Everyone today is talking about identity theft, and that makes one curious to know what is this all about. The definition of identity theft in a literal sense would be the act of using another person’s identity in order to get some material gains. The definition of identity theft can best be explained in terms of fraud. Fraud or deceit is the shortest possible explanation for this kind of theft. When one person deceives another by any means in order to acquire his or her money or property, this is legally described as fraud.
The Definition of Identity Theft is not too different from Fraud
There are several types of fraud today. There are too many unemployed and too many people who hanker for easy money. They find it more within their reach to cheat people out of their money rather than work honestly for it.
In order to define identity theft, let us consider a person whose aim is to hack into your account and steal your money. It takes him hundreds of hours in front of the computer before he gets the right password. He also needs to get the name, the social security number, the birth date and so on of the person he is about to rob. For each of this information, he will have to use ingenious ways which takes a lot planning and thought. In the end he might or might not get what he wants – your money.
So, the people who commit fraud also work hard, only they work on the other side of the law. If they would divert their energy into something positive, these people would indeed do well. There is no limit to what these people can do to succeed. Hence, the best protection that the ordinary citizen has against this type of assault is his or her presence of mind and alertness against anything that can indicate that something is amiss financially.
As per the definition of identity theft, this is a fraud by which one impersonates another for appropriating another person’s property illegally. Hence, the best way to prevent it is to ensure that you are constantly monitoring all your financial transactions. For this purpose you should cultivate habits that allow you to keep track of your expenses so at the end of the month you will know exactly how much your credit card bill will be, how much your bank balance will show and so on.