Archive for the ‘Identity Theft and Fraud’ Category
Credit Card Fraud Crime Punishment
Identity Theft and Credit Fraud
|
Credit fraud is most often a case of identity theft. When someone steals or assumes another person’s identity and impersonates that individual it is identity theft. This is done by gathering some basic personal information (name, current and/or previous address, employer, social insurance number, all in all information that can be found going through your mail). With that information in hand these individuals can get credit card in your name, they can get car loans or lease a vehicle, rent apartments, get a cell phone and involve your name in a number of criminal offences. Take to heart the following suggestions. By following these simple steps you’ll greatly reduce your chances of being the next victim of identity theft: |
|
First make sure you get all 4 credit reports. Identity theft can have a devastating effect on your life and especially your credit score and standing. The average person checks their credit report annually, inside of the recommend monthly checks. For this reason identity theft typically take upwards to 14 months to be discovered. Unfortunately by that time it is often too late and chances are the thief will be nearly impossible to track down, leaving the victim with a huge mess to try and clean up. Despite the fact that in cases of identity theft and credit fraud the lenders absorb the losses, the damage to the victims credit score can take months or years to repair their credit.
Identity theft protection, steps to take: Side note: You may want to consider enlisting the aid of credit/identity monitoring service. It saves you time and protects you 24/7 against fraudulent activates that could severely damage your credit score. There have even been cases where people have been suded for debt that wasn’t there doing.
You’ll never have to worry about identity theft again.
Keep Your Credit Score Safe: Eglin Federal and Equifax suggest you keep the following in mind to prevent identity theft:
- Request monthly updates of your credit report (that way you can correct the problem before it goes to far)
- Carry only the identification and credit cards you need when traveling, whether locally or abroad
- Do not carry your cards in your chequebook
- If your chequebook is lost or stolen, call your bank and inform them of the cheque numbers missing
- Sign your credit cards in permanent ink as soon as you receive them
- When making a purchase, keep your cards in view at all times; ensure you take your card back as soon as a transaction swipe has been completed with your card
-Do not sign a blank charge slip
-Always save your receipts, never leave them behind
- Avoid saying your account number aloud so that others can hear
-Only provide your ID and credit card information over the phone to reputable companies when you have initiated the call
-If you receive a call from someone claiming to represent your credit card issuer and the caller asks for your account number, do not provide it - if the caller is employed by the issuer, they will already know your account information
- If your Social Insurance Card is lost or stolen, contact your employer or your local Human Resources Development (HRDC) office immediately
- If your Driver’s License is lost or stolen, contact your local driver and vehicle license issuing office and report it to your local police station
-Check your credit card and bank statements as soon as they arrive to ensure all charges gathered are correct
Keep statements in a safe place as they contain sensitive and personal information
What to do if you suspect or are a victim of Identity Theft:
As previously mentioned, the key to successfully minimizing the effects of credit fraud is to be both aware of what’s going on your credit report and should there be anything suspicious, to report it asap.
Follow the steps listed below:
-Contact the fraud division of the three credit reporting agencies in order to advise them on your current predicament and see what they can do. If they don’t do it atomically, ask them place a Fraud Alter on your account. That way should anyone attempt to apply for any form of credit in your name it will be flagged and the credit lender will have to take extra precautionary steps to verify your identity.
-The numbers for the Credit Bureaus fraud departments are as follows:
-Equifax: 800-525-6285
-Experian: 888-397-3742
-Trans Union: 800-680-7289
-Request they place a "fraud alert" on your file. This alert will warn lenders to be especially careful in authenticating identity of anyone claiming to be you. It will mean that you cannot open instant credit, for example, at a retail store. But that is a minor inconvenience in light of the damage identity theft can do.
-Go into your local police department and File a report with them. Make sure to keep an extra copy for your records, as you will need it when dealing with the credit bureaux’s and your lending institutions.
-Ensure that you get a hold of each and every credit lender that has a fraudulent account under you r name and inform them that identity theft has taken place and provide the necessary documentation to have them suspend and close the account.
-You will want contact 1-877-IDTHEFT, that’s: 1-877-438-4338 (The Identity Theft Toll-Free Hotline). This is the division of the federal government that collects information and can assist you when dealing with identity theft and other forms of credit fraud.
-Make sure you note all the dates, times and representatives names you have spoken to.
If that person or group of individuals are caught committing credit or identity fraud the sentence and jail time can be harsh with a average punishment of 2-5 years and a maximum of 25 years.
Mail this post
Posted in 
Tags: 