As more and more people rely on the Internet for banking, shopping, and everyday interactions, the dangers of online privacy only seem to grow worse. Nearly everyone has heard stories from a friend or relative who has either had their identity stolen or been a victim of online fraud. If you want to protect your finances and your credit rating, it’s important to be aware of what identity theft is and what you can do to prevent it.What is a Stolen Identity?
Over 2 million people were victims of identity theft in the United States last year. Although this number varies depending on how you define “identity theft,” the number has been increasing annually since 2000.
When an identity is “stolen,” what basically occurs is that another person uses your banking information or social security number to tap into your credit to open accounts without your authorization or knowledge. Because this can go on for months or even years before you become aware of it, there is the potential for tens of thousands of dollars to be charged in your name.
How to Prevent Identity Theft
Although there is no way to completely avoid identity theft, you can take a proactive approach to monitoring your credit. This is a smart way to not only avoid complications, but also to practice good money sense for the future.
