What Thieves Do With Identity Theft

Stolen identity is like gold to identity thieves.

1.Credit Cards:

They may open a credit card account in your name. When they want to purchase anything, they will use the credit card to pay for the bills. This delinquent account will appear on your credit report. To avoid you finding out, they may change the billing address on your credit card so that you no longer receive bills. Your charges will accumulate without you knowing it because your bills are now being sent to a wrong address. It may be sometime before you realize that there is an identity theft when the credit card company fails to receive payment and make a thorough check and ultimately find out you are residing at a different address. They will bill you and what is worse may take action against you by blacklisting your account.

2.Phone and Utilities Fraud:

Thieves may open a new phone or wireless account in your name or run up charges on your existing account. They may also use your name to get utility services like electricity, heating or cable TV. This way they enjoy the utilities and you pay the bills.

3.Bank/Finance Fraud:

Though banking and finance fraud is not that easy to carry out, yet these professionals have really thought out loopholes in security and how to exploit them. As the saying goes," when there is a necessity, there is always a way out.". Thieves may create counterfeit checks using your name and account number. They may open a bank account in your name and write bad check. Another way of doing it is that they may clone your ATM or debit card and make electronic withdrawals in your name, draining your accounts. Finally, though not that simple, they may make out a loan in your name. To facilitate this they may have an accomplice among bank employees and make it an inside job. It would run smoothly especially when the amount of loan taken out is big and the accomplice also gets a fat share.

4.Government Documents Fraud:

Through identity theft thieves may get a driver's license or official ID card issued in your name but with their picture. They may then use your name and Social Security number to get government benefits. They may also file fraudulent tax returns using your information.

Other Fraud:

Thieves may be able to get a job using your Social Security number. They may rent a house or get medical services using your name. During an arrest, they may give your personal information to police and when they don't show up for their court date, a warrant of arrest will be issued in your name.

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