Identity theft is a crime that leaves the victim facing an uncertain future, a heavy financial toll and loss of reputation. Wages are lost because you spend hours trying to get your bank accounts in order and close false credit card accounts and your credit report is blackmarked by lending agencies.
What makes identity theft even more difficult to handle are the misconceptions held by people and ignorance regarding the right of the victims. Here are some commonly held misconceptions about identity theft:
1. Identity Theft Is Always committed by strangers.
Contrary to popular beliefs, the people most likely to steal your identity are not online marketers or phishers, but people you know— relatives, colleagues, acquaintances.
2. Social Security Numbers are safe on my person.
Most people carry their Social Security number around with them, thinking that it is safe in their purse, wallet, or briefcase. A survey conducted by Sun Life Financial found that 40% of people surveyed carried their Social Security number around with them. Wallets and purses can be snatched, briefcases can be misplaced. It is best to memorize the PIN number.
3. I am not responsible for the bills run up on my stolen credit card.
If you do not report identity theft at the earliest, you will be held accountable for any transactions done using your credit card.
