Identity Crisis Survival: Learning the Scams of Identity Theft

Mari Frank’s nightmare began late one night in 1996 when she received a call from the Bank of New York asking why she hadn’t made the monthly payment on her credit card. Frank didn’t have a credit card with Bank of New York. But her double – who looked nothing like her – took Frank’s background, her credit, and even some of her business cards. The impostor also bought $50,000 in clothing and luxury items, plus a Mustang convertible, and charged it to Frank’s tab. The impostor, living in Ventura County 200 miles to the north, had been enjoying the high life for more than a year before the fraud was detected. Fixing the damage required about 500 hours of Frank’s time and cost $10,000.

Identity theft ruins reputations, destroys credit ratings, and empties bank accounts, and in most cases, there is nothing anybody can do about it. Fraud artists sweep up personal information, take on the personas of victims and steal money from their accounts, or rack up bills in their names. It’s one of the fastest-growing white-collar crimes, fueled by the exponential growth of the Internet and instant credit as well as widespread use of Social Security numbers. Fraud examiners and investigators need to know the scams and the ways they can be detected.

The Victim’s Plight