Identity Theft, Identity Theft Protection, ID Theft
Website CertifiedPrivacy Protected

What Can Happen – The Effects of Identity Theft

By Amanda Randell
Published: Tuesday, June 22nd, 2010

As shown in movies and television shows, stealing a person’s identity can be done through copying what he/she wears, how he/she behaves, and how he/she looks like (including going under the knife). Of course, the last one could be an exaggeration; however, it isn’t the most drastic. In reality, identity theft is happening.

Identity theft is basically defined as the unauthorized use of someone else’s personal information. It isn’t simply stealing one’s name, birthday or address. It includes obtaining more sensitive information like social security number and miscellaneous financial information. When a person becomes a victim of identity theft, criminals can now use the stolen information to open new credit card accounts, access existing financial accounts, and use money for more of their evil schemes.

The effects of identity theft are drastic – both financially and personally. Therefore, it is important for everyone to know some of these identity theft facts. Our first set of facts is the damage identity theft can cause. According to the Federal Trade Commission (FTC) of the United States of America, an average of $8,000 is needed to recover from identity theft. Of course, this depends on how grave the crime is. In order to return the accounts on having a clean record, victims spend an average of 600 hours of paper work. That’s 20 hours every day in a single month! Businesses also suffer worldwide because of identity theft. In a report submitted by the Aberdeen Group, they lose about $221 billion a year because of it.

 Another set of identity theft facts are the consequences it involve besides losing money. First, warrants issued in the victim’s name are being sent because of financial crimes. Second, victims experience difficulty in getting a new credit or loan account because of damaged records. Third, most victims could never get rid of the negative information found in their accounts. Lastly, which is probably the most devastating consequence to ever happen to a victim of identity theft, he/she cannot apply for a job. Most companies run a background check on applicants. When they discover such records, he/she will not be hired or when employed, be immediately fired.

 Expensive valuables like jewelry, gadgets, cash and cars can be stolen. However, these can be immediately replaced. This is their difference with a stolen identity. Once an individual’s identity is stolen, it is near to impossible to return what was lost. What can even be more heartbreaking, your next generation can suffer from the debts and other financial losses.

It is highly important to know identity theft facts so that prevention can be made. Be diligent. Protect important documents. And never ever give out details of financial accounts, especially to a highly questionable figure.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.