Most people's worst nightmare is to be a victim of identity fraud

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Identity fraud is as bad as it sounds and often a lot worse. It begins with someone gathering personal information like social security numbers, birth dates and account numbers, and then using the ill-gotten information to take over bank accounts, establish fake credit, or run up debts.

There are several common ways identity fraud is carried out. Online identity theft, considered to be the most popular form of identify fraud, is only one. Another method has been nicknamed "dumpster diving," which involves stealing mail by rummaging through someone's garbage for identifying documents.

These often include discarded receipts and paid bills, which all have identifying information on them that thieves find useful. One method used to fight identity theft is quite simple and effective: Consumers can reduce the risk of becoming the victims of identity fraud by buying and using a paper shredder. That way, no information of potential importance leaves the house intact.

Another method thieves use to commit identity fraud is called "phishing." This is a prime example of online identity theft for the purposes of fraud. Phishing involves an individual or group that pretends to be from a trusted organization or company to obtain personal information online. Spam is another example of electronic fraudulent activity. Spam usually involves winning a phony contest the would-be victim must respond to with some of his or her personal information. Fighting identity theft of this nature requires awareness. One of the best rules to follow is to never open an email unless you know the sender.

Of course, the biggest way identity theft gets perpetrated is the most recognizable. Hackers take a more direct approach to fraud. They break into computers and steal the information they need. Again, there's a good way to fight identity theft of this type: Purchase good virus protection and firewall software to block unwanted intruders from your computer.

A series of three-year surveys that ended in 2006 show that, while there has been a decrease in the number of victims of identity fraud, the cost rose to $56 billion dollars last year. More statistics show that:

The average time a victim takes to fight identity theft is 600 hours. 3/4 of victims who responded to the survey said that the crime involved someone getting their hands on a credit card. The impact of online identity theft and identity fraud is similar to that of violent crimes for the victims.

Identity fraud is a worldwide phenomenon. Every country has lost billions of dollars to some kind of fraud scheme. British number-crunchers have estimated that identity fraud cost the UK economy 1.7 billion pounds.

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