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What is identity theft: In simple cases criminals use a stolen credit card number or may be your eBay account password to purchase items online and in some elaborated cases criminals can steal your personal information which includes the your name, address, or above all the social security number, to use for his personal interest like buying or selling things online, obtaining medical care, striking property deals, all in the your name.

How it is done: Previously it was done by snooping around people's mailboxes and stealing information from credit card application but nowdays, with increasing reliance on electronic system to store information or to do financial transactions, it has become more easier for a culprit to hack your computer system or he might send a bogus e-mail asking the receiver that they need to confirm an account details to reactivate their accounts or to claim certain gifts or prizes. In reality the culprit is just gathering the information of the receiver to use it for his own benefit.

A recent study by Meridian Research makes the projection that by 2006 the financial institution sector alone will lose $8 billion to identity theft. In addition, an estimated 500,000 to 700,000 people a year become victims of identity theft, and Federal Trade Commission data show that nearly 86,000 people filed identity theft complaints in 2001.

How to prevent identity theft: When people find that they've become identity theft victims, they need to report the crime promptly to law enforcement agencies, through the Federal Trade Commission's toll-free number (1-877-ID-THEFT) or online complaint form.

Other than that simple measures like installing antivirus software or firewall on your PC, a close check on ypur credit card bills, destroying documents which are not required and which bear your identity information and not opening e-mils from unknown senders can help to keep check on identity theft.

Learn more about this author, Milan Singhal.
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