Defining Identity Theft - How To Know If You Have Been Victimized

The definition of identity theft has taken on increasingly broader descriptions and larger proportions in recent years as this crime has been on the rise in the United States, Canada, and indeed, all over the world. If you want to define identity theft, it is usually taken as any act wherein your personal information, such as your social security number, credit card number or bank account number, is used for fraudulent and criminal activities without your knowledge, consent or authorization.

Defining identity theft has also become more difficult because this crime has come to include not just individuals but corporations. As such, to define identity theft also means to identify the penalties and sanctions that need to be imposed since it is now recognized as a federal offense (because of its prevalence and ubiquity).

Aside from obtaining your personal information, what should be stressed when it comes to identity theft is the criminal act that follows it. Financial fraud is one of the more usual acts performed. Financial fraud usually entails the opening of credit cards under your name, using stolen credit cards to make unauthorized transactions and also making withdrawals from your bank account without your knowledge.

As far as symptoms are concerned, sometimes you find out that you have been a victim of identity theft if you get denied for loans because of a so-called bad credit history when in fact you have always paid your bills and expenses on time.

Other identity theft acts include opening new bank accounts which may be used for money laundering and other illegal bank transfers. Loans may also be taken out under your name which also falls under those acts that define identity theft. The perpetrator of the crime will take out the said loan and just disappear once he or she has obtained the money.

Applying for government benefits such as schooling, medical expenses, pension and the like also fall under acts that define identity theft. Aside from this, forgery of checks and bank drafts are also part of the activities that define identity theft. Sometimes, even very mundane activities like applying for a cable service or any utility services such as electricity and a phone are also some of the ways in which you can become a victim of identity theft.

Individuals are not the sole victims of identity theft. On a corporate level, identity thieves may pretend to be a director of the said company and apply for credit or make unauthorized purchases of goods and services under the name of the company. And because this is identity theft on a corporate level, you can almost be sure that the financial fraud committed concerns huge sums of money.

Knowledge is power and now that you know the definition of identity theft, seek ways to prevent being a victim of this malicious crime.