What Problems Does Identity Theft Cause?

Theft is a crime, something unlawful. Yet crime is a good source of income for the bad elements of society. Theft now is just not about stealing money and personal property. One of the most common acts of thievery that is becoming very widespread today is identity theft.

what problem does id theft cause

Definition of Identity Theft and identity Fraud:

Identity theft
Identity theft is using another person’s personal information without the concerned person’s permission. This is the illegal use of names, addresses, SSN or any other identification data of that person.

Identity fraud
Identity fraud is the use of stolen identity in criminal activities in order to deceive the authorities in the acquisition of assets, goods or services.

Sources of information for ID theft crimes:

Identity thieves make use of your personal information such as driver’s license, national ID, passports and more. They can also use your credit cards, ATM cards and credit cards, and bank statements. So, be careful, and secure these documents at all times.

Problems caused by identity theft:

Once a thief gains access to your personal information, the culprit is able to perform fraudulent activities. As soon as you become a victim of id theft or id fraud, you may be facing a number of problems.

  • When a credit card under your name is used for purchases, you are liable for the payment of these items. Your bank will collect the bills from you even if you have never bought them.
  • The thief can gain access to your checking or savings account and might be able to withdraw money from your account if the account has balances.
  • When you become a victim of id crimes, you will be suffering from emotional struggles besides the financial stress.
  • The illegal activities can cause damages to your name and it may take months or even years to clear your name.
  • It takes a long time to clear your name for illegal transactions. These crimes will even form part of your credit report until your name is cleared by authorities. In such a case, you will not be able to get loans and financial services easily.
  • Clearing your name in identity theft crimes can be a costly affair.

The problems involved in identity theft are too daunting. In order to prevent being a victim of identity theft, you should be careful with your personal information.