November 6, 2022

What Identity Theft is and What are the Consequences Linked to it?

Identity theft is not just in movies; it is happening to many people worldwide.

Identity theft and its consequences can worsen if you don’t have the correct information. To understand identity theft, you must understand what encompasses the term identity. Identity is defined as a set of distinguished individual features that help clearly define the difference.

When people use your identity without your consent, it can damage your image and be a real-life risk. According to a survey, identity theft have reached 11% by 2020-2021; this means that many people are now suffering from this fraud. The first step is to gain knowledge about these thefts before you take any severe action.

Factors to Consider for Protection from Identity Theft:

The fundamental question encompasses identity theft because the majority’s understanding involves financial identity theft, but it is more than this. Here are some areas you have to consider to save yourself from identity theft:

1- Financial Aspects

There is financial identity theft, including credit cards, services, and financial bonuses. This theft includes your money matters and how they can be traced to various bank accounts. Easy transfer of your money to one account or all of a sudden big purchases are a sign that you are in trouble. Report identity theft and get your accounts back by updating your security systems.

You cannot be sure it is just you, there could be an imaginative person, and then your information can be taken into account to generate a third person, who is essentially new but fake. These identities are usually made to make new credit card purchases and steal money.

In terms of fraudulent identity theft, people also tend to identify themselves as a child because, in this regard, they are safe from many questions. They don’t have to answer so many questions from the companies, and tracing back can be really hard. In child identity cases, there are usually close friends or even family members that can steal the identity; therefore, report your theft if you find suspicion.

2- Social Aspects

Your social security is essential for you as it contains more than just your financial details. Your card’s medical and other benefits can be used easily, and you can be left with an outstanding balance. Secure your social security cards and make sure to use necessary information only when it is required. In some cases, people can also identify as you and get free medical services.

Who would have thought that someone else would file your tax? Sounds hectic!

But there are people who are actually interested in the federal tax return. That is only your right. Identity thieves tend to use your tax information to collect your refund money and spend them as they please.

If this doesn’t shock you, then consider then understand criminal theft. In criminal identity theft, a criminal pose as another person during an arrest to avoid a summons, prevent the discovery of a warrant issued in their real name, or avoid an arrest or conviction record. This theft cannot as far as to take you to jail, although you have not done anything. A criminal can show himself as another person, run away from court trials, and even reissue a warrant or mess up the records of the police and court. In this regard, directly or indirectly, you will have to suffer.

Not to say that one can be convicted that easily but your involvement or the involvement of your name in the case can definitely raise suspicion about you. Although you have a clean record, your scam can make your records problematic.

Consequences of Identity Theft

Here are some unforeseen consequences you never considered:

1- Emotional Unrest

The consequences for these frauds cannot be just physical but emotional as well. The idea of someone having access to your identity is psychologically very disturbing. There is restlessness and insecurity, as well as anxiety about how much information has been accessed. In our daily life, we use and share information for our purposes and fun, but we never measure the consequences in a safe place.

Identity theft can cause turmoil in your sense of security and can even lead you to depressing thought patterns. Whether we like it or not, we can never assure that the scammers have only taken our money and nothing else. Report your theft and save yourself from unwanted emotional turmoil.

2- Future at Risk

Even if you have strong nerves, understand the possibilities of identity theft and deal with it maturely, you still know that your future is at risk. When the scammer accesses your bank accounts, tax identity, or anything else, you tend to rely on your report patiently. As long as the matter is not resolved entirely, you might not be able to use your money or insurance or even medical benefits.

This delay can be challenging to your life security; therefore, identity theft in Australia is much discouraged and talked about to save people from trouble. The Australian Government also has detailed information on how to report these thefts on their websites.

3- Scam Shaming

Now, this is more like a post-theft thing, where people around you are aware of the fact that you are scammed. Sadly, this comes with a lot of shaming. People around you might judge your ability to be responsible about your accounts, or they may entitle you as someone immature. This damages your personality as well.

Also, once the account information is shared, there might be scam emails or other possibilities. You might even have to change your accounts to be safe and sure. With good awareness, you can stop these effects.

Here is what you need to do:

  • Delete Data from all of your accounts. This includes your email and much more.
  • Safe use of personal information and do not click on every application
  • Do not apply everywhere, as clicking many sites can make your system naive
  • Use good agents for a reliable future.