Identity theft can cause damage in several different ways. It can smear on your clean reputation, devour your hard-earned finances, and take away your priceless peace of mind. In short, it can drastically change your life. With these devastating consequences, it is ultimately important to be aware of and be knowledgeable about it.
In contrast to the most common misconception, identity theft does not only happen in the form of credit card theft or an account takeover fraud. It can also occur in several other types that are as equally destructive as those related to financial accounts.
Identity Cloning
When an individual assume someone else’s identity to conceal his own, that person is committing a specific type of identity theft known as identity cloning. Most commonly, this is performed in order to evade from legal penalties or perhaps from social responsibilities. Examples of individuals who are into this type of activities are fugitives, illegal immigrants and nonpaying debtors.
Medical Identity Theft
As what the name denotes, medical identity theft involves the use of someone else’s identity or personal details (e.g., insurance information) specifically for the purpose of receiving medical services and goods. This gives rise to entries of false details on the victim’s health and medical records possibly leading to the formulation of wrong decisions and implementation of harmful actions by the medical staff.
Criminal Identity Theft
To get away from legal consequences of committing a crime, numerous criminals present fake identifying documents to elude from filed charges. By doing so, criminals can transfer their criminal records to someone else’s name thus maintaining a clean slate. On the other hand, victims of these kinds of practices are often faced with responsibilities to attend court hearings just to vindicate themselves from crimes that they haven’t done.
Synthetic Identity Theft
Unlike traditional types of identity theft, synthetic identity theft is usually difficult to detect and discover. This variation involves the use of several pieces of information of different individuals to create a new identity. By combining mismatched information, this goes commonly unnoticed for years because it will not usually reflect on the victim’s credit report.
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