Identity Theft - What it Identity Theft and what can happen to you

Identity Theft is the act of improperly assuming another person's identity. Normally with the goal of financial gain.

Identity theft is not really new. In fact identity theft has been around long before anyone even invented the computer or the internet. Identity theft is the process of stealing someone's personal information and using it for your own benefit. Stolen information can be anything from our credit card numbers to our phone calling cards and social security numbers or anything else that can be considered 'unique' to your person.

This information, once obtained, is then used for the personal gain of the thief and in some cases can resulted in extreme credit card debts ($100,000 and more) and all sorts of goods purchased in the victim's name. Considering that all of a sudden someone could have the ability to buy a gun in your name and shoot someone (to use a very extreme example) with all the implications thereof should make us think twice about revealing any personal information at all to anyone.

Identity theft is beyond a shadow of a doubt a crime that is punishable by law. Unfortunately, it is still practiced by many and often will result in more problems for the victim than for the thief.

Very few people realize how easy it is to obtain personal information from others. Someone could be listening in on your telephone conversation as you convey your credit card number for the hotel you want to spend your vacation at. Someone could be looking over your shoulder as you type in secret passwords to gain access to your online bank account or ATM. Some people will even stoop so low as to go through your garbage to find out anything they can about you.

The sheer possibilities someone has just by stealing your mail are incredible. Before you know it you may exist twice. Your ever-pleasant self and evil twin, the criminal that assumed your identity just to drive you into financial ruin.

With the advent of the internet, and with practically anyone being able to afford a connection, identity theft has become even easier.

In the wonderful world of the internet it becomes easy to forget that there is no security, no protection and no one enforcing any laws to make sure your identity won't be stolen.

Something as simple as signing up for a newsletter or buying a product online can result in someone obtaining enough information about you to steal your identity.

The worst part about identity theft is that you won't even know what is going on till it is too late. More often than not identity thieves will be careful in how they abuse your identity, stealing only small amounts of money at a time and charging you for minor purchases. A phone call in your name every day rarely is noticed and a smart identity thief as a result is able to continue his/her stealing practices over the course of many years (much like a malevolent parasite).

Interestingly enough Europe has progressed leaps and bounds when it comes to preventing identity theft. With no pre-approved loans, all bank transactions being reversible for a month and a different credit card system the only way for an identity thief to really do damage is by watching you type in your secret bank account number. And even then Europeans have the advantage of (usually) being able to undo the damage done to them.

But even in Europe identity theft has increased with the advent of the internet, especially online payment methods such as Paypal and unverified online stores are vulnerable to abuse.

And despite the best efforts of companies such as Paypal to secure our interests it is largely up to us to prevent our information from falling into the hands of the identity thief.

Whether you rarely use the internet or visit it frequently, care must be taken to prevent your personal information from falling into the hands of a thief.