Identity theft is a serious offense. Search Security