What is "financial identity theft"?

What is "financial identity theft"?

Robert Siciliano (Identity Theft Expert and CEO) gives expert video advice on: How do I know if I am a victim of financial identity theft?; How can I protect myself against financial identity theft? and more...

Financial identity theft is when someone begins to open up bank accounts and credit card accounts under your name. They start to take out loans under your name, get credit cards under your name. Eventually, unfortunately, they usually default on those accounts and then they damage and soil your credit.