Identity Theft Deterrence Act

Surveys show that the Identity Theft Act has been instrumental in reducing the number of identity theft victims along with average financial damage per person. However, identity theft activities have become more widespread and sophisticated.

Myth: Identity Theft is a Type of Crime

According to the nonprofit Identity Theft Resource Center, identity theft covers a range of crimes involving identity fraud. Identity theft can include financial, criminal, medical, and child identity theft, as well as identity cloning. With criminal, financial and medical identity theft perpetrators use another person’s identity to defraud. Fraud may involve the procurement of targeted services or cover specific conduct. Identity cloning involves fraudulently misrepresenting another party in daily life. Identity cloning may involve electronic fraud to misrepresent parties for medical insurance or processing credit cards, and to claim rewards or recognition.

Fact: An Ounce of Prevention is Worth A Pound of Cure

In one study, statistics showed that 15% of identity theft victims discovered fraud events by using a business. It takes approximately an average of 330 hours to resolve identity theft incidents.

A variety of laws and regulations have been passed, with law enforcement and inter-agency task forces to help consumers fight identity theft. However, prevention measures and organizations are critical to reduce risk and repair damage. A variety of nonprofit and government organizations, such as the Federal Trade Commission, help consumers reduce risk and manage identity theft incidents. A key defense for the public is to learn steps to reduce risk, remain vigilant, and swiftly intervene to minimize damage. Detect, deter, and defend FTC techniques can be used to combat identity theft.

The next generation in the identity protection arsenal are smart phone applications. This technology can protect identity and deploy rapid intervention to combat identity theft. High tech tools can effectively counteract the increasingly high tech network of identity thieves to reduce personal liability.