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Protecting Your Finances From Identity Theft

March 28, 2012 | Comments: 0 | Views: 142

Identity theft is one of the fastest growing crimes on earth today. It occurs when someone uses your personal information to commit fraud or engage in other unlawful activities. Consumers, businesses and financial institutions are losing billions each year due to identity theft protection.

If you're convinced it can't happen to you, and then you are wrong, think again. Anyone can fall prey to fraud and identity theft.Identity Thieves are really very creative and can use advanced techniques when they want something. They have realized the power of the internet. For those who are victims of identity theft, the costs may be significant and long-lasting. These thieves can run up debts in the tens of thousands of dollars under your names.

Identity thieves employ a wide array of tactics to steal your personal information, identity protection, the list is exhaustive. These frauds can target many of the major financial institutions and online entities at any time. Recently some high profile institutions are targeted almost continually.Large scale data breaches involve the compromise of personal financial information, such as credit or debit card account information of the customers and they use it mainly for "account takeover". Fraudulent emails ask major bank customers to log into a website and provide sensitive account information. This way these frauds can trick people into providing sensitive personal information such as credit card or banking details. Once they receive these information's, they may able to use it in a variety of ways. They can easily take over the victim's account after collecting information's like passwords, user names and account numbers and can directly access your account and do fund transactions and other fraudulent works from your account. They may use your credit card details to make purchases in your name. Apart from this, they can also commit a variety of fraudulent and other criminal activities in your name.

Other types of common methods that these frauds use to steal personal information or identity protection include dumpster diving, phishing, skimming, change of address and old-fashioned stealing. They may use your name and identity to do anything they want or need.

Child identity theft is another fastest-growing segment.If your child uses e-mail or social networking sites, it is very important to explain him about the risks of interacting with strangers and how important it is for them to protect their valuable personal information and identity theft protection.

There are different kinds of Identity fraud protecting insurance plans available from a number of banks for your bank account information's security. This comprehensive plan will protect your medical information; passport-driving license details along with your bank account details.

Being the victim of such theft can be extremely devastating. The best way to protect you is to stay alert and knowledgeable.

Your Credit Card Information and other personal information are monitored daily, with identity theft protection services. You can sleep with confidence and do anything online or offline, knowing that your data is fully secured.

Source: EzineArticles
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