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Privacy and Security

Identity Theft and Fraud

What is identity theft and fraud?

Various pieces of personal information make up your identity — for example, your name, address, Social Security number, etc. Identity theft is when someone uses your personal or financial information without your knowledge. Thieves usually acquire your information through theft or fraud.

To gain a better understanding of this situation, review the most recent statistics on the prevalence of identity theft.

Most recent statistics:

  • 3.6 million U.S. households affected1
  • $3.2 billion in losses for individuals2
  • #1 complaint filed with Federal Trade Commission3
  • $52 billion in losses for businesses4

How does identity theft and fraud occur?

Commonly, someone fraudulently represents a legitimate company—either in person, online or on the phone—and tricks you into divulging your personal information. A common method is "phishing," (pronounced "fishing") the act of sending an e-mail that fraudulently represents a legitimate company and "lures" you (hence, the phishing name) into divulging personal and financial information that could then be used for identity theft.

Review the various methods of fraud so you can avoid them.

More facts from third-party resources

Merrill Lynch is not affiliated with these third-party resources, and if you click on any of the below links, you will leave www.ml.com and be taken to another site.

Federal Trade Commission
www.consumer.gov/idtheft
U.S. Department of Justice
www.usdoj.gov/criminal/fraud/idtheft.html
OnGuardOnline.gov
http://onguardonline.gov/phishing.html

Click here for more third party resources on identity theft & fraud.

If you need to report identity theft or fraud, or if you have questions, please call us at phone 1-800-MERRILL (637-7455), or contact your Financial Advisor.


1The Wall Street Journal, 04/03/06, page 1.
2Ibid.
3Federal Trade Commission, 02/05.
4Javelin/Better Business Bureau, 01/05.