Several years ago, my identity was stolen ^[2]. It took several years to get everything straightened out but I still worry about it. When I changed banks to PerkStreet ^[3] recently, for a short period of time, I didn’t have my identity theft protection in place because I forgot to change the debit card I used to set it up. When I realized I wasn’t protected –  honestly, I freaked out until I could get my ID theft protection back in place. I was bitten once and it forever changed the way I view identity theft protection.

How identity thieves use your personal information

Once someone has accessed your personal information, he or she can exploit that information in a wide variety of ways, ranging from simple fraud (intentional deception for personal gain) to criminal impersonation to illegally using benefits that are rightfully yours. Knowing how identity thieves might use your information is an important step toward defending yourself.

ID thieves can use your information in at least TEN ways:

1. Make purchases
2. Withdraw funds
3. Change the address on file with your creditors
4. Open new credit accounts
5. Obtain medical services
6. Get services like utilities or cell phones
7. Create false identification
8. Get a job
9. Use your name if they’re arrested
10. Receive your benefits

Make purchases or withdrawals

With even the smallest amount of information in hand, a thief can exploit your existing bank accounts, run up debt, or living the high life at your (and your credit card ^[4] company’s) expense. These fraudulent buying sprees may include expensive high-end items such as computers and other electronics, which the thief can quickly and easily re-sell for cash.

Withdraw your cash

With the proper credentials or information, a thief can withdraw money from your savings, checking, or investment accounts via ATMs, checks, online payments, or an electronic transfers. This money can then be used to do everything from buy drugs to finance illegal arms shipments to make the thief’s mortgage ^[5] payment. How does THAT grab you?