Identity Theft on the Rise: This is What You Need to Know

Here at Paper Wise, we take shredding your paper and protecting your identity just as serious as you do.

Merriam-Webster defines Fraud as an intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right. Those who commit fraud intend to deceive a person, so that they can experience a personal or financial gain. There are 11 total types of fraud. The most common types of fraud are; Financial Statement fraud, Asset misappropriation fraud, theft of intellectual property and trade secrets, healthcare fraud, insurance fraud, banking fraud, and consumer fraud.

In 2019 there were 1.7 million fraud cases reported. 391,000 were said to have lost money. In 2019, consumers reported losing $1.9 billion dollars due to fraudulent activity. This was a $293 million dollar increase from 2018, which was totaled around a loss of $1.48 billion dollars. The top 5 types of fraud that were reported in 2019 were; Wire fraud($30 to $50 billion), Card fraud($32 billion), Online Fraud($26 billion), Mortgage fraud($17 billion) and identity theft($16 billion). Identity theft is the use of someones personal information without consent. For example, a person gets a call asking to confirm their credit card information and the caller proceeds to use that information for their own personal use.

You may be asking yourself what happens if your identity is stolen. When someone steals your identity, they obtain your personal information. This may include your credit card information, your savings account information, your insurance policy information, and even your social security number. All of which can benefit the person who stole your identity. The thief can use your information to do things like; apply for credit cards, set up new bank accounts, apply for loans, file for taxes, and get medical services. They can even ruin your credit score and spend all of your money. If a thief were to destroy your credit status, things like buying a house would be nearly impossible. Reestablishing your credit and your name takes loads of time and can cost you lots of money. There are a few ways to protect yourself from becoming one of the scary Fraud and Identity theft statistics.

Saving yourself and your information is very easy. Locking your mailbox is a very simple and easy way to keep your identity secure. Thieves will go mail box to mail box to steal bank statements and car payments. Using your phone, can help as well. Using bank alert apps and using a digital wallet are two ways to keep yourself safe while using your phone. Keeping things like your social security number and birth certificate in a safe will stop any home intruders from obtaining the main keys to your identity.  Paper Shredding is an amazing way to keep hard copies of bank records safe. Paper Shredding is convenient for you as well. There are shredding services all around the world that operate in big cities, like Denver Colorado. They will even come right to your door. Shredding your paper is the only guaranteed way to keep your information private and out of the hands of a fraud. Using strong passwords and authorization steps can help keep your online portals, and credit card information safe. It is recommended to change your passwords every 6 months to a year. Freezing your credit is another great way to keep yourself from becoming a fraud statistic. Freezing your credit will not only prevent you from opening new accounts under your name, it will also prevent information stealers and frauds from opening accounts using your name.

Here at Paper Wise, we are dedicated to upholding all of the certifications and precautious measures to destroy your information properly. We are NAID AAA certified. We adhere to auditing guidelines for the secure destruction of personal information. Save yourself from becoming a statistic! Shred your paper with the Paper Wise.

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