A Credit Union E-Course

Lesson Seven
The Five Myths of ID Theft

Here are five common myths about identity theft:

Myth # 1: It happens only to stupid or careless people.

Identity theft can happen to anyone. In fact, many thieves are so technologically and crime savvy that they can snatch your identity through a variety of methods, like hacking into computer systems, posing as an authority figure, or even filling out false change-of-address forms. Identity theft is no longer just about a thief rummaging through your mail or stealing your wallet—although such cases do arise as well.

Myth # 2: Identity theft is only committed by serious, and anonymous, criminals.

It may surprise you to learn that many identity theft cases are committed by those closest to you, such as friends, family, neighbors, and those you work with. (Be careful whom you lend that credit card to!)

Myth # 3: I only need to be worried about identity theft if my wallet or purse has been stolen.

While stolen wallets and purses are still one way in which criminals can gain access to your information, there are countless of other methods that ID thieves use to steal your identity. For instance, straight-forward methods,  such as burglary, auto theft, check theft, and mail theft, are still big contributors. So is computer hacking, online and e-mail scams such as “phishing,” and computer hard drive rebuilding (which is when a seemingly reputable source upgrades or clears your computer for you, and then steals valuable information off of it). And this is only the beginning. It seems as though the only limit as to the number of methods available to identity thieves is the limit of their imagination.

Myth # 4: ID theft can be easily remedied.

As you learned in previous lessons, clearing up the nightmare caused by losing your identity can take hundreds of hours — not to mention your credibility and hard-earned money. Sometimes, the issues created by identity theft can never be remedied. And that’s precisely why you want to do everything in your power to protect yourself from ID theft.

Myth # 5: It will never happen to me.

Okay, so you understand that it does happen. You just think that it won’t happen to you.

Wrong.

Thousands of people get victimized each year, and many cases could have been avoided. According to an April 2004 study by the research firm InsightExpress, 15% of Americans have been a victim of identity theft and only 59% of Americans are actively taking precautions to protect themselves.

Next Lesson:  Taking Responsibility.

Brought to you by...