Identity theft is a crime that is affecting more and more people each year. Identity theft is the fasting growing crime in the US and the UK, and it has alone cost its US victims over fifty billion dollars.
Most identity thieves commit this crime for financial gain, but some identity thefts might also be committed by terrorists who use fake identifications to hide their activities from relevant law agencies.
Understanding what Identity theft is
Identity theft is when thieves steal someone’s identification information. Identification information is the information that identifies you, for example your birth certificate, social security number and driver’s license. Identity thieves then use this stolen information to a variety of uses which are damaging for the victim of.
Why should you be concerned about Identity theft
ID thieves steal identities for their own gain at the expense of the victims. ID thieves can use stolen identities for financial theft. Identity thieves use their victim’s identity information to open new accounts in the victim’s name or use the victim’s existing accounts fraudulently. ID thieves can open bank accounts and apply for new credit cards in the name of the person whose identity they steal.
Then these ID thieves charge up the credit cards and don’t pay a cent leaving the bill to be paid by the victim. This damages ones credit report and leads to the decline of requests for new loans and mortgages and in some cases, even the withdrawal of existing credit facilities. The victims of identity theft also have to deal with creditors who believe that it is the victim who made the purchases.
ID theft could lead to damage besides financial loss. ID thieves steal identities as a mask for their illegal activities. If an identity thief is caught for felony and is using your identity, the report will be drawn up in your name. And when these thieves do not show up in court a warrant will be issued in your name. Clearing up such a matter is a huge hassle and is something that harms your good reputation.
Identity theft should concern you for if your identity is stolen, identity thieves can potentially even get your medical, employment and government benefits. Identity thieves use social security and driver licenses to do so. Identity thieves may also use personal identity information to file fraudulent tax returns in the name of the person whose identity they have stolen.