The Top Five Misconceptions About Identity Fraud

The good news is identity theft over the past few years has decreased. But the fact of the matter is it still tops the list as the number one consumer complaint.

There's plenty of information going around with regards to this crime which includes plenty of myths which if you are not careful can have you moving in the wrong direction.

1. Guarding Your SSN Is All You Need

You see this on the news quite a bit. Many professionals may tell you this is all you need to protect yourself against identity theft. Unfortunately that is not the case. The fact of the matter is identity thieves can steal your personal information in a number of different ways without the need to swipe your social security number. Among them is skimming your credit card without your knowledge, going through your garbage or just old fashion mail thievery.

2. Any Fraudulent Charges Are Your Responsibility

Don't allow any company to force you into paying anything if you were the victim of identity theft. Once thieves rack up fraudulent charges onto whatever account you happen to have you are not responsible. You will discover debt collectors do not care about that. They just want their money. No problem. As long as you remember you aren't the one doing the payback.

3. It Won't Happen To You

Name the crime and chances are that everybody at one time or another has said that. Identity theft does not play favoriites. While it may be on the decline eight million people last year still had their identities stolen. Factor in that on average the number of people victimized per year was anywhere from 9 to 10 million as well as the multitude of ways thieves can gain access to your personal information and there is no doubt that it can happen to you.

4. Most Identity Thieves Get Caught

Since law enforcement and financial institutions have been more aggressive in dealing with identity theft you figure the arrest rate would be pretty good. Reconsider that thought. According to a study done by the Gartner Group only one in seven hundred identity thieves ever gets arrested. Yes you may hear how authorities have cracked a major ring. This is true but day to day identity theft generally goes undetected let alone prosecuted.

5. Most Identity Theft Criminals Are Strangers To The Victim

False. And this is what makes identity theft a major problem. Most thieves are someone the victim knows. A neighbor, friend, coworker, but mostly a family member. This should also give you a good indication as to why most identity thieves do not get arrested. As bad as it is along with the damage done many people that have been victimized refuse to take the next step of preferring charges against their friends and/or loved ones.