If the numbers released by governments around the world are to be believed, this identity theft article will show how this type of fraud has become the world's fastest growing crime. This may well be true.
Whether or not the number of vicitims is rising each year, the financial costs are staggering. The British government estimates that in 2006, the cost of identity theft was approximately £1.7 billion. Yes, that word was billion with a 'b'.
This would not be so bad, but for the average man or woman on the street, crimes of this nature are very difficult to stop. Modern day theives can use low cost yet sophisticated electronic devices that James Bond would have been proud of only 20 years ago.
Identity theft has become such a big and profitable business mainly because credit and borrowing terms are easier and more available now than ever before. Being able to impersonate a normal individual with a reliable job, income, credit file and life is very profitable. To such an impersonater, there are an embarrassment of riches on offer.
A fraudster might open a bank account and then an overdraft. They might apply for store or credit cards, mobile phone contracts, auto finance or personal loans. For the effort involved, this can be very lucrative. We have read stories about fraudsters who have bought sports cars on finance in other people's names, taken out personal loans and then simply vanished.
Against a determined and well financed fraudster, we would all find it difficult to defend ourselves and our valuable information. There are some basic steps that we can all take to lessen the likelyhood of being a target.
The careful disposal of documents which list your name, address, account numbers and social security details are vital. For the less sophisticated fraudster, these are the bread and butter of their work. In the modern world, not disposing of bank statements carefully is simply asking for problems!
Use a shredder on any document that you think might contain sensitive information before you throw it away. This advice applies to utility bills, credit card statements, bank statements, flight tickets, receipts with card information or your signature and much more.
In short, it is now up to us all as individuals to take measures that protect our finances from identity theft.
Source:
www.ezinearticles.com 
