Close to million additional Americans have their personal identifying information placed at risk of identity theft each year when records maintained in government and corporate databases are lost or stolen. These alarming statistics demonstrate that identity theft may be the most frequent, costly, and pervasive crime in the United States. The level of sophistication employed by professional identity thieves involved in organized crime continues to grow along with the methods they develop.
From individually tailored phishing and vishing scams, to increasingly successful hacks of corporate and government databases, to elaborate networks of botnets designed to hijack millions of computers without any trace, there is an ever-increasing threat to all Americans.
At the same time, basic methods of identity theft continue unabated. From stealing wallets and purses, to dumpster diving and stealing mail, to the use of pretext and social engineering to deceive customer call centers into releasing personal account information, the original methods of identity theft are still pervasive. As the methods used to perform identity theft expand, so do the types of accounts and services being stolen by identity thieves. Credit, debit, checking, and saving accounts are no longer the only targets.
Identity fraud has grown to include theft of cell and landline phone service; cable and satellite television service; power, water, gas and electric service; Internet payment service; medical insurance; home mortgages and rental housing; automobile, boat and other forms of financing and loans; and, government benefits.
Identity thieves will also use stolen identities to obtain employment and to deceive police when arrested. Quite simply, every individual or business is vulnerable to attack when it comes to personal or corporate information, products, and services. Twitter Facebook Instagram Youtube. Regardless of how you are victimized, there can be long-lasting consequences of being a victim.
Find out how identity theft can affect you and what you can do to discover if someone has fraudulently used your information. Effect 1 — Financial Loss The most severe consequence of identity theft is the loss of personal funds. Often times, fraudulent purchases made using stolen credit or debit card information is covered by the bank or company issuing the card.
In certain circumstances, the victim can be left financially devastated. Recovering lost funds could take years and in some cases, the money might never be recovered. Many employers not only drug test and check criminal history, but conduct a credit check as well. Those with bad credit scores have a much more difficult time finding a job.
Effect 3 — Mental Stress It can take hundreds of hours to clear up an identity theft case. In many instances, victims find that issues that they thought were resolved may pop up again years later leading to ongoing damage control that can take an emotional toll. The stress and fear of financial insecurity can have a lasting impact on mental health.
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Experts say that data breaches, hack and identity theft are an all-too-common — and often unavoidable — reality, so consumers should take steps to avoid becoming victims whenever possible. Want more tips like these? Sign up for our newsletter and follow us on Facebook , Twitter and Instagram. IE 11 is not supported. For an optimal experience visit our site on another browser.
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