Identity theft is the misuse of another person's identifying information. In true identity theft, an identity thief uses another person's Social Security number and other identifying information to fraudulently open new accounts for financial gain.
Victims may be unaware of the fraud for an extended period of time, which can allow the identity thief to continue the ruse for months or even years. The identity thief can use the victim's identity to work, receive medical care, and commit other types of fraud. Account takeover and credit-related fraud are common problems associated with identity theft. Identity thieves use stolen identity information to:
• obtain credit fraudulently from banks and retailers; • steal money from the victim's existing accounts; • apply for loans; • establish accounts with utility companies; • rent an apartment; • file for bankruptcy; • obtain a job; • receive medical care; and/or • achieve other financial gain in the victim's name. Learn more about identity theft and how to protect yourself.
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