Identity theft is the process, by which one would assume the identity of another person, either living or dead.
Anyone doing this would most likely be driven to do so for fraudulent or criminal reasons – often in an attempt to gain credit.
By using the personal details of another person, the fraudster, or identity thief is able to
gain financially without exposing themselves to the risk,
be able to cover their tracks and make detection that much more difficult.
To combat the increasing number of cases of identity theft, in October 1998 the Identity Theft and Deterrence Act ( ITADA ) was drafted following an appearance by the Federal Trade Commission (FTC) in front of the US Senate.
Subjects included in the discussion were mortgage fraud, credit fraud and commodities or service fraud.
In 2003, the ITADA amended the statute to make the possession or use of any means of identification to be used without authority to knowingly enable a transfer or transaction a federal crime.
However, for any prosecution to be heard by a federal judiciary the crime must include an identification document which meets one of the following criteria.
- States that it originates from the United States
- Has been used, or is intended to be used to defraud the United States
- Is sent through the US mail service
- Is used to affect interstate or foreign commerce
Depending on the State, penalties for being found guilty of Identity theft can vary.
If you are also a victim of Identify theft, fill the form and let an experienced Identity Theft attorney fix your identity theft issue.
There are some common types of identity theft which may have a harmful effect on you:
- Child ID theft – Children’s IDs are vulnerable as a result of the theft might go unseen for several years. By the time they’re adults, the injury has already been done to their identities.
- Tax ID theft – A crook uses your social security number to incorrectly file tax returns with the Internal Revenue Service or authorities.
- Medical ID theft – this kind of ID theft happens once somebody steals your personal data, like your health care ID or insurance member number to urge medical services or to issue the fraudulent charge to your health insurance provider.
- Senior ID theft – ID theft schemes that focus on seniors. Seniors are susceptible to ID theft as a result of they’re in additional frequent contact with medical professionals who get their medical insurance info, or caregivers and workers at semi-permanent care facilities that have access to private data or monetary documents.
- Social ID theft – A crook uses your name, photos, and different personal data to make a phony account on a social media platform.
- Data Breaches – For motivations behind identity theft, Data Breaches include the unapproved access of purchaser information contained on PC frameworks, with the information being possibly subject to use for reasons for data fraud. The Identity Theft Resource Center said there were 662 Data Breaches in the United States in 2010, very nearly a 33% expansion from the earlier year. Between January 2015 and September 2017, the Identity Theft Resource Center gauges that there were 7,920 ruptures influencing in excess of one billion records that could prompt The Identity Theft.
Let’s have a look on the statistics of identity theft of US:
According to US Department of Justice study, In 2012 the direct and indirect value of identity theft was calculable to be liable for monetary losses of $24.7 billion or so, double the $14 billion total value of alternative property crimes.
By 2014, loses to identity theft reduced to $15.4 billion, principally because of a discount within the number of high-value losses (the top ten of cases).
By 2016, the calculable value of identity theft exaggerated to $16 billion.
Similarly identity theft affected 16.6 million people or so in 2012, 7% of the U.S. population aged 16 or older.
In 2014, identity theft affected about 17.6 million people, once again 7% of the U.S. adult population.
Once an existing credit card is exposed so used for fraud, the common calculable loss is $1,251.
Once a Social Security range is exposed it is used to open new accounts, causing a calculable loss will increase to $2,330 approx.
In 2015, a personal study performed by Javelin advised that incidents of identity theft remained steady from 2014 which the losses related to every instance of identity theft had remittent slightly.
The forms of identity theft mentioned above are very serious offence of fraud and punishable under the federal laws.