'Tis the season for ID theft.

• Author: Cardone, Gary
• Position: GONE SHOPPING

"It can take months--or even years--for consumers to resolve identity theft issues and bad debt fraudulently run up in their names. One survey of victims found that 32.7% subsequently had difficulty obtaining credit cards; 28.4% had trouble securing other types of loans; and 19.5% continued to be harried by collection agencies."

GOVERNMENT REPORTS reveal that nearly 18,000,000 Americans were victims of identity theft in 2016, which is almost 1,000,000 more consumers than the 2012 tally. According to the latest Bureau of Justice Statistics findings, 16,400,000 consumers were victims of unauthorized use of their existing bank, credit card, or other account, while nearly 1,100,000 had their personal information fraudulently used to open new accounts or obtain loans. Only a fraction of all victims filed formal complaints with the Federal Trade Commission (FTC), which received 490,220 identity theft reports--a 47% increase over the previous year.

It can take months--or even years--for consumers to resolve identity theft issues and bad debt fraudulently run up in their names. One survey of victims found that 32.7% subsequently had difficulty obtaining credit cards; 28.4% had trouble securing other types of loans; and 19.5% continued to be harried by collection agencies. Other repercussions included cancellation of existing credit cards, higher interest rates on credit cards, and an inability to pay bills, with some respondents even citing job loss as a result.

In spite of these consequences, consumers often are their own worst enemies when it comes to identity theft. Some people are negligent with their personal information, while others fall prey to phishing scams. If consumers made more of an effort to protect their data, monitor their accounts, and educate themselves on how to avoid scams, many cases of fraud and identity theft--especially prevalent during the holiday shopping season--could be prevented:

Learn to spot and avoid scams.

Always double-check the sender's full email address and hover a cursor over hyperlinks to view the actual URL before clicking onto to a website--but be aware that skilled fraudsters are adept at spoofing email addresses and creating fake websites. Never download files from an unverified sender or provide personal information to someone who calls claiming to represent a bank, credit card company, the 1RS, or another authority. Instead, look up the organization's contact information yourself and call directly to...