What Are The Dangers Of Identity Theft?

Can identity theft ruin your life?

Damaged credit: If an identity thief steals your Social Security number (SSN), opens new accounts in your name and never pays, it could ruin your credit history.

Not only can this impact your ability to get credit, but it can also hurt your job prospects and increase your auto and homeowners insurance premiums..

How do you survive identity theft?

If you’re a victim of identity theft, follow these steps to protect yourself.File a claim with your identity theft insurance, if applicable.Notify companies of your stolen identity.File a report with the Federal Trade Commission.Contact your local police department.Place a fraud alert on your credit reports.More items…•

How do you prove identity theft?

Complete IRS Form 14039, Identity Theft Affidavit. Mail or fax the form according to the instructions. Include proof of your identity, like a copy of your Social Security card, driver’s license, or passport.

Do identity thieves get caught?

Identity thieves almost never get caught In a study done in 2006, “only 1 in 700 identity theft suspects were arrested by federal authorities (0.14%).” Just to provide some perspective and comparison, 44.3% of violent crime suspects were arrested as well as 15.8% of alternative property crimes.

How often does identity theft happen?

In 2019, 14.4 million consumers became victims of identity fraud — that’s about 1 in 15 people. Overall, 33 percent of U.S. adults have experienced identity theft, which is more than twice the global average. More than one in four older adults, aged 55 and over, have experienced identity theft.

What are some consequences of identity theft?

Here are some of the consequences for those found guilty:Fines. Fines are common for any criminal convicted of identity theft. … Restitution. The guilty party will be ordered to compensate the victim for all their financial losses. … Imprisonment. Committing identity theft can lead to significant incarceration. … Probation.

Who is most at risk for identity theft?

Who’s most at risk? That’s hard to say. Reliable statistics on identity theft targets are few. So, we’ve identified four groups that may have a higher risk of ID theft….Who Are the Biggest Targets for Identity Theft?Children.Mega social media users.High-income earners.The elderly.

What happens if you are a victim of identity theft?

Contacting the companies and banks where you know identity fraud occurred. Reporting the identity theft to the Federal Trade Commission (FTC). Filing a report of the identity theft with local law enforcement. Contacting the IRS, if you suspect tax-related identity theft.

How do you fix identity theft?

What To Do Right AwayStep 1: Call the companies where you know fraud occurred. Call the fraud department. … Step 2: Place a fraud alert and get your credit reports. Place a free, one-year fraud alert by contacting one of the three credit bureaus. … Step 3: Report identity theft to the FTC.

How do you check if your identity has been stolen?

Clues That Someone Has Stolen Your InformationYou see withdrawals from your bank account that you can’t explain.You don’t get your bills or other mail.Merchants refuse your checks.Debt collectors call you about debts that aren’t yours.You find unfamiliar accounts or charges on your credit report.More items…

What information does someone need to steal your identity?

How your name and address can lead to identity theft. Identity thieves are always on the lookout for personally identifiable information, or PII, that they can use to start piecing together a person’s financial world. This can include details like Social Security number, birthdate, or name and address.

How long does it take to recover from identity theft?

6 monthsIdentity Theft Recovery Times The timeframe for getting back on track depends on several factors, including: Your willingness to put in the time: According to SANS Institute, identity theft recovery takes an average of 6 months and 100 to 200 hours-worth of work.

How can I protect myself from identity theft online?

How can I protect my identity online?Protect your computer and smartphone with strong, up-to-date security software. … Learn to spot spam and scams. … Use strong passwords. … Monitor your credit scores. … Review your credit score. … Freeze your credit. … Only use reputable websites when making purchases. … Stay alert.