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What does identity theft insurance not cover? It's important to note that these insurance policies typically don't cover stolen money or direct financial losses from fraudulent purchases and other unauthorized use of credit accounts. They typically reimburse you only for the costs of the reporting and recovery process.
Identity theft and identity fraud are terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception, typically for economic gain.
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The three most common types of identity theft are financial, medical and online.
The four types of identity theft include medical, criminal, financial and child identity theft. Medical identity theft occurs when individuals identify themselves as another to procure free medical care.
Identity theft happens when someone takes your name and personal information (like your social security number) and uses it without your permission to do things like open new accounts, use your existing accounts, or obtain medical services.
How Does Identity Theft Occur? All that is needed is a little information, such as your social security number, birth date, address, phone number, or any other information which can be discovered.