Technology has had a significant positive impact on many people’s lives, and it’s true that technology makes it easy for people to communicate more easily and connect with more people. However, it’s also made it much easier for people to scam others. There are a lot of elements of technology that have made scammers proliferate, especially identity theft scammers.
Every year, millions of people are the victims of identity theft. It’s a term you may have heard thrown around on many occasions, and though you might be worried about the possibility of it happening to you, it also might not be something that you’ve spent much time thinking about. The more information you have on identity theft, the less likely you are to experience issues with it.
What Is Identity Theft?
Identity theft is any practice where an individual fraudulently uses another individual’s identity. This is typically for financial gain, but identity theft could also occur if someone simply needs a “clean” identity that is not their own to deceive someone else. Most commonly, identity theft occurs when a perpetrator is able to get special information from someone, then uses that special information for their own ends. It may be as simple as taking out a loan in someone’s name or as complicated as doing a huge number of transactions with that person’s identity.
What Type of Information Can Result in Identity Theft?
The process of identity theft can be extremely dramatic and long-lasting, or it can be simple and require only a bit of information. Identity theft can happen if someone is able to get their hands on any of this information:
- Social Security Number
- Driver’s license number
- Credit card number
- Full name and address
- Bank account information
The different types of information will result in different types of identity theft. Someone gaining access to your Social Security Number is more likely to cause serious problems than someone gaining access to your credit card number. After all, you may simply be able to change your credit card number, but you can’t easily change your Social Security Number.
What Problems Can Identity Theft Cause?
There are a huge variety of problems that can come as a result of identity theft. It’s estimated that over $15 billion in fraudulent charges come as a result of identity theft every year just in the United States. There are also other possible identity theft problems, including the following:
- Credit dropping
- Loans the person didn’t take out
- Overdraft charges
- Legal fees
There are also other problems that can happen, like a serious waste of time in trying to track down the person who did this, figure out where someone may have misused your identity, and send all the legal documents necessary to prove that it wasn’t you. Overall, it’s a huge impact on time, money, and peace of mind.
How Can Enformion Help Reduce Identity Theft?
Identity theft typically causes more damage when you don’t know that it’s happening. Enformion makes it possible for you to keep an eye on people’s identities, which can help you catch potential problems early on in the process. Plus, it can also help you keep people from accessing information when they aren’t supposed to by allowing you to run credentials through a simple system. There are many ways for Enformion to help you reduce identity theft in your business and even on a personal level.