Originally published July 11 2005
Identity theft expensive in terms of money and time
by Mike Adams, the Health Ranger, NaturalNews Editor
Consumers are becoming more aware of the problem of identity theft due to the costs involved in being a victim, but The Capital Journal reports that few people realize the time investment that can go into recovery: Around 600 hours of work over months or years.
When consumers contact the Federal Trade Commission, their primary concern is identity theft.
Identity theft robs people of more than just money.
According to the Identity Theft Resource Center, it now takes a victim more than 600 hours of work, spread over months and years, to recover from having their identity stolen.
That 600 hours represents nearly $16,000 in lost or potential income, according to the resource center.
The average victim also ends up spending an extra $1,600 of his own money to clear his name and clean his credit report.
It could be as simple as telling someone they've won a prize, but in order to claim the prize the "phish" must provide credit card information for shipping and handling.
According to advice from the FTC, if a prize is labeled "free," then no personal or financial information should be needed to claim it.
Another scam is receiving a communication online from a financial institution that suggests an account has been violated and they need validation of personal information to re-establish the account.
The FTC warns that no "legitimate" business will ask through electronic means for validation of personal and financial information and that in the unlikely event they do, they will convey that information through a letter sent through the U.S. Postal System.
All a scammer needs to do is create a suitable copy of a letterhead for a business, a bank or even the Internal Revenue Service requesting personal information.
Rarely does a legitimate business ask for such information through e-mail or instant messages.
When approached over the Internet, the best thing to do is to call the Internet provider and report the incident.
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