iQ Credit Union

Course Segments

Lesson One:	Introduction
Lesson Two:	What is identity theft, anyway?
Lesson Three:	How ID theft can happen-to you
Lesson Four:	Gone "Phishing"
Lesson Five:	ID theft: what it will cost you
Lesson Six:	Missing in Action: What happens to a stolen identity?
Lesson Seven:	The five myths of ID theft
Lesson Eight:	Taking responsibility
Lesson Nine:	ID theft and Social Security numbers
Lesson Ten:	What to do if your identity's been stolen
Lesson Eleven:	Building a safeguard plan against ID theft
Lesson Twelve:	Take the test

A Credit Union E-Course

Lesson Two
What Is Identity Theft, Anyway?

The term “identity theft” is actually a bit of a misnomer. After all, when thieves “steal” your identity, they’re actually just making a copy of it; you still have your actual identity with you—right? They’re not really “stealing” it per se; they’re just borrowing it.

So what is identity theft?

Identity theft is best described as:

The practice by an individual, or a group of individuals, of cloning the identity of another by using that person’s address, credit cards, Social Security number, passport and other personal, identifying information and falsely using it as their own, without permission.

According to federal law, identity theft is when a person “knowingly transfers, possesses or uses, without lawful authority, a means of identification of another person with the intent to commit, or aid or abet, or in any connection with, any unlawful activity that constitutes a violation of federal law, or that constitutes a felony under any applicable state or local law” (The Identity Theft and Assumption Deference Act, 1998).

It may sound like a mouthful, but the bottom line is that identity theft is a serious crime that happens every day.

By understanding how it happens, and where your vulnerabilities are, you’ll ensure that you won’t be a criminal’s next victim. As Neal O’Farrel, personal security expert puts it, the more you know about identity theft, the less identity thieves will know about you.

Next Lesson: How ID Theft Can Happen – To You

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