Having been the victim of identity theft multiple times, I can tell you the thieves are getting more nimble. Basically, cyberthieves can steal Social Security and bank account numbers that can unlock access to credit. Recently some thieves did this to me, using my name to open up a credit card and loan application halfway across the country. So-called “first person” credit fraud is on the rise. According to Bob Sullivan, a consumer advocate, “Identity theft targeting family members is soaring, as is what I’ll call `desperation fraud’ — opening credit accounts with no intention of paying, and little effort to disguise the fraud.

Source: Forbes December 13, 2019 15:45 UTC