Opening store or bank credit is just one way that thieves can use your identity to illegally reap financial reward. Cloned debit cards obtained using skimmers are becoming more common thanks to high-tech techniques.
How does identity theft occur?
Identity thieves want to become you. And all it takes is a small amount of your personal information. Identity thieves can open new bank accounts, steal your money, sell your information online and commit several different types of fraud. They could even commit crimes in your name.
What are the affects of identity theft?
From fraudulent charges, to stolen money, to an altered financial or criminal background, identity theft can have a serious cost to your wallet and name. In 2011, identity theft cost Americans $18 billion.1
- Identity theft cost Americans $18 billion.1
- 11.6 million adult Americans were victims of identity theft last year.1
- Existing card fraud cost Americans $8 billion last year.1
1 Javelin Strategy & Research. “2012 Identity Fraud Report: Social Media and Mobile Forming the New Fraud Frontier.” February 2012.