Effects Of Identity Theft

Identity theft affects over 15 million residents in the United states with an estimated loss of over 50 billion dollars each year according to Rob Douglas an identity theft and scam expert. It has a history of plaguing society with various social, economical, and financial problems that continues to persist individuals and businesses alike. Identity theft is defined as “The fraudulent acquisition and use of a person’s private identifying information, usually for financial gain”. Social security number, name, addresses, and employment history information are some of the private identifying information that identity thieves use to pray on individuals. Not only individuals but small, medium, and large business are affected by identity thief which have an underlining effect on the entire economy. People identities are unique to them and should be only used by them to progress financially and no one else. However, the crime of identity theft makes it very easy to impersonate another individual.
In modern times, the theft of an identity can be used for many things. Some on the things it can be used for includes underage drinking, opening loans and credit cards account, insurance scams and laundering of resources. It can also be used to access your peoples online bank account or credit cards to gain
The theft does not even have to occur with a break in to your house. A criminal may engage in something called shoulder surfing, which is when they are “watching you from a nearby location as you punch in your telephone calling card number or credit card number or listen in on your conversation if you give your credit-card number over the telephone to a hotel or rental car company”. Also, sometimes with pre-approved credit card letters, if you “discard them without tearing up the enclosed materials, criminals may retrieve them and try to activate the cards for their use without your