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 ?
Major Key Features Covered in Global Identity Theft Protection Services Market Report:
In summary, the ITAP project makes the following contributions: it gathers, models, and analyzes a large number (currently about 5,400) of identity theft news stories.
Reversing the damage caused by identity theft is often a frustrating and complex process for victims.
Nearly 62% of the respondents had not yet resolved their identity theft case even after more than five years.
Mobile Identity Theft Preventer is now available from both ShieldApps Software Innovations' website as well as their official Google Play Store channel in the following link: /apps/details?id=identitytheft.preventer.
Despite the best efforts to prevent identity theft, it may still occur.
Identity theft, according to the Federal Trade Commission (FTC), was the top complaint the FTC received for the past 15 years, increasing 47% from 2014 to 2015 as a result of a massive increase in tax-related identity theft (see "FTC Releases Annual Summary of Consumer Complaints," March 1,2016).
An increase in the number of data breaches in the United States has led to public concern about protection against identity theft. In 2014, 1,343 breaches in the United States exposed more than 512 million records (Risk Based Security 2015).
For individual identity theft, in order to be able to deal directly with the IRS on a client's behalf, the tax practitioner should file IRS Form 2848, Power of Attorney and Declaration of Representative, signed by the taxpayer to obtain a power of attorney (POA).
A report from the Treasury inspector general for tax administration indicated 1.63 million taxpayers were victims of tax identity theft in 2013.
Medical identity theft is growing faster than conventional identity theft, making up as much as 43% of all identity theft, according to the Identity Theft Resource Center.
The survey found girls were more worried about identity theft than boys, the report added.

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