Imagine there are two of you.
The real you, and the shadowy figure that is accessing your finances by posing as you.
In the hands of a determined individual, a computer and a string of the right keystrokes can be the gateway to just about any information desired, including credit card numbers and bank statements.
“If there is any record of your existence, they can get you,” said a U of M student, who wished to remain anonymous. “There is no software that can prevent someone from stealing from you. If it was made by a man, it can be broken by a man.”
Since January of this year, 25,000 people have reported being victimized by identity theft in the U.S., according to the Federal Trade Commission.
FTC statistics show that 20 percent of people who are victimized only become aware of a perpetrator draining their funds after an average of 15 months.
In that length of time, a great amount of money can be drained and irreparable financial damage can be inflicted on an unsuspecting person, according to the student.
While there have been reported cases in which a substantial sum of money is stolen all at once, the more vigilant thief opts for the stealthier approach, slowly siphoning funds from an account or making small credit charges over time.
The FTC also reported that identity theft is one of the fastest growing forms of theft in America, and one that is often difficult for law enforcement to combat.
While the Secret Service maintains jurisdiction over identity theft crimes, the waning level of available manpower generally limits the cases they investigate to thefts of a large scale.
The latest trend in fund tapping is the implementation of online communication services as a way to dupe unsuspecting victims.
Information listed on the FTC’s website indicates several signs that consumers should “red flag” as a possible con-in-progress.
An e-mail that is received stating that “your account information needs to be updated” or “the credit card you signed up for is invalid or expired and the information needs to be updated,” is probably a funding scam. Do not respond without verifying this e-mail with your Internet service provider and notifying the proper authorities.
As of March this past year, 18 people in the local area have been indicted for identity theft — more than half of them have been given judicial diversion or had charges dismissed
While the new wave of web-based theft can be accomplished with relative ease, law enforcement agencies said the “old-fashioned” means of identity theft continues to be an issue as well.
Providing credit card numbers over the telephone or leaving a financial paper trail — by not properly disposing of discarded credit receipts, for example, can provide a thief with the means to effect such a theft.
“There is nothing stopping your pizza boy from using your credit card number, if you use it to buy a pizza,” said the student. “Throw a receipt on the ground, someone can use that too.”
The most typically used documents in a theft are social security cards, driver licenses, credit cards or bank statements, telephone calling cards, birth certificates and passports.
“It’s basically people using common sense,” said John Ramsey, a marketing associate for MasterCard. “We encourage customers to keep personal information private.”
Beginning July 2002, consumers will be able to freeze their reports by calling or writing their credit agencies. This may prevent any further issuance of credit cards to thieves.
Because of the increase in complaints to authorities and credit card companies, the FTC has plans to step up efforts to enforce identity theft laws more effectively.
However, the FTC does not have plans to introduce any new legislation to better protect consumers from identity piracy.
Equifax, a company that offers insured protection from identity theft, suggests carrying only the credit cards you need and making sure to sign your credit cards immediately. In addition, do not carry your social security card with you and make sure that you do not give your personal information or account numbers to anyone until you have confirmed the identity of the person requesting your information.
