How Are Stolen Identities Utilized by Identity Thieves?

Cyber crime is now an epidemic with an increasing number of people complaining of cyber crime. Personal and financial data is stolen and is used for nefarious purposes. But what do thieves do with your personal identity when they get it? Given below are some ways in which your identity can be used.

Bank fraud

You account number can be used to order new checks; apply for a home or auto loan; wire money from your account; withdraw money or apply for credit and debit cards.

Government document fraud

When a criminal gets access to your social security number, he can rent an apartment in your name and clear out without paying the rent. Other ways in which he can use this number is to get a driver’s license, collect all benefits coming on your way. Another scary scenario is when he gives out your personal details to the police on his arrest and then disappears.

Credit card fraud

The criminal can take a credit card with your details but with a different billing address so that he can use it till it reaches the maximum limit and you are unable to detect the fraud till the credit card company comes looking for you. Your credit report will be trashed and you will be left holding a bag of debts.

Phone and utility fraud

He can get all kinds of utilities under your name and also get a cell phone. When the payment becomes due, he disappears and you will receive the bill.

You should be careful with your personal identity from being stolen because it is as important as your personal and financial data. Though these personal details may not seem to be of much use, a clever thief can use it to his benefit.