What is Identity Theft?

Posted on 07/01/2009 by US Treasury Dept

Host:

Scotts, let's get right into it. What exactly is identity theft?

Scott

Identity theft is a fraud committed or attempted using the identifying information of another person without their permission, without their authority. The F.A.C.T. act, the fair and accurate transactions act, defines identity theft in that way. And it is important because the definition is somewhat broad, but there are really two types of identity theft that we're talking about today. One is the actual hijacking of a person's identity to create new accounts, to go out and open new credit cards, to create a new banking account. That is one aspect of it. The other aspect is actually credit card fraud, gaining your credit card number or maybe some information to allow a person to complete a transaction using your credit card number. So, two different types of frauds, but they all have the same end result. Someone is trying to steal your information and their trying to steal money by using it.

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