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Identity Thief

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia 0.01 sec.
Identity Thief
A person who pretends to be another person for the purpose of using the latter's financial information for personal gain. Identity theft can be fairly basic; for example, one may steal and use a credit card. Often, however, identity thieves use computer programs to find a person's financial information and conduct large transactions with that person's money. Identity theft is a serious crime, as it can ruin the victim's credit, making it difficult to obtain a loan when one is needed. Many banks and credit card companies provide identity theft protection to reduce a client's liability for identity theft and to minimize its occurrence.


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With a stolen Social Security number, an identity thief can easily commit crimes and financial fraud in your good name or create a different identity.
When you ask the credit reporting agencies to place a fraud alert on your credit reports, when an attempt is made by an identity thief to open up new credit accounts in your name, the financial institution from which the credit or loan is being sought will see the credit alert and will proceed accordingly.
And with new technology, the job of an identity thief gets easier.
 
 
 
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