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.
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CBC's Synthetic Identity Fraud detection solution compliments the current suite of fraud detection tools available with CBC's eCredit Complete software.
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Part of the reason for the prevalence of identity fraud, according to Linda Sherry, director of national priorities at Consumer Action, is that Americans' privacy rights are dictated by "a spotty patchwork of federal and state laws that are inadequate to ensure that consumers are protected and have a say as to what's done with their personal information." These include specific rules or laws about credit-related data, under the Fair Credit Reporting Act (FCRA), medical data under the Health Insurance Portability and Accountability Act (HIPAA), and children's data under the Children's Online Privacy Protection Act (COPPA).
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How to Unmask and Stop Identity Fraud's Drain on Our Government lives up to its title as an expose of holes and weaknesses in the American government's security.
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But of course, prevention is better than cure, so here are my tips to prevent identity fraud: Obtain Protective Registration with Cifas - the UK's independent fraud prevention service.
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