Identity Fraud Expense Coverage
Your daily habits can put you at risk. There’s simply no way to be 100% protected 100% of the time. With just a small amount of personal information, someone can steal your identity and use it for financial gain. The question is, when your personal information is compromised what are you able to do about it?
What Is Identity Theft?
Identity theft (also known as identity fraud) is the misappropriation of another person’s identifying information in order 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 bankruptcy; obtain a job; or achieve other financial gain using the victim’s name.
One common occurrence is called Account takeover, which occurs when a thief acquires a person’s existing credit account information and uses the existing account to purchase products and services. Victims usually learn of account takeover when they receive their monthly account statement.
In true identity theft or application fraud (often called true name fraud by experts), a thief uses another person’s SSN and other identifying information to fraudulently open new accounts and obtain financial gain. Victims may be unaware of application fraud for an extended period of time – which can allow the thief to continue the ruse for months, even years.
Did you know…
- A Billion Records Leaked
According to IBM, more than one billion records containing personally identifiable information were leaked in 2014 alone.
- There Is No Anonymity
Science Magazine reported that “anonymized meta data sets” containing product purchase information were re-identified with the people who made the purchases by looking at Instagram posts and tweets that matched the purchases.
- Your Medical History Can Be Compromised
With more than 3.2 million victims thus far – 500,000 last year alone – medical identity theft is a crime on the rise.
- Your Tax Refund Is Under Attack
Early in the 2015, Intuit, the company behind TurboTax, had to shut down e-filing in several states after the company noticed an uptick in what appeared to be fraudulent tax returns.
- Children Are Targets
From toddlers to teenagers, hundreds of thousands of children are now victims of identity theft and, according to the Federal Trade Commission, most of their parents don’t even realize it.