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According to the Federal Trade Commission (FTC), approximately 10 million people become victims of identity theft each year. Identity theft has become the
number one crime, and anyone can be a victim. College students living in dormitories can have their personal information swiped by another student;
children can become targets; and as some people have discovered, close acquaintances aren't excluded from the list of thieves. In fact, "50% of reported
identity fraud is perpetrated by relatives, friends, and neighbors."
There are various ways to steal someone's identity, and skilled thieves know how to act fast. They'll poke around garbage cans,
take
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pre-approved credit card offers from street mailboxes, or create fake e-mails in an attempt to gather personal account information.
And then there's the brazen thief who'll steal a wallet or purse.
Once someone has your personal information, the damage can amount to tens of thousands of dollars. Thieves have the power to:
- Open credit card accounts in your name
- Acquire utility services in your name
- Apply for a driver's license
- Create fake checks
- Open a bank account
- Apply for a home or vehicle loan
- Commit medical insurance fraud
Being a victim of identity theft is different from having someone steal your credit card. Credit card companies can close accounts,
wherein credit card holders aren't legally responsible for fraudulent charges. Identity theft is complex, and it can take months or years
to mend credit. During this recovery period, it may be difficult for victims to purchase a home, obtain health insurance, or find employment.
But fortunately, identity theft victims are protected by specific laws.
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