What Is Financial Identity Theft? Some cases.

Another name of bank fraud is financial identity theft. It takes place when the criminal gets the loan from the bank by using someone else’s name. The criminal provides all the information that is necessary to show to get the loan.  This crime is done with such perfection that no evidence is left behind. The only way that the thief can be discovered is when the money is sent by mail to him.

The typical crimes that included in this form of identity theft are credit card theft, telecommunication and computer fraud, bank fraud, mail fraud and many more. This type of theft is one of the most happening financial crimes.

The information that thieves require contains things like address, name, social security number, credit card number and any other financial information that can come in their use.  By using this information, they obtain loans or mortgage payments by using your name. You do not even know that your personal information is stolen.

Whenever you make any credit card or debit card transaction at any retailer’s shop, then it is the duty of the retailer to safeguard your financial information. Majority of the retailers tend to save the information of the clients for a certain time.  This gives the hackers access to your personal information if the retailer has not installed any protective measures to protect your information. Retailers may use unsecured WIFI or use their computer without firewall installed. This makes your information at risk and the hackers get easy access to your information.

There are several signs by which you can determine that you have become a victim of financial identity fraud.  The most common sign is the calls from bill collectors about the payment of things that you have not purchased.  This is when the thief has purchased those products and now you will have to pay for it. The other sign is rejection of your loan application as already many cards will be opened by your name and many loans will have been taken by your name.  These signs will tell you that you have become a victim of this crime now and need to take action against it.

One best you can protect yourself against this crime is by freezing your credit. This option stops the credit report agencies to show your credit to the third parties. The other way you can protect yourself is by getting your credit report monitored daily. This way you will be able to see the financial activities on your report on the daily basis and if you see any activity that is not in your notice, then you can cancel the activity immediately.

This is what financial identity theft is all about and is making millions of people its victim on daily basis in the US. If you want to stay protected, you have keep your financial information safe as much as you can, Never use your financial information anywhere in the public as this cause you serious damage.

 

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