Weight Down Living

Identity theft occurs when someone obtains someone else’s personal information, such as a Social Security number, home address, date of birth or bank account data, and uses it for fraud or other illicit purposes. It occurs often: Identity thieves victimized 16.7 million Americans in 2017, stealing $16.8 billion, according to an annual study by Javelin Strategy & Research, a digital-finance consulting firm.

And it occurs in many forms: Credit-reporting agency Experian lists 20 types of identity theft. (Some, such as tax ID frauds and Social Security number scams, are discussed in greater detail elsewhere in the Fraud Resource Center.) Some identity thieves specifically target older Americans, who are less likely than the general adult population to take precautionary measures such as monitoring bank and credit card accounts online, a 2018 AARP survey found.

Identity thieves have a range of tactics to get what they need, from old school (stealing your mail) to high tech (massive hacks of banks, retail chains and other companies that stockpile consumer data). Scammers claiming to represent government agencies, utilities or big tech firms might call and ask for personal or financial information, or send phishing emails with links that infect your device with data-harvesting malware.

Once they have your information, fraudsters may use it to open new credit accounts and make big-ticket purchases you might not discover until the bills come due. They might get medical treatment, file tax returns or take out loans in your name. The costs are counted not just in money but in time spent chasing down phony accounts, repairing damaged credit and re-establishing your identity with government and financial institutions.

As many ways as there are for fraudsters to poach your identity, there are also many simple steps you can take to help keep them at bay.

Warning Signs

• Bank and credit card statements list withdrawals or purchases you don’t remember making.
• You get a bill or invoice for financial activity you don’t recognize or medical services you didn’t receive.
• Your credit report lists accounts or liabilities you don’t recognize.
• You are contacted by a debt collector about a debt you don’t owe.
• You have trouble filing your taxes because the Internal Revenue Service says it already has a return from you.
• You receive notice from a bank or company you do business with that it has suffered a data breach.