We are all familiar with the tragic and helpless stories of identity theft and credit card breaches. What many are not aware of, however, it what happens when an identity is stolen. On the dark-web's marketplaces, the average buying price for someone's identity was $21.35, according to research by Quartz. Even though buyers and sellers are dealing with illegal, stolen identities and information, the prices for each identity varied due to reliability, seller's reputation, robustness and quality. There is even vendor feedback and labeled sections like a normal online marketplace.
This personal information for sell is called "fullz," which includes addresses, birthdays, names, identification numbers and more. Identities sold for higher prices — reaching up to over $400 — were charged as premium quality due to high credit scores, along with no in place fraud alerts. When one black market website is taken down, another pops up in its place. If you believe you have fallen victim to identity theft, there are a few motions you can take after recognizing illegal activity.
First, you should notify all of your creditors in order to freeze your accounts from running up further charges. You should also file a formal dispute with all three credit bureaus to activate your rights from the Fair Debt Collection Practices Act and Fair Credit Reporting Act. Furthermore, you should request fraud alerts and get a security freeze on your accounts to prevent future damage to your credit score while you are sorting everything out.
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