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What Is Identity Theft? | Credit.com

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Identity theft is a major problem. According to the Federal Trade Commission (FTC), there were more than 650,000 victims of identity theft in 2019, making ID theft the most-reported type of FTC complaint.  Chances are good that you will encounter identity theft in your lifetime. That was the case for at least 1 in 10 Americans ages 16 and older in 2016, according to the most recent data from the Bureau of Justice Statistics.

Protecting your identity and privacy should be a priority for you, and knowing what identity theft is can help you prepare. There are many different types of ID theft, which can make safeguarding your personal information even more important—and more difficult. Let’s look at some of the most common examples of identity theft and what you can do to manage the risks.

Defining Identity Theft

The term “identity theft” is used a lot, often interchangeably with “fraud.” Though many instances of identity theft are committed for fraudulent reasons, the two are slightly different. If you are a victim of identity theft, you want to catch it before it becomes fraud.

According to the National Center for Victims of Crime (NCVC), identity theft is “the knowing transfer or use, without lawful authority, of another person’s identity with the intent to commit, aid, or abet unlawful activity.” In simpler terms, ID theft is the act of stealing another person’s information, like through mail theft, phishing, card skimming, unsecure Wi-Fi or a data breach. Fraud is when a criminal illegally uses that information for their own gain.

The NCVC calls the latter “identity fraud,” which encompasses crimes like credit card fraud, medical fraud, and Social Security number theft. Identity fraud can be financially driven, but is also committed out of other motivations. Someone might try to steal your passport or driver’s license information to travel unnoticed by law enforcement, for example.

Whether an ID thief uses your credit card or medical insurance, the cost to you can be big. Javelin Research found that the 2018 out-of-pocket costs for victims of identity theft were $1.7 billion.

Different Types of Identity Fraud

As a popular saying goes, “Know your enemy.” Let’s take a closer look at identity fraud types and preventative measures you can take to prepare yourself and protect your finances.

1. Credit Cards

Credit card fraud is by far the most prevalent type of identity theft, according to FTC numbers.

You probably store your credit card information with different vendors or subscription services. If you used your card once at a retail store, they’ll still have your information on file. If a data breach occurs at one of those businesses, someone may gain access to your credit card number and begin to make fraudulent purchases.

While it may be easier to catch a fraudulent charge on a card you have, it could be harder to spot a new account in your name. In the meantime, hard inquiries and high credit utilization due to fraud could wreck your credit score.

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What you can do: Requesting a chargeback might help you avoid paying for specific fraudulent transactions, but checking your credit report will show you if the problem is deeper. Sign up for ExtraCredit to keep an eye on your credit report and scores at the same time to make sure that fraudulent accounts aren’t being opened or used. You can also request your free credit report from each of the three credit reporting agencies once a year to keep close control over your identity and credit profile. If you notice anything fishy, request a freeze immediately and file a report with the FTC.

Note: Due to the COVID-19 coronavirus pandemic, you can currently review your credit reports from each of the three credit bureaus for free each week, through April 2021.

2. Loans and Leases

Somebody with your personal information might try to apply for a loan online. Fraudsters may then be able to get financing to buy a car or real estate. The FTC has also reported fraud instances related to student loans and payday loans.

Loan application fraud is a challenge to track, but the impact is someone racking up debt in your name. When creditors come calling, it won’t be the thief who has to answer the phone.

What you can do: As with credit card fraud, regularly check your credit reports to watch for red flags. If you spot something, immediately contact the responsible financial institution. You may also want to file a police report or contact the office of the attorney general for your state. If you are the victim of loan/lease fraud, consider using credit repair services to help you recover.

3. Phones and Utilities

Mobile takeover fraud is a complicated scheme, but it’s a growing problem. Basically, it involves a fraudster using your information to access your smartphone and then lock you out. In the meantime, they can use your apps, read saved documents, or scam others by impersonating you. They might also harvest your personal and financial information that you have saved. The same might happen for an electricity or water account: A criminal finds a way in and consumes services that are ultimately billed to you.

The common theme with identity theft here is that if someone has your info, they can do just about anything with it. This includes opening up utility accounts in your name, getting free electricity, gas, water, internet or cable.

