Identity theft has become a lot more sophisticated these days, although it does not necessarily mean that the methods are very complicated. Usually, it just takes a very determined identity thief and a clueless victim in order for the crime to be successfully pulled off.
Government agencies have been very thorough in reminding consumers about keeping their financial identities safe. Especially now that almost all transactions can be accessed via the Internet, it makes for a very wide avenue for those with malicious intent to acquire your personal information. Then they will use it for their own fraudulent gains.
As an account owner, it is ultimately your responsibility to make sure that you are not putting yourself in danger of being an identity thief victim. Although there are no 100% guarantees that you will be forever out of reach from the identity thieves, it is still up to you, nonetheless, to set up defense mechanisms to keep the crime from happening.
The Sordid Truth
The truth is that not a lot of people are actually much attuned to their financial activities. The moment the money leaves their wallet, that’s it. It’s no longer any of their business. Actually, that thinking cannot be farther from the truth. See, the transaction does not end upon you getting your purchase in exchange for your payment. Especially if you use your credit card, you will still have to complete the transaction by paying off the credit card company for the credit you used.
For bigger expenditures, there will still be the matter of tax to take care of. This would apply to purchases like cars, expensive jewelries, or even real estate properties. Regardless of what the item is, the bottom line is that it will be reflected on your financial account.
So really, you can come to think of financial transactions as one big money wheel, with cash going in and out of your account. The problem occurs when there is a hole in that wheel and somebody else is able to access your funds without your permission. When that happens, then you become a victim of identity theft.
Red Flags That Your Identity Has Been Stolen
You don’t need to wait until the very last minute for you to find out if your accounts have been compromised. If only you are keen and thoroughly familiar with your financial activities and records, you should be able to spot some tell-tale signs that somebody unauthorized has been fiddling with your account.
Here are a few of those red flags that should give you a heads up should an identity thief take an interest in your financials:
A new account has been opened in your name -
This one’s pretty simple right here. If you receive notification that you have a new account, when you clearly did not open any, then it means someone has stolen your identity. This is actually an elevated form of identity theft.
Instead of merely using the credit account of the identity thief victims, the perpetrator takes it a step higher by actually taking on the persona of their victim using it to open their own accounts. Once you see that such an unwarranted activity has been committed, you should report it immediately. Otherwise, whatever kind of credit goes into that account, you will be made liable for it. But it’s not yours, you say? Well, it’s under your name, that’s for sure.
You stop getting your billing statements
If you are still signed up for the good ol’ snail mail when it comes to your billing statements, you should be able to receive it regularly, like clockwork. However, if one day you find it missing from your mailbox, it’s time for you to consider that somebody might just have been diving into it.
Most people think that their mail should be safe, even if they leave it there while they are away on vacation. After all, who would want to sift through tons of credit card billing statements? The answer is: the identity thieves.
All they need is the information regarding your credit card account, and voila! They’re set for life — or at least, until your card runs out of steam. This is why it’s very important that you entrust your mail to someone that you personally know. It would be better if you can tell the post office to hold your mail for you first until you get back. That way, it minimizes the risk of exposing your billing statements to just about anyone who could walk up to your mailbox and steal your mail.
Your credit card is charging you for invisible purchases
This is actually the most common way for you to figure out that someone has been tampering with your account. If you see unfamiliar items listed on your credit card bill, then chances are someone was able to tap into your account and went on a shopping spree with it.
Knowing what to do if you become a victim of identity theft is a different matter altogether, but what should be relevant at this point is that you recognize that the crime has been committed. Otherwise, the fraud will keep on happening, and before you know it, you’ll be burdened with negatives on your credit, and you’re faced with paying for trying to clear up loans and bills that were never yours to begin with.
This is why more people are now becoming more open about getting credit card protection. It may seem a bit more of a hassle, but at least it makes them a bit more secure in their card transactions.
After all, the consequences of being an identity theft victim are definitely serious and far-reaching. Repairing one’s credit reliability is going to prove to be a gargantuan challenge, and may in fact take up as much as several years.
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