Protecting Yourself from Financial Identity Theft after Divorce

 

During a marriage, the financial identity of both spouses may become comingled due to joint bank accounts, joint credit cards, co-mortgagees, and more. Protecting yourself or your clients from financial identity theft during and after the divorce is final should be a top priority.

According to the Federal Trade Commission, identity theft falls into six major categories:

  1. Employment or tax-related fraud (34%). The use of one’s social security number and other personal information to gain employment or file an income tax return.
  2. Credit Card Fraud (33%). The use of someone else’s credit card or
    opening a new credit line in someone else’s name.
  3. Phone or Utility Fraud (13%). The use of someone else’s personal
    information to open a wireless phone or utility account.
  4. Bank Fraud (12%). The use of someone else’s personal information to take over an existing financial account or opening a new account.
  5. Loan or Lease Fraud (7%). The use of someone else’s...
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