Identity Theft: What You Need to Know

Your Indentity is at Risk

Consumer fraud and identity theft have become increasingly problematic as more and more consumers rely on electronic transactions in order to spend money and build credit history. ID theft first became a national problem in the 1990s. By 1997, the Federal Trade Commission (FTC) established a nation-wide data base, called Consumer Sentinel, in order to assist identity theft victims. Since its inception, Sentinel has recorded nearly 3 million fraud and ID theft complaints. In 2005 alone, the FTC received over 685,000 complaints from ordinary consumers reporting their identity had been stolen.

Who needs ID theft?

While almost 3 million people have already reported consumer fraud and ID theft to the FTC's Sentinel data base, most identity theft victims don't even know their identity has been stolen. ID thieves work hard to outsmart their unwary victims. While some creditors take proactive steps to protect consumers, many have outdated strategies or ineffective solutions. Anyone who has a social security or tax ID number is at risk for consumer fraud. Everyone needs a solution for identity theft that will work for them.

Smart solutions for smart consumers

We all have unique financial goals and needs. But no matter who we are, what we do for a living, or how much money we make, smart consumers take the time to find a realistic solution for ID theft. And learning the three "D's" of identity theft protection is an important place to start:

Solution #1: Deter

An effective solution for consumer fraud begins with a commitment to minimize your risk of identity theft. Do you know the top five ways that identity thieves get access to their victims' information? Find out here!

Solution #2: Detect

No matter how careful we are, something is always bound to slip through the cracks. No one can be everywhere, all the time. And in some situations, we can't even control other people's access to our information. Learn how to detect consumer fraud before an ID thief takes full advantage of you.

Solution #3: Defend

If you've been victimized by ID theft, you need a defense strategy. Effective legal prosecution can be timely as well as costly---and results are never guaranteed. An effective ID theft solution incorporates law enforcement, the criminal justice system, as well as private protection measures. In order to defend yourself against identity theft, you need to understand how to evaluate effect identity protection services.