Reports of identity theft and fraud top the Federal Trade Commission’s (FTC) list of consumer fraud complaints this year and have every year since 2000. In fact reports of fraud and identity theft make up about 39% of consumer complaints with fraud resulting from Internet auctions in second place with about 16% of consumer complaints.

Identity theft is a major problem for consumers today. With the inception of the Internet, more and more innocent people are finding themselves victims of identity theft and fraud. These crimes include credit card fraud, stolen bank funds, and even stolen identity theft by criminals looking to escape prosecution for their crimes.

Credit Card and Loan Fraud

One of the easiest and most popular identity theft crimes is credit card fraud. Thieves gain access to an innocent person’s personal information and use it to open credit card accounts or use it to gain access to existing credit card accounts. These criminals usually quickly max these credit cards out by purchasing extravagant items. Fortunately most credit card companies will not hold the legal cardholder liable for these purchases.

Another form of identity theft is when criminals obtain a loan in some unsuspecting victim’s name. These types of crimes are more difficult to resolve. Many lenders have made the process of getting a loan so easy that it is hard to prove that an imposter took out the loan instead of the victim. Victims often don’t find out about the loan until it has affected their credit rating.

Identity Theft and Your Good Name

Criminals don’t always go after money when it comes to identity theft and fraud. Some criminals take over a victim’s identity when they have committed a crime. This type of identity theft can create big problems for the victim. Now they have a criminal record and it takes a while to correct this mistake.

For example, an identity thief is pulled over for speeding and gives the stolen identity to the cops. Years later the victim may find a warrant for their arrest as well as a pile of court fines in their name that need to be paid.