Identity theft

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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 ?
Finally, it is important to note that the statute specifically limits the class of victims of identity theft to persons whose personal identifying information was taken or used.
Following Arizona's lead, in 1998 the United States Congress enacted the Identity Theft and Assumption Deterrence Act.
unique biometric data, such as [a] fingerprint, voice print, retina or iris image, or other unique physical representation." (18) Thus, the federal identity theft statute covers a variety of individual identification information that exists today or that could be created in the future based on advances in technology.
Should an ID Secure member detect that their identity has been compromised in some way, they have access to a dedicated identity theft resolution specialist who can walk the member through the process of resolving the fraud and restoring their good name.
Along with assistance from a dedicated fraud resolution specialist, members also receive protection from an identity theft insurance policy with no deductible.* While consumers are usually not liable for fraudulent debit and credit card activity, they can find themselves facing costs associated with re-filing for loans, grants or other types of credit that are rejected as a result of the identity theft.
Affinion provides enterprises and government agencies with the BreachShield service, while consumers can also rely on PrivacyGuard, CardCops, PC SafetyPlus and Hotline to help them protect against, detect and resolve identity theft.
Affinion Security Center, a division of Affinion Group, is a premier security, credit monitoring and identity theft protection innovator with nearly 35 years of global experience.
This article argues that the same type of loss allocation rules used elsewhere should be transplanted to the modern identity theft context.
The first section of this article discusses some aspects of identity theft. The next section explains the concept of loss allocation rules and offers some suggestions for how loss allocation rules might fit the identity theft context.
One theme that runs through victims' accounts is how easily the identity theft could have been avoided.
Several reasons explain why the credit industry has not moved to combat identity theft more aggressively.