The criminal then exploit’s the identity by piling up charges on accounts, taking money from bank accounts, opening new accounts, applying for a loan or mortgage, or declaring bankruptcy.
 
Eventually the exploitation is discovered when the victim receives a bank statement with unknown transactions, finds newly created credit card accounts, tried to apply for a loan and is denied, or is arrested for a crime committed by the thief using the stolen identity.
 
Reporting and Restoring Your Identity
Report the identity theft to the police and to the major credit bureaus.  Ask the credit bureaus to note the crime on your credit reports.  You may need to consult with a local victims’ assistance agency or an attorney for specific steps that may be helpful or necessary.  File a complain through the Federal Trade Commission registry at www.ftc.gov.  Complete an affidavit of identity theft, available at www.ftc.gov’s identity theft section.
 
Preventing Financial Crimes
1. If someone makes an offer that seems too good to be true, assume that it is too good to be true!
2. Demand details in writing via U.S. mail and save the envelope, which permits the U.S. Postal Inspection Service to help investigate any criminal acts.
3. Assume that anyone who “must have an answer immediately” is trying to get you to act before you think.  Insist on time to investigate the offer on your own.
4. Keep track of everything you own that is a financial asset.
5. Monitor credit accounts, bank statements, stock and pension fund statements, properties you own, and similar assets.
6. Make sure you get all bills and expected checks on time.
7. Criminals have been known to steal mail to steal your identity.  Call the company if a bill or check is late.  If it was mailed on time, call your post office and report postal theft.
8. Use a mailbox with a lock on it.  Deposit your outgoing mail in a USPS mailbox.

 
Don’t risk it, shred it.  Shred any material that you are throwing out that identifies you in any way - bank statements, extra copies of records, bills, letters regarding financial matters, and similar documents.
 
Know about your credit.  Get a copy of your credit report at least once a year to make sure that information is accurate and complete.  A single copy of your report from each major credit bureau is available for free each year.  Consider ordering reports on a staggered basis throughout the year.
 
Three major credit bureaus:

• Equifax - www.equifax.com; To order your report, call 800-685-1111 or write PO Box 740241, Atlanta, GA 30374-0241.
• Experian - www.experian.com; To order your report, call 888-EXPERIAN (397-2742) or write PO Box 2002, Allen, TX 75013.
• Trans Union - www.transunion.com; To order your report, call 800-888-4213 or write PO Box 1000, Chester, PA 19022.