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A Comprehensive Look at Fraud Identification and Prevention by James R. Youngblood

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197
Chapter 10
Identity Theft/
Identity Fraud
10.1 Introduction
According to the National Criminal Justice Reference Service (NCJRS), 7% of all
individuals over the age of sixteen were a victim of identity theft in 2012. is is
a sizable percentage of the population, and it is also a growing number. Each year,
more and more people become a victim to some sort of identity theft, costing them
lost time, embarrassment, a ruined credit report, and money. It takes, on average,
about six months and 150 to 250 hours of personal time to recover from an attack.
is is time and money spent by the individual to recover their good name and
credit rating.
1
ere are many faces or aspects to the topic of identity theft; the taking of an
individuals identity is the first step in the process of the criminal committing the
crime and stealing money in the good name of the victim. e actual first steps
begin with the criminal looking for potential targets and with the potential targets
living day to day and not taking the necessary precautions to avoid becoming an
identity theft victim.
From the criminal side of the equation, these individuals have spent many years
learning the various methods to steal a persons identity. is can include bank
account takeover, fraudulent withdrawals, check fraud, new account fraud, credit
card fraud, loan fraud, and so on. e information used to assume the identity of
another can include the target’s Social Security number (SSN), home address, bank
statement information, tax returns, personal information contained on a home

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