Profile of an Identity Thief

​With all the data breaches like Equifax in the news these days, the thought of identity theft protection is as top of mind to most people as dreaming of winning the lottery. Sadly, unlike winning the lottery, virtually every American is likely to eventually experience or know someone who has experienced identity theft.

A 2017 Javelin research report showed that 15.4 million consumers became identity theft victims last year, up 15 percent from 2015. In other words, more than 29 people per minute fall victim to identity thieves! But forewarned is forearmed, so in this and a series of upcoming articles, we’ll examine how identity theft occurs and how to combat it.

​Let’s start by exploring who’s committing identity theft.

​When you think about identity theft, you may imagine an unsavory criminal pawing through your mail or a mysterious, hooded cybercriminal hacking into a database. Those are both common ways for identity theft to happen. But you are still also likely to have your identity stolen by someone you know. Many thieves prey on their friends or family, committing financial or medical identity theft, Social Security or tax fraud. Take this case of a mother-in-law who used her son’s identity to open six new credit card accounts. Not all thieves prey on personal relationships, but access is key. Identity thieves look for access to specific information about you, including:

• Your full name and address
• Your Social Security number
• PIN codes and passwords
• Financial account numbers

​Other, less accessible items may include:

• Personal information (for answering security questions) like your favorite food, book, or mother’s maiden name
• Birth certificates or passports
• Old copies of credit reports and financial statements

​Both adults and children are potential victims of all nine types of identity theft, and thieves may hold on to your information for months or years before they use it.

​Why do thieves spend so much effort to steal your information? It’s a lucrative business. Identity theft cost victims in the U.S. more than $16 billion in 2016, up almost $1 billion from the previous year. And most identity theft occurs over time, not in a single large transaction. By using your information to access financial resources and create fraudulent accounts, thieves can slowly exploit stolen information while avoiding detection and prosecution.

​With the increasing digitization of everything and the growing sophistication of cyber attacks, access to your personal information also becomes easier. For example, the use of mobile pay applications has created an additional door for thieves. But identity theft can also still happen in the old-fashioned ways, from digging through trash to stealing from a relative or acquaintance. No matter the cause, one fact is clear; if you are not actively monitoring your identity, you should be. In upcoming articles, we’ll talk more about how identity theft unfolds and what to watch for.

​Look for part II of this series later this month!