What you can do: Maintain strong passwords for all the accounts you have. If you need to, use a password manager to help you keep track of all the complex log-in credentials. Never, ever make your passwords using personally identifiable information, like a pet, birthdate, or home street. Should something happen, immediately contact your service provider.

4. Tax Fraud

Come tax time, a refund is a happy surprise for some Americans. Others may get a nasty shock when they’ve learned someone has claimed their return before they even file their taxes. Tax fraud typically occurs when someone has stolen your Social Security number, which they can then manipulate to falsely file a return and claim your refund.

What you can do: Under no circumstances should you give your SSN to anybody but trusted entities like the government, your bank, or your credit card company. Be wary of scammers posing as the IRS who will call or email you demanding your SSN information. This is a surefire sign of fraud. You can also opt to file your taxes early, thereby eliminating the opportunity for thieves to file for you and claim your return.

The IRS recommends watching out for various scams. If you believe you’ve been a victim, file a report on IdentityTheft.gov, call the IRS at 1-800-908-4490, and complete and submit the identity theft Affidavit.

Taking the Next Steps to Protect Your Identity

Identity theft is a constant threat, so you’ll always need to be on your toes.

Guard It from ExtraCredit provides you with proactive alerts, dark web monitoring, account monitoring, and $1 million in ID theft insurance.  Sign up today or read more articles about identity theft and fraud.

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Amazon com : Meet Arian Eghbali the Man Who is Changing the Financial Industry

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CA, USA – Arian Eghbali started his entrepreneurship career as the director of a Canadian company known as Nicholas Import & Export. In 2007, combining his interest in media with his leadership skills, Arian founded TMTV in Los Angeles, CA. Under Arian’s management, TMTV became the first Iranian media outlet with a platform for public stock trading under Global Gateway Media & Communications Inc with stock ticker of GGMC in NASDAQ.

While living in LA, Arian noted that many Iranians who never had to deal with credit and financial related issues in their home country, had difficulties with maintaining, managing, and utilizing their credit and finance. Arian noticed that many in the Iranian community were victims of the financial system in America, due to their lack of sufficient knowledge of the said system, and this matter affected every aspect of their lives in negative ways. Arian decided that it was time to start his next endeavor. He founded The Credit Repair Specialist; the first credit repair company in North America specifically serving the Iranian community.

The response from the community to Credit Repair Specialist, which in 2010 became Enrich Financial, was so positive and the service by the company, so satisfying, that it didn’t take long for Arian to expand the company and have branches in San Jose, Irvine, Los Angeles, and Encino, and finally, Glendale, where Arian and his professional team mostly serve the company’s amazing Armenian clients.

Arian’s book, Build Better Credit to Build a Better Life: Your Better Life Starts Here, was published in 2014 by Amazon. In this book, Arian reveals the secrets and legal strategies to improve credit score; secrets that credit bureaus have kept to themselves for years. As of now, Arian’s book has received 5 stars on Amazon.

Arian Eghbali has a variety of interests and has been a pioneer in different fields. In 2017, Arian founded Radio Jan, www.radiojan.com, which is the first Armenian Radio in the world based outside of Armenia. To this day, Radio Jan is the #1 Armenian Radio station outside Armenia and reaches numerous listeners every day. Being a pioneer:

Being a pioneer, Arian founded and is the CEO of the newsletter, Iran Mehr: the first weekly political newspaper in Los Angeles with a political theme in Farsi. Currently, Iran Mehr is distributed in California, New York and Texas.

Always a patron of arts, Arian Eghbali decided to start a tour with Ebrahim Hamedi, the Iranian legendary singer, best known as Ebi, AKA, Master of Voice, AKA, King of Persian Pop. Enrich Financial became the sponsor of Ebi’s 50th tour, known as The 50 World Tour, celebrating a lifetime of memories with an estimated audience of 500,000 fans during the span of 90 concerts, in 40 cities, 13 countries, and 4 continents.

Arian Eghbali and Enrich Financial have received many awards and recognitions for their tireless efforts in the field of credit repair. Arian is honored to have received a recognition letter in 2015 from the President of the United States, Barack Obama, and the recognition from the 44th POTUS made it to top news agencies, such as CBS, NBC, ABC News.

