Definition of Identity fraud reimbursement program

Identity fraud reimbursement program

Identity theft means a criminal act in which a criminal steals and uses identity information of another person most of the time for taking financial advantage. For example, using someone’s credit card information to make purchases or using someone’s information or medical card for free treatments etc.

Stolen information is sometimes used as it is and sometimes combined with other information to create new identity.

Identity fraud reimbursement program is a program in which a victim is reimbursed with the amount associated with the fraud identity usage. These programs also compensate in a monetary way to the victim. This institution helps you get back your identity and does all the paper and legal work for the victim. KROLL was one of the first financial institution of this kind. You have to first register with them and need to give them your minimal information and power of attorney so that they can work on your behalf.


Identity fraud reimbursement program

Following are a few types of identity thefts very common these days:

Financial Identity Theft: As the name suggests it occurs when credit card or bank account information are stealing and misused. This causes not only monetary loss but also future credibility of a person.

Medical Identity Theft: This is stolen to be used for medical services and products. This can cause your medical limit exhaustion. Also it can cause incorrect treatment in future based on previous record (which actually belonged to another person) and hence health threat.

Criminal Identity Theft: In this type of identity fraud the criminal commits crime using another person’s details for example information taken from Internet social media profiles and accounts etc.

Driving License Identity Theft: In this type driving license can be sold forward if the picture seems to be identical.

Other types include

  • Insurance Identity Theft
  • Social Security Number Identity Theft
  • Tax Identity Theft etc


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