If you have ever worried about a credit card opened in your name, this case shows how quickly stolen mail can turn into a much bigger identity theft problem.Opening a new account is the leading form of identity misuse reported to the Identity Theft Resource Center.
In its latest data, 62.1% of attempted misuse cases began with a new account application rather than the takeover of an account the victim already held.Sign up for my FREE CyberGuy ReportPlus, you'll get instant access to my Ultimate Scam Survival Guide free when you join.WARNING SIGNS YOUR MAIL HAS BEEN FRAUDULENTLY REDIRECTEDA credit card opened in your name can start with stolen mail, exposed personal details or documents pulled from the trash.(Nastasic/Getty Images)When people picture an account opened in their name, they may imagine a checking account at a bank they have never set foot in.
The more likely target is a credit card.Credit cards made up 41% of attempted account misuse reported to the ITRC last year.
Checking accounts came to 17.7% and personal loans to 8.5%.A credit card is one of the easier accounts to open in someone else's name, and the reason is in how the application is cleared.A lender matches the submitted name, date of birth, address and Social Security number (SSN) against the bureau file.
When those details fit a record that already exists, an automated system can approve the application with no one confirming that the applicant is the person being described.Assemble enough of someone's information from breaches and stolen mail, and the check clears.Vranic and Marquis did not stop at one account per victim.
Once they controlled someone's identity, they activated existing cards, opened new credit lines and moved money out of bank accounts tied to the same name.This is common.The ITRC found that 25.6% of victims are now handling two or more identity incidents at once, up from 23.5% the year before.
The same stolen details, including name, date of birth, address and SSN, can...