Identity theft is one of the most common crimes in the world today. Many individuals have fallen victim to identity theft and it can effectively ruin your financial life in some cases. Here are the basics of identity theft and what it could mean to you as an individual.

Identity Theft

Identity theft can mean a number of different things. However, in all of the possible scenarios, someone else is trying to utilize your identity in order to better themselves financially. When this happens, they are going to potentially hurt your credit and your financial resources.

Examples

One of the most common methods of identity theft is to open a credit card in someone else's name. With this technique, a thief can obtain a credit card application in your mailbox or in your trash and use it to apply for the credit card. They can fill in the address change section and have all of the future paperwork mailed directly to them.

Another method of identity theft involves stealing passwords online. With phishing scams, scam artists will try to obtain your password for one of your online financial accounts. They will then be able to login to your account and steal your resources.


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