Arian has received certificates and recognition letters from other American Politicians, such as Paul Korets, member of the Los Angeles City Council, Bob Blumenfield, the Los Angeles City Councilmember for the 3rd Council District, and Matt Dababneh, member of the California State Assembly.

In 2016, Arian was awarded Certificate of Special Congressional Recognition that highlights his company’s invaluable service to the community and appoints Enrich Financial as the top credit repair company in Los Angeles.

For over a decade, Arian Eghbali and his skilled, multi-lingual team have been proudly providing credit and finance related services, such as credit repair, credit enhancement, and debt settlement to Persians, Armenians, Russians, and Americans alike.

Arian Eghbali provides guidance and support to anyone struggling on the path to fame, and will feature experts from the industry to share their insight. As for the financial section, Eghbali who has had a long history of personally advising celebrities and fortune 500 CEOs on wealth management, will break down investment strategies that will hopefully stop newly rich celebrities from blowing their wads in the first few years of fame.

Media Contact

Company Name: Enrich Financial

Contact Person: Arian Eghbali

Email: arian@enrichfin.com

City: Los Angeles

State: CA

Country: United States

Website: https://enrichfin.com

Source: www.abnewswire.com

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Under Expanded Consumer Protection Authority, the DFPI Launches Investigation into Multiple Debt Collectors

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SACRAMENTO – The California Department of Financial Protection and Innovation (DFPI) today announced an investigation into multiple debt collectors potentially engaged in unlawful, unfair, deceptive, or abusive debt collection practices in California based on consumer complaints. The DFPI is issuing subpoenas to a dozen companies with significant California customer bases, representing the first major action to be taken under the expanded oversight and enforcement authority of the California Consumer Financial Protection Law (CCFPL).

The new law, which went into effect Jan. 1, 2021, allows the DFPI to oversee previously unregulated financial products and services and enforce laws prohibiting financial service providers from using unlawful, unfair, deceptive, and abusive practices.  

“We take our expanded responsibility very seriously and are moving swiftly to ensure debt collectors do not violate the rights of California consumers,” said DFPI Commissioner Manuel P. Alvarez.

Subpoenas were issued to the following companies: Portfolio Recovery Associates, LLC; Encore Capital Group; Midland Credit Management, Inc.; Midland Funding, LLC; Atlantic Credit and Finance, Inc.; Enhanced Recovery Company LLC; Resurgent HP LLC and LVNV Funding LLC; IC System, Inc.; The Offices of Morgan and Moss; Convergent Outsourcing, Inc.; Spectrum Billing Services; and Monterey Financial Services LLC. Responses to the DFPI’s subpoenas are due in mid-February.

The subpoenas request documents illuminating how the companies collect debts and communicate with consumers. Both California and federal laws prohibit debt collectors from calling repeatedly over a short period of time to annoy or harass, threatening harm, calling at inconvenient or unusual times, or attempting to collect on a debt that a consumer does not owe.

Consumers from around the country have filed complaints against the debt collectors under investigation by the DFPI. Among other things, consumers allege that these debt collectors call repeatedly, fail to validate debts, and threaten to sue the consumers for debts they do not owe. 

The new Debt Collection Licensing Act or SB 908 requires California debt collectors and buyers to apply for a license from DFPI by Dec. 31, 2021. It will also give consumers a single location to check whether companies are licensed, and whether they have been subject to any enforcement actions, including license suspensions or revocations.

The DFPI will begin accepting applications for debt collector licenses in the late summer or early fall of 2021. The DFPI expects to review those applications and begin issuing licenses in 2022 and 2023.

The DFPI licenses and regulates financial products and services, including state-chartered banks and credit unions, student loan servicers, money transmitters, the offer and sale of securities and commodities, investment advisers, broker-dealers, broker-dealers, non-bank installment lenders, payday lenders, mortgage lenders and servicers, escrow companies, Property Assessed Clean Energy (PACE) program administrators, the offer and sale of franchises, debt collectors, rent-to-own contractors, credit repair and consumer credit reporting agencies, private school student loan servicers, debt relief agencies, and more.



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Meet Arian Eghbali the Man Who is Changing the Financial Industry – Press Release

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19 January, 2021 – CA, USA – Arian Eghbali started his entrepreneurship career as the director of a Canadian company known as Nicholas Import & Export. In 2007, combining his interest in media with his leadership skills, Arian founded TMTV in Los Angeles, CA. Under Arian’s management, TMTV became the first Iranian media outlet with a platform for public stock trading under Global Gateway Media & Communications Inc with stock ticker of GGMC in NASDAQ.

While living in LA, Arian noted that many Iranians who never had to deal with credit and financial related issues in their home country, had difficulties with maintaining, managing, and utilizing their credit and finance. Arian noticed that many in the Iranian community were victims of the financial system in America, due to their lack of sufficient knowledge of the said system, and this matter affected every aspect of their lives in negative ways. Arian decided that it was time to start his next endeavor. He founded The Credit Repair Specialist; the first credit repair company in North America specifically serving the Iranian community.

The response from the community to Credit Repair Specialist, which in 2010 became Enrich Financial, was so positive and the service by the company, so satisfying, that it didn’t take long for Arian to expand the company and have branches in San Jose, Irvine, Los Angeles, and Encino, and finally, Glendale, where Arian and his professional team mostly serve the company’s amazing Armenian clients.

Arian’s book, Build Better Credit to Build a Better Life: Your Better Life Starts Here, was published in 2014 by Amazon. In this book, Arian reveals the secrets and legal strategies to improve credit score; secrets that credit bureaus have kept to themselves for years. As of now, Arian’s book has received 5 stars on Amazon. 

Arian Eghbali has a variety of interests and has been a pioneer in different fields. In 2017, Arian founded Radio Jan, www.radiojan.com, which is the first Armenian Radio in the world based outside of Armenia. To this day, Radio Jan is the #1 Armenian Radio station outside Armenia and reaches numerous listeners every day.

Being a pioneer:

Being a pioneer, Arian founded and is the CEO of the newsletter, Iran Mehr: the first weekly political newspaper in Los Angeles with a political theme in Farsi. Currently, Iran Mehr is distributed in California, New York and Texas.   

Always a patron of arts, Arian Eghbali decided to start a tour with Ebrahim Hamedi, the Iranian legendary singer, best known as Ebi, AKA, Master of Voice, AKA, King of Persian Pop. Enrich Financial became the sponsor of Ebi’s 50th tour, known as The 50 World Tour, celebrating a lifetime of memories with an estimated audience of 500,000 fans during the span of 90 concerts, in 40 cities, 13 countries, and 4 continents.

Arian Eghbali and Enrich Financial have received many awards and recognitions for their tireless efforts in the field of credit repair. Arian is honored to have received a recognition letter in 2015 from the President of the United States, Barack Obama, and the recognition from the 44th POTUS made it to top news agencies, such as CBS, NBC, ABC News.

Arian has received certificates and recognition letters from other American Politicians, such as Paul Korets, member of the Los Angeles City Council, Bob Blumenfield, the Los Angeles City Councilmember for the 3rd Council District, and Matt Dababneh, member of the California State Assembly.

In 2016, Arian was awarded Certificate of Special Congressional Recognition that highlights his company’s invaluable service to the community and appoints Enrich Financial as the top credit repair company in Los Angeles.

For over a decade, Arian Eghbali and his skilled, multi-lingual team have been proudly providing credit and finance related services, such as credit repair, credit enhancement, and debt settlement to Persians, Armenians, Russians, and Americans alike.

Arian Eghbali provides guidance and support to anyone struggling on the path to fame, and will feature experts from the industry to share their insight. As for the financial section, Eghbali who has had a long history of personally advising celebrities and fortune 500 CEOs on wealth management, will break down investment strategies that will hopefully stop newly rich celebrities from blowing their wads in the first few years of fame.

Media Contact
Company Name: Enrich Financial
Contact Person: Arian Eghbali
Email: Send Email
City: Los Angeles
State: CA
Country: United States
Website: https://enrichfin.com



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