5 Different Types of Fraud and Identity Theft

About 1 in every 15 people become a victim of identity fraud every year. If only your lotto chances were that high!

The chances of having your identity stolen are even higher for young, college-age people and the elderly. 

What are the most common types of identity theft? Which scams should you look out for? 

Fraud and identity theft are on the rise. Keep reading to learn about some of the different types of fraud to which you hopefully will not fall victim. 

What are the Different Types of Fraud?

How many forms of identity theft and fraud have you read about? Just when we think we know how to protect ourselves from one scam, a new one comes along.

Let's take a look at 5 of the types of identity theft and fraud wreaking havoc in the US and around the world. 

1. Credit or Debit Card Fraud

Did you ever have a big charge on your credit card that you did not make or authorize? It happens more often than you think. 

Stolen credit card? Wait, it's still in your wallet? 

Scammers don't even need your physical card to pull off this type of fraud. They have ways of getting a hold of your PIN and security code.  

Contact your credit card company as soon as you realize that your information has been compromised. 

2. Driver's License Theft

What kind of damage can a person do with your stolen driver's license? The answer...a lot! They can apply for other forms of ID and try to buy things under your name to name a few. 

Notify the credit bureau to put an extra line of security if your driver's license has been stolen. 

3. Mail Identity Theft

Is your neighborhood a hotbed for mail theft? Are you leary of putting checks to go out in your mailbox? 

Once thieves have your mail, they can get their hands on your financial information. This information can be used to open up new accounts and to make large purchases. 

Consider getting a locked mailbox or a post office box if you have reason to be concerned. 

4. Social Security Identity Theft

While people don't usually carry their social security cards around, fraudsters have other ways of getting this information. Many times it happens through data breaches or tax ID theft. 

If a company with which you do business has a data breach, be sure to follow the steps recommended by the credit bureaus and the company to protect your information. 

5. Medical Identity Theft 

This one can catch you by surprise because there's no immediate, obvious sign. When someone steals your identity to obtain medical services, you will not know until you get the bill. 

Protect yourself by monitoring the claims on your health insurance website. 

Keeping Your Identity Safe 

Now that you've learned the different types of fraud and identity theft, you'll want to be extra vigilant in protecting yourself from becoming a victim. One sure way is to keep your ID safe while out and about. Check out our anti-theft handbags. They keep your valuables safe and you'll look stylish while doing so.