Identity Theft and Its Affect on Business

Identity Theft and its Affect on Business
Millions of Americans fall victim to identity theft each year. The increase of illegal immigrants and millions of foreigners entering the United States has created a state of emergency for various government and financial agencies. Being the victim of identity theft is one of the most personal and painful crimes to experience. This type of theft affects a person’s ability to make major purchases: such as cars, homes, and even personal loans. The effects of this crime are as devastating to businesses as it is to the individual victim. There could be a significant impact on the management, operations, financial credit, public credibility, and income of a business, according to Joe Campana, a certified identity theft risk management specialist.   He defines identity theft as, “The misuse of personal or business identifiers by an imposter for their advantage, which may be financial, non-financial, or both”. Consequences of this type of theft are the same for both the individual and business. To minimize the risk of a stolen identity follow these three recommend steps: Deter, Detect, and Defend.
Criminals that steal identities are often looking for people with good or above average credit. The purpose for targeting these people is the privileges they are able to access with good credit information. Identification thieves can drain your bank account, ruin your credit, and run up thousands of dollars of debt in your name. The sad thing about this type of crime is that many people are unaware they have become a victim of identity theft.
Although sentencing is becoming more severe for those convicted of identity theft crimes, the best way to avoid becoming a victim is to minimize the risk by deterring thieves from ever getting to your personal information. The stealing of personal identity has cost Americans more than $50 billion a year and hundreds of hours in trying to restore their credit. Protect your social security...