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The Damages of Identity Theft

By Ruth Racey
Published: Friday, October 29th, 2010

Summary:   Identity theft has a great monetary impact especially if it has gone beyond taking out your finances. This crime can cause a person’s reputation which he would suffer from in the long run

As for much technological advancement, everything is not an advantage. The internet, for instance, is not a total benefit to the world because inasmuch as it can provide comfort and convenience, it can also give threats in varying degrees. Since the internet is is accessible for all purposes, it includes both worlds of good and bad. People who make use of online advantage should also be cautious about online dangers.

Identity theft online can happen to any body who makes use of the World Wide Web for any transactions. Identity theft is a crime where perpetrators try to impersonate individuals for the purpose of taking advantage of the latter’s financial benefits. Internet transactions become a great threat as they require people to reveal certain personal information about themselves.

When filling forms online, you are asked of pertinent data to verify your identity including social security number, billing address, and other information that might lead the revelation of your financial details. Once an identity thief was able to take access of your personal and business accounts, the can definitely conduct fraud under your identity.

Using the information they have accessed, they can change your billing address and make financial transactions without your knowledge. Hey can also counterfeit debit cards and checks or can do electronic transfers of your money online and eventually wipe out your bank account.

Identity theft has a great monetary impact especially if it has gone beyond taking out your finances. This crime can cause a person’s reputation which he would suffer from in the long run. Since credit transactions could not be deleted in a person’s credit reports at once, identity theft activities could also remain for very long duration and would damage the person’s financial opportunities.

Much worse, thieves can enjoy the benefit of using your information to obtain important documents like passports and driver’s license with your name and photo displayed on them. They could also file fraudulent income tax returns, file insurance claims, apply for loans, and could even provide your personal information to the police and be involved in crime-related activities.

Identity theft is a grave threat to those who make use of the internet as the mainstream medium for their businesses and financial transactions. If you happen to be one of the victims, all you need to do at once is to report the incident to proper authorities and other financial entities. This way, you can reduce any future threats that may ruin your entire identity and would bring you to the worst situation you could ever be into.

Author Info Box:

For other concerns on identity theft and credit scores theft, search on the pages of Free-Credit-reports.com. The website also provides you with tips and credit report fraud alert for your protection.

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