purchase a good that they can sell for cash or to obtain services such as car rental, etc.
Indicators of identity theft may include:
- Failing to receive bills or other mail.
- Receiving credit cards that you didn't apply for.
- Being denied credit or being offered less favorable
credit terms, like a high interest rate, for no
apparent reason.
- Being denied employment due to bad credit or a
criminal record.
- Getting calls or letters from debt collectors or
businesses about merchandise or services you
didn't buy.
Has someone used your personal identifying
information to…?
- Create new credit accounts?
- Thieves may open new credit card accounts in
your name. When they use the credit cards and
don't pay the bills, the delinquent accounts are
reported on your credit report.
- Thieves may make electronic transfers in your
name, and drain your legitimate bank account.
- Purchase goods or services with or without credit?
- Thieves may use your name and address to
purchase goods or services that are delivered prior
to payment being received. The company then
bills you for the goods and the thief makes off
with the product.
- Perpetrate criminal acts?
- Thieves may give your name to the police
during an arrest. If they don't show up for their
court date, a warrant for arrest is issued in your
name.
- Obtain employment?
- Thieves may get a job or file fraudulent tax
returns in your name.
- Rent a home or apartment? Initiate utility services?
- Thieves may rent a house or apartment, and sign
up for utilities, in your name.
- Some other misuse of your identity?
- Thieves may buy a car by taking out an auto loan
in your name.
- Thieves may get identification such as a driver's
license issued with their picture, in your name.
- Thieves may file for bankruptcy under your name
to avoid paying debts they've incurred under your
name, or to avoid eviction.
Account Takeover/Current Account Fraud
If you have discovered a fraudulent charge on an account that is your own…
- Often current account fraud is confused with true
identity theft.
- Consumers who experience account takeover must
be sent to their issuing bank for immediate
resolution.
- Resolution entails completing an affidavit with their
bank and returning the proper documentation.
- ID TheftSmart can offer consultation or restoration
to customers who experience current account
takeover.
Enhanced Identity Theft Restoration includes:
- Confirming fraud and identifying its starting point
or source
- Investigating known, unknown, and potentially
complicated trails of fraudulent activity
- Organizing details of issues and explaining your
rights
- Making phone calls on your behalf
- Issuing fraud alerts with the:
- three national credit repositories -
Equifax, Experian, and TransUnion
- Social Security Administration (SSA)
- Federal Trade Commission (FTC)
- US Postal Service (USPS)
It’s Not Just About Credit:
Identity fraud is not limited to credit-related schemes.
Your ID TheftSmart Licensed Investigator also searches
for outlying activity in areas you may not be aware of
or able to reach. Restoration-level investigation further
examines both credit and non-credit components, and
may extend to the search of:
- Criminal data at federal and state levels
- State Department of Motor Vehicles (DMV) records
- Public records, where fraud-driven liens or
bankruptcies could surface
- Social Security tracking, for fraudulent address or
status entries
- Online research sites known mainly to the
investigative community
- Banking or postal records
- Certain “watch lists” familiar to the security
industry
- Other sources of fraud indicators
If you need assistance with any of the above
information or suspect you are a victim of
identity theft:
Contact Kingston National Bank and we will help you contact the ID TheftSmart team.
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