Identity theft is a huge business and every year, millions of Americans succumb to one form of identity theft or another. It might be a thief going through your garbage and stealing your credit card statements. It might be a relative “borrowing” your information and opening a credit card in your name. Javelin Strategies, an independent research firm that studies identity theft, reported that 11.1 million adults are affected by identity theft in 2009, with the total fraud increasing by 12.5% to $54 billion. Fifty-four billion dollars in fraud.
This underscores the importance of being diligent and protecting yourself against this type of fraud. Whereas you are protected, by law, against credit card fraud, there isn’t much that limits your liability when it comes to identity theft. If a thief uses your information to sign up for a utility, say water or electricity, and then fails to pay, the utility is coming after you for the money. They don’t know that your information was stolen and they don’t really care, they just want to be paid for the services they rendered.
On Identity Theft Wall we’ll share tips and techniques to protect yourself against identity theft and help you avoid becoming one of the 11.1 million afflicted by this white collar crime.