A conviction for an identity theft crime can result in time spent in jail or prison. In general, a conviction for a misdemeanor offense can lead to up to a year in jail, while felony sentences can result in several years or more in prison.
How to spot it: Check your credit card or bank statement when you get it. Look for purchases or withdrawals you didn't make. Bonus advice: Sign up to get text or email alerts from your credit card or bank whenever there's a new transaction. This could help you spot unauthorized or fraudulent activity on your account.
Identity theft begins when someone takes your personally identifiable information such as your name, Social Security Number, date of birth, your mother's maiden name, and your address to use it, without your knowledge or permission, for their personal financial gain.
If you report your identity theft to the FTC within two business days of discovering it, you will only be liable to pay $50 of any unauthorized use of your bank and credit accounts (under federal law). The longer you leave it, the more that financial liability falls on your shoulders.
The police need to confirm your identity, and requesting photo identification is an initial step to verify who you are. A government-issued photo ID can include a valid driver's license or passport, which you will submit to the police as you file the identity theft report.
The best way to find out if someone has opened an account in your name is to pull your own credit reports to check. Note that you'll need to pull your credit reports from all three bureaus—Experian, Equifax and TransUnion—to check for fraud since each report may have different information and reporting.
Here are five common types of identity theft to help you stay one step ahead of hackers.Financial identity theft.Medical identity theft.Criminal identity theft.Synthetic identity theft.Child identity theft.
If you believe someone is using your Social Security number to work, get your tax refund, or other abuses involving taxes, contact the IRS online or call 1-800-908-4490. You can order free credit reports annually from the three major credit bureaus (Equifax, Experian and TransUnion).
Personally identifiable information (also known as PII) is information that can specifically identify an individual. This information includes your name, date of birth, Social Security number (SSN), address, credit card numbers, bank account numbers, phone number, and passwords.
Report identity (ID) theft to the Federal Trade Commission (FTC) online at IdentityTheft.gov or by phone at 1-877-438-4338. The FTC will collect the details of your situation.
On average, it can take 100 to 200 hours over six months to undo identity theft. The recovery process may involve working with the three major credit bureaus to request a fraud alert; reviewing your credit reports to pinpoint fraudulent activity; and reporting the theft.
This person may be the actual fraudster or someone the criminal has manipulated into acting as a front for the fraud. The accounts are then used to either launder money or commit future fraud. Criminals use stolen credentials and personal data to open accounts in the names of individuals without their knowledge.