Identity theft

(redirected from ID Theft)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.

Identity Theft

A crime in which a person pretends to be another person for the purpose of using his/her financial information for personal gain. Identity theft can be fairly basic; for example, one may steal and use a credit card. Often, however, identity theft involves using 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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Identity theft.

Identity theft is the unauthorized use of your personal information, such as your name, address, Social Security number, or credit account information.

People usually steal your identity to make purchases or obtain credit, though they may also use the data to apply for a driver's license or other form of official identification.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Jon Woodman, director of Risk Solutions at R&SA, said, 'Companies are increasingly being affected by corporate ID theft and many are worried about the risks of fraudsters stealing their company identity, as this could lead to a loss of competitive advantage or public confidence.
And the workplace is the most common environment for ID theft to take place ( as colleagues think nothing of forging signatures on corporate letters and lending credit cards to others for travel expenses.
Peter says people can take simple ( and cheaper ( measures to protect themselves against ID theft. "It is about prevention and taking it on yourself to ensure you don't become a victim.
What most frustrates law enforcement agencies, as well as systems experts, is how easily ID theft can be accomplished: "You can walk through a cemetery, see a marker that shows a child was born in 1971 and died in 1972, and just become that person," says Lynette Millett, study director for the computer science and telecommunications board of the National Academies of Science.
ID theft can take hundreds of different forms - limited only by the thief's ingenuity.
Federal law Red Flags Rule and state ID Theft breach notification laws have been enacted to protect consumers from identity theft resulting from business handling practices regarding personal information.
BARBARA DUNNE, Ayresome ward councillor* ID THEFT ON WEB: Pictured with wife Viv, Ron Carter-Bonsteel's name was used on a Virgin Media web forum to comment on the murder of Garry Newlove Picture by Ian McIntyre
But individuals are not without blame themselves, 64% of adults do not understand how best to reduce the risk of ID theft, the study found.
a leading global affinity marketer and preeminent provider of identity theft protection services, has launched one of the first data breach security protection and ID theft services to help financial institutions, retailers and businesses effectively prepare for, manage, and respond to data breaches, one of the biggest threats facing businesses today and a situation that puts customer data and relationships at risk.
Barry Stamp, joint managing director of annualcredit said: "With the fear of ID theft growing all the time it's important that consumers check their credit report annually as credit reports are one of the best ways of spotting fraudulent account takeover, impersonation fraud and criminal mail redirection."
A new DataPatrol service intended to counter ID theft has been introduced by Garlik, the company established by the founders of Egg, an Internet bank.
HUDDERSFIELD has the highest rate of ID theft in Yorkshire, it is claimed.