We all hear from the media, both online and off-line, about all the data breaches, hackers, stolen laptops and the Nigerian credit card scams but few of us hear the other story about identity theft. The other story may not be as glamorous and it may not make headlines but it is a reality and for the most part it remains untold. The following is a look at the darker side of identity theft, a side that many victims are aware of but the general public remains oblivious to.
The Identity Theft Resource Center (ITRC) has conducted studies over the last 5 years using victims who have reported to them about their identity theft case. These volunteers have filled out surveys and shared their stories for our benefit. Some very disturbing information was revealed in these studies and one of the most prominent was eluded to with our headline – Identity Thieves May Be Closer to Home Than You Think.
Approximately one-third of victims in the ITRC 2007 study reported that their attack was initiated by someone they knew such as a family member, friend, co-worker or acquaintance. It can also be someone they had prior dealings with whether it be business or personal. No, not the waitress who scanned your credit card to sell it out the back door. More like your business partner, financial planner, barber or babysitter. The point is, it is someone who you know and who knows intimate details about you. Shocking yes, reality yes.
Identity theft has become big business and financially desperate people have been known to act irrationally and to involve themselves in what seems to be easy money. Some may have hopes of paying off the debt before you realize but most are just in it for the money, your money. About 95% of identity theft cases are financially related with 78% of cases being strictly financial. The difference is made up of combinations such as financial and criminal 7% and financial and governmental 9%.
Need further proof that the perpetrator is often not some unknown seasoned criminal. Lets take a look at what respondents to the ITRC studies had to say on the identity theft of children. Yes, children. They too are often victims, even the young ones with about 18% of child victims being under the age of five. According to respondents in the 2007 survey, the thief was a parent, step parent or both parents in 47% of the cases. Furthermore, in an additional 12% of the cases the identity thief was a family member. Now you can see why we advised long ago to be extra cautious during cases of divorce, marital problems, financial problems, and with drug addicted or unstable family members.
As sad as it is, it is often those who are close to us who will end up attacking our precious children. Can you imagine little Michael having a mortgage, or receiving a lawsuit for unpaid bills addressed to Emily, your toddler. Unbelievable that this can happen but it does, and it happens a lot more frequently than you think to everyday good citizens. So when your neighbor or friend comments how outrageous it is that you are spending the time or money to protect your child, don’t take their advice. It is not only a reality it is one of the fastest growing areas of identity theft.
As you can see an identity thief is often closer to home than you think especially when it comes to children. Be careful who you trust and take the time to explore our site to learn more about how you can protect yourself and your loved ones.