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How can identity theft impact you?

By Ruth Racey
Published: Sunday, May 2nd, 2010

Our identity is meant to be something that no one can steal from us but unfortunately there are people in this world who steal identities for personal gains. Identity theft is a serious offence that can cause the victim to suffer emotional and financial problems. This article will tell you how does identity theft affect the victim and ways to know if anyone is stealing your identity.

Understanding the Impact of Financial Identity Theft

Everyone gets adversely affected by these crimes but people who work hard to earn money, save money in bank accounts and keep a clean credit score are the ones that get affected the most by financial identity frauds. Unscrupulous people use various identity proofs of the victim to pose as the victim themselves and then they use this advantage to clear out bank accounts or maximize credit cards.

Most identity thieves get to know personal details of their victim before committing such a crime and common personal details include address, phone number, complete name and social security number. Some identity thieves prefer to pose as the person and then submit bad checks or empty ATM envelopes to the bank which causes the victim to suffer financially. The person who is committing the identity theft then poses as a collection agency representative and extracts money from the victim.

Understanding the Impact of Online Financial Identity Theft

Since most payment websites use a secure server identity thieves get to know your personal details and ask the payment website for a forgotten password. They then hack your email account in order to retrieve the password. People who commit these crimes pose as you online and use this advantage to steal all your online funds.

Simple Ways to Prevent Financial Identity Fraud

It is always recommended not to give out your personal details online and it is also recommended not to give details as your address, phone number, full name to people you do not know well. If you carry identity proofs in your wallet then consider chaining your wallet to your belt with the help of belt accessories.

If you are using online payment accounts then you should change your passwords often and set a security question whose answer all you are aware of. You should also consider changing your email accounts password often and set tough security questions. It is also recommended never to store passwords in your email account or on your computer. It is always beneficial to keep a diary or notepad in your house and note down your passwords there.

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