Identity theft is the fraudulent acquisition and use of a person’s private identifying information—usually for financial gain.1 Approximately 15 million Americans have their identities stolen every year2, which experts believe costs Americans at least $50 billion annually. Many individuals who are affected don’t realize that they have been victimized—until years later. Others are children, seniors or impaired individuals who don’t have the capacity to recognize the problem or report it to authorities.
Their caregivers may end up dealing with a morass of issues that require dozens of hours spent with merchants, banks, credit card companies and even the IRS. Examples of identity theft include a fraudster who files a false claim with the IRS. He or she may use stolen or fictitious personal information, allege that wages have been earned and taxes have been withheld, and thus a refund is due. Other cases may be as simple as using a stolen credit card to make purchases at a local store.
While state definitions vary, identity theft almost always constitutes a criminal offense. But the truth is that it is usually just the tip of the iceberg. Individuals who have their identity stolen often become unwitting victims of theft of funds as well. It’s important to recognize that monitoring for identity theft usually won’t detect suspicious activity and exploitation in financial accounts. EverSafe monitors for fraud in credit reports and financial accounts, providing you and your loved ones with comprehensive protection.
1 Oxford Dictionaries/Oxford University Press
2 http://www.identitytheft.info/victims.aspx