What Does A Thief Do With A Stolen Identity?

Identity theft is one of the most prevalent financial crimes to befall ordinary people. But what exactly is it and what does a thief actually do with your stolen information?

What Is Identity Theft?

Identity theft is when someone steals your personal and financial information. This can include the basics like your name and birthday as well as your social security number and credit card information. 

Thieves obtain your information in a number of different ways like literally digging through the trash looking for bills and other financial documents, using skimming devices on credit card machines, getting your information under false pretense from utility companies or financial institutions as well as literally stealing your credit cards. Thieves can also get information from data leaks and hacks into websites and data storage from retailers where you may have shopped.

What Do They Do With Your Information?

There are a number of things a thief can do with your personal or financial information once they have it.

Credit Card Fraud

One of the most common is credit card fraud. This is when someone uses your credit cards to make purchases or opens credit cards in your name that you do not know about. Thieves can also change your billing address to make it harder for you to notice. If you never know about the open account and never receive a bill the only way to find out is through credit monitoring or by pulling a credit report.

Bank Fraud

Another kind of monetary fraud is bank fraud. This is when a thief opens fraudulent bank accounts or uses counterfeit checks in your name. Bank fraud also includes when a thief steals your ATM card and uses that to make fraudulent purchases. This can also include opening loans in your name.

Utility Fraud

Some fraud occurs in utility and phone bills. This is when someone uses your financial information to open new utility accounts in your name and rack up charges or run up charges on your existing accounts. 

Government Fraud

Government fraud is when someone uses your information, most likely your social security number, to obtain government benefits or other government documents without your knowledge. People have filed fraudulent tax returns and even gotten IDs and driver's licenses in someone else's name using their own photo!

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