Fsmith_BusinessLawPPID_072819roughdraft.pptx - NOBODY IS...

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NOBODY IS EXEMPT CONSUMERS & BUSINESSES
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What is Identity Theft? What is Identity Theft? Is the fraudulent acquisition and use of a person’s private identifying information, usually for fnancial gain. The use of your personal information without your permission, which is fraud and it is a crime. Is the fraudulent acquisition and use of a person’s private identifying information, usually for fnancial gain. The use of your personal information without your permission, which is fraud and it is a crime.
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HOW IS IDENTITY THEFT COMMITTED? Identity Theft is committed when an unauthorized party uses your personal identity information, such as your name, address, Social Security Number (SSN), or credit card or bank account information to assume your identity in order to commit fraud or other type of criminal acts.
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WHY SHOULD CONSUMERS AND BUSINESS OWNERS BE AWARE OF IDENTITY THEFT? For consumers Identity Theft hurts you personally and fnancially. They can take from existing accounts or create new fraudulent accounts in the consumers name. It can cause issues with the IRS, they can use your information to gain employment because they may be a felon or and Illegal. Doing this can cause tax payment defciencies. About 12% of Identity Theft victims spend countless hours 200-600 hours clearing their name and restoring their Identity.
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WHY SHOULD CONSUMERS AND BUSINESS OWNERS BE AWARE OF IDENTITY THEFT? Businesses need to recognize how much money they are losing to new account fraud, do to the new criminal tactics meant to delay detection. Business Identity Theft and Fraud losses cost American companies billions each year.
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