Identity Theft: the Common Man You May Come Across Round the Corner

Identity Theft is a raging crime in the present age. This is a type of fraudulent activity done in random where consumer database is accessed in an illegal manner.

(PRWEB) July 7, 2005 -- It is a common face and even more a household name in the US today. Consumers pray not to meet him, but if you are unfortunate you might have to come across him while you take a bend at the street end. Yes, we are speaking of Identity Theft. This usually takes place when someone has unauthorized access to your personal data and utilizes the same to make an application for credit cards, use your bank account without your knowledge as well as receives a loan in your name. Just like it is weird to have a cake without an icing, summer months minus adventure sports or a dinner date without a drink, so is applicable to scams or identity thefts in the credit lending industry.

Identity Theft is the most rapidly growing crime in the modern world. USA is a major victim of this crime and had faced major hassles pertaining to this illegal business. Incidence of Identity Theft in the U.S. has somersaulted to more than 40% in 2003 compared to the year 2002. According to the FTC (Federal Trade Commission) almost 4.7% of the U.S. population or 10 million people were victims of identity theft in the year 2002 with total losses of US$53 billion. Almost US$5 billion were losses suffered by victims; whereas the remaining losses were made up by businesses.

It is high time you get education on the preventive measures and equip yourself with information on what to do if you are a victim of Identity Theft. For ID Theft assistance, you can visit the ID Theft Help Center at:

http://www.idtheftcenter.com/index.shtml

According to the recent happenings in the month of April 2005, detectives with the Ontario Police Department had arrested Jeffrey Brett Goodin, 45, of Azusa, and from Covina Mila Stroschien, 51, and Christina Beeson, 24, for unlawful use of credit information and identity theft. This was reported by Ontario police Detective David McBride. The three were arrested on suspicion of creating an identity theft scam that may involve victims in California, Virginia and Georgia.

In the month of January, 2005 American Idol" Ruben Studdard filed a formal complaint accusing Ronald Edwards of identity theft and fraud practices. According to The Associated Press, he filed a complaint with Birmingham, Alabama, police, claiming that Edwards forged paperwork between August 2003 and November 2004, granting himself power-of-attorney privileges. In addition, Studdard alleges that Edwards used his credit cards, racking up a $105,000 bill. However, Edwards, once Rubens godfather, denies the allegations.

In a very recent incident, Allen Rupock Boidya, 28, a citizen of Bangladesh staying in a room in San Bernardino, was arrested in Cathedral City at a Comfort Suites hotel on June 24, 2005 for possession of stolen property, according to Redlands Police Department Public Information Officer Carl Baker. The arrest of this Bangladeshi man in June 2005 has helped Redlands police connect a series of people involved in a crime ring involving identity theft, commercial window burglaries and stolen credit cards.

Another happening a fortnight ago states the misplacement of a box of computer tapes containing personal information on 3.9 million customers of Citi Financial by United Parcel Service during its transit to a credit bureau. The tapes contained highly confidential information like names, social security numbers, account numbers and payment histories of customers who acquired loan products through one of CitiFinancials network of more than 1,800 branches, or retailers in the United States. However, as a precautionary step CitiFinancial said the information they provide to credit bureaus will be sent via direct encrypted electronic transmission from the month of July, 2005.

The fear of Identity Theft is a major concern for the officials in the US today. The credit reporting company Equifax has earned a major profit for this cause but there is also a prevailing concern for them. Thomas Chapman the Chairman and CEO of Equifax said that the fear of protecting ones data security can eventually result in the consumers spending less. He said this while addressing about 50 people at the Commonwealth Club of California, a public affairs forum.

According to the Identity Theft Survey Report presented by the Federal Trade Commission (FTC) recently, a detailed study has been done of how the current accounts are misused.

•Credit Card accounts - 67%

•Telephone Service -19%

•Check/Savings Account - 9%

•Internet Account - 3%

•Other Accounts - 2%

Other stolen information that leads to Identity Theft are:

•Employment - getting a job using the victims name and identity

•Social Security

•Tax Returns

•Medical

•Residential Leases

•Securities & Investments

•Bankruptcy Fraud

•Illegal Immigration and Obtaining Miscellaneous government Identification Documents

Today protecting the publics personal information has become the prime factor among Web shoppers, e-commerce merchants and law enforcement agencies. The epidemic seems to get costlier every passing day in the US. Latest reports say that identity thieves are rarely prosecuted, yet they cost the country $60 billion annually.

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