It is a serious breach of your privacy. In today’s political scenario, identity theft could be carried out to aid terrorism, in addition to spying, illegal immigration, and even a permanent change of identity.
Identity theft can lead to other serious crimes. Identity theft is known to cause credit card companies an estimated loss in excess of $5 billion annually, which they accept as an outcome of doing business. Unfortunately, credit card companies do not advertise this fact, obviously, as it may adversely affect their business. There is a need to ensure that the companies that issue credit cards make information on credit cards more protected and secure. In the end, it is our identities that are being misused. Their aversion to this kind of negative publicity is a shot in the arm of fraudsters who carry out identity theft.
The Cost Of Identity Theft
Though commercial companies ensure personal customer information is secure and is not stolen nor misused, it is known to happen. Breach of customer privacy could have negative consequences on that particular organization, albeit a limited one.
Regulations and laws do protect us from loss of our personal and confidential private information by reasons of failures of measures taken by corporates; breach of consumer privacy has larger repercussions – especially if loss of credit card information is involved.
Though MIPSA (the Medical Information Privacy and Security Act) has provisions requiring access to medical records to generate a trail; its infringement has much larger repercussions. Though the data is classified and the genetic information is not easily available, data change can result in identity theft , leading to fraudsters impersonating us with ease.
How To Reduce
Though identity theft cannot be prevented with 100% certainty, there are ways you can reduce your exposure to it. Start by carrying only the information you need to carry out your daily transactions, business or personal. Keep your extra credit cards at home, securely locked. People have this habit of putting their Social Security numbers on their checks. Stop doing so.
Identity theft fraudsters find it very easy to get hold of your personal information by stealing your mail. Ensure that your mailbox is never full. If required, arrange to have your mailbox emptied twice, or even thrice, each day. If you are going away on business, or pleasure, arrange with your friends or relatives to pick up your mail daily. Alternately, arrange to have it left at the post office for pick up later.
If your credit card bills usually arrive, like clockwork, on time and have stopped arriving, immediately call up your card company/issuer to find out why. Identity thieves are known to have the billing addresses changed, and run up huge expenses, before you begin to realize.