ITAC: ID Thieves Targeting HELOCs

ITAC, a Washington-based identity theft assistance center, is warning consumers "to regularly check their HELOC accounts" following the release of an FBI report showing an increase in the use of false identities to drain home equity from unsuspecting homeowners. ITAC said the report may indicate the emergence of a new identity-theft trend that could threaten holders of home equity lines of credit. According to the most recent FBI Mortgage Fraud Report, ID thieves are now targeting specific groups of individuals due to the mortgage crisis. "As financial institutions begin to enforce higher lending standards, the identities of individuals with good credit will increase in value to perpetrators," the FBI report said. The report warns homeowners that because they are seen as higher-value targets, individuals with good credit "will likely be at a more significant risk for identity theft."