Identity Theft is a big problem today and it is growing.

Let’s take a closer look at what it really is and how it happens.

A thieve steals personal information (such as social security number, name, date of birth, personal identification number) and uses this information to (fraudulently) obtain loans, credit, access to money, goods and/or services in the victim’s name.

Days and often weeks later, the victim finds out that her/his identify was stolen when receiving a Credit Card statement from an institution they don’t know, or even worse when denied credit.

Who is affected by identity theft? Unfortunately, all of us are!No one is 100% safe from this crime.

Amongst the methods thieves use to steal your identity are:

• Stealing your purse, briefcase or wallet (and all the information is right there!)
• Going through garbage: looking for bank and credit card statements, documents containing your social security number, credit card offers with your name, cancelled checks, etc.
• Raiding your mailbox: stealing your mail (credit card and bank statements, checks, etc)
• Online scams such as phishing: emails from, for example financial institutions, asking you to verify your personal account information so that your account may remain open!
• Phone scams: callers posing as merchants, bankers, etc asking you to verify personal information or give your credit card number.
• And the list goes on!

Check back for Part 2, where we will examine what you can do to protect yourself.

(c)JM Hofmann, MBA