Identity theft (ID theft or id fraud) is the planned appropriation of an individual’s personal data to impersonate that person in the legal sense. Stealing someone’s identity enables the thief to create a frightening number of monetary and personal transactions within someone else’s name, leaving the victim in charge of what might turn out to be a mind-boggling turmoil in his or her life. The Federal Trade Commission (Federal trade commission) keeps records upon identity theft, and, not surprisingly, the number of incidents reported increase each year. The recent identity theft statistics reveal that ID theft affects as many as ten million People in america each year! According to FTC’s identity theft statistics, the deficits to businesses as well as financial institutions total practically 53 billion bucks annually.
These identity theft statistics further demonstrate that the most common types of Identification thefts are credit card ripoffs, communications services fraud (such as opening a cell phone or a energy services account using someone else’s information), bank fraud and loan fraudulence. For years, the primary reason behind identity theft has been good old-fashioned or low-tech analog criminal offense. Impersonators rummaging though letterboxes, snatching purses or even searching the rubbish for discarded financial institution statements or credit card bills. Rapid advances within technology have seen the plague of sophisticated phishing attacks. Identity theft data expose phishing as the biggest of all ID thefts that uses both interpersonal engineering and specialized subterfuge.
Phishing can have serious economic consequences. In a phishing assault, the victim is sent an email that “appears” being from a bank or any other financial institution. The victim is then told to be able to click a link as well as verify his/her account information or supply personal id data. The link appears to be a legitimate site, however is in fact a scam. The minute he/she enters sensitive information, the identity thief gains access to account information and can empty the financial institution account. Phishers can also take out credit cards in the individuals name, steal Internet service provider account information and do other financial damage. In its latest directory identity theft statistics, the investigation group Gartner says in which close to 60 zillion Americans reported getting a phishing email, and 1.7 thousand people have been identity fraud victims, which cost financial institutions and credit card companies $1.2 million in losses.