Financial fraud comes in many different forms, with criminals making use of stolen data to commit identity theft. It is when your personal and financial information gets into the wrong hands and turns your financial life into a living nightmare. Identity theft is on the rise. This is the most common type of identity theft. Depending on the type of theft that occurs, and how the criminal uses your information, identity theft can result in immediate financial loss, damage to your credit and emotional distress. If you find you’re a victim of identity theft or fraud, contact the police and your financial institution immediately. Identity theft vs. identity fraud. The identity thief may use your information to apply for credit, file taxes, or get medical services. In 2014, identity thieves stole $16 billion from 12.7 million identity fraud victims, according to Javelin Strategy & Research. Identity Theft In the digital age, having your name, social security number, or financial account numbers stolen can be crippling. What is Identity Theft. Identity theft and credit card fraud reports increased substantially on their way to record highs. The purpose of most ID theft is financial gain. Generally criminals steal identity information to steal money or gain other benefits (maybe a mortgage, a passport or a new phone account) by pretending to be someone else. With your financial details, these fraudsters are able to make purchases for goods and services under your name. The financial and emotional consequences can be devastating for victims. For instance, a fraudster may use your bank account or credit card numbers to steal money or make purchases, or use your Social Security number to open a … The two main types of such financial frauds involve (1) using the victim’s existing credit, bank or other accounts; and (2) opening new accounts in the victims name. Financial identity theft is by far the most common type of identity theft. A study conducted by an independent advisory firm found that 16.7 million people in the U.S. were victims of identity theft in 2017, an 8% increase from the previous year. These acts can damage your credit status, and cost you time and money to … Many businesses incorporate financial losses resulting from identity theft into the bottom line rather than combat the crime in a meaningful way. Financial identity theft. Identity theft … 2) Financial Identity Theft. Identity theft, also called identity fraud, use of an individual’s personally identifying information by someone else (often a stranger) without that individual’s permission or knowledge. There are a variety of forms of personal identification that a thief may steal from you. The most common type is financial identity theft, where someone wants to gain economical benefits in someone else's name. This form of impersonation is often used to commit fraud , generally resulting in financial harm to the individual and financial gain to the impersonator. Many individuals have fallen victim to identity theft and it can effectively ruin your financial life in some cases. This includes getting credits, loans, goods and services, claiming to be someone else. Financial identity theft occurs when the confidential information linked to your money management accounts become exposed and the information is then used to access your funds for their own personal gains. Identity fraud, on the other hand, occurs when the thief does things with the identity they stole. It can also take anywhere from less than a day to several months or even years to resolve the issue. Identity theft happens when someone uses your legal name, credit card number, social security number, passwords or pins of your financial accounts, to make purchases, get cash or commit fraud in your name. These crimes are usually financial in nature. name, login, Social Security number, date of birth, etc., of someone else to assume their identity or access their accounts for the purpose of committing fraud, receiving benefits, or gaining financially in some way. Financial identity theft occurs when an individual’s identifying information is stolen for the purpose of committing some kind of financial fraud, usually to the detriment of the victim. Identity theft occurs when someone steals your identity to commit fraud. Tax identity theft. 10 Tips to Avoid Identity Theft. What is identity theft? It involves the use of personal information to create or take over financial accounts such as checking accounts, credit cards, car loans and mortgages. Identity theft occurs when someone steals another person’s personal information, such as their name, address or Social Security number, to commit fraud. Beyond monetary losses, victims can face repercussions in other areas of their lives. 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