Resource Center
What is "Identity Theft"?
| What is "Identity Theft"? |
 What is "Identity Theft"? The short answer is that identity theft is a crime. Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data. This is done by using someone's name, social security number or other personal information to apply for credit, buy goods and services, or commit fraud. Many people have reported that unauthorized persons have taken funds out of their bank account, or, in the worst cases, taken over their identities altogether, running up vast debts and committing crimes while using the victim's names. In many cases, a victim's losses may include not only out-of-pocket financial losses, but substantial additional financial costs associated with trying to restore his reputation in the community and correcting invalid information for which the criminal is responsible. How do I protect myself? On all homeowners insurance policies you can purchase ID Theft coverage. It usually costs around $25 per year and is a must to include on your policy. In the scenario that your identity does get stolen, this coverage will pay for legal fees usually up to $15,000 to restore your identity. Most insurance companies have a specific fraud team to handle this. Consult with your agent if you have further questions. ----------------------------------------------------------------------------------------- |
