Identity theft is today's fastest-growing crime

North America has been hit hard by a brazen and growing group of criminals: identity thieves. Identity thieves have drained bank accounts, opened credit cards in a victim's name, created fake passports and even stolen homes right from under the owners' feet!

These fraudsters leave victims with a painful mess that can take years – and considerable money – to sort out. In some cases, victims never truly get their “old” life back.

According to recent statistics:

• 1 in 6 households have already been hit by identity thieves
• Over 10 million cases of identity theft were reported in the US in 2008 – an increase of 20% over 2007
• Identity thefts in the U.S. in 2009 totalled $48 billion
• 26% of identity fraud cases involve stolen or “skimmed” credit cards

Who are identity thieves?

Identity thieves come from all walks of life. Whether a neighbor or family member, a restaurant worker or bank employee, a distant cyber criminal or a basement hacker, all have the same goal: to obtain your personal information – credit cards, bank account details, Social Security or Social Insurance numbers and others – and use for their own financial gain.

How does identity theft happen?

There are as many methods as there are criminals, including:

• Stealing a purse or wallet
• Stealing bank statements or bills from a mailbox or garbage can
• Copying a credit card at a retail store or restaurant
• Unsecure online shopping sites
• Public computers
• Unencrypted wifi access
• Retail or government data files

In today's globally connected world, with so much information being stored and shared on computers, identity thieves are increasingly high tech. In these uncertain financial times, they are increasingly desperate.

What do identity thieves do with your information?

Identity thieves may open new credit cards in your name and head out for a shopping spree. Or they may use copies of your existing cards to do the same. They may apply for jobs, passports, medical benefits or government services using your Social Security or Social Insurance Number. There have been cases of identity thieves living a parallel life to their victim for decades and destroying families in the process.

Over the past few years, another dangerous trend has emerged. Organized criminal groups buy and sell identities online (your entire credit history and personal file could go for as little as $10!), further increasing the risk to you, your finances and your reputation.

What can you do?

Given how many places have your personal information on file (banks, schools, hospitals, government offices, stores…) even the most careful consumer is at risk of identity theft. That said, there are things you can do to reduce both this risk and the potential for lasting damage.

SpotMyID is one of the most powerful and advanced identity theft prevention tools available. By trolling the deepest corners of the Internet, SpotMyID watches for any time your card, identity or banking information pops up.

No matter where or how your personal information has been obtained, SpotMyID will help catch it (quickly!) when it resurfaces and alert you immediately. Through early detection and fast action, you may stop the crime before true damage has been done.

Register with SpotMyID today and you can scan the Internet for 2 pieces of identification or cards for FREE! For complete coverage, sign up for SpotMyID's 5-pack or 10-pack monitoring package!

For more information, please read our articles on identity theft:

• Tips on identity theft protection
• You're a Target: How Identity Thieves Work
• Real-life cases of identity theft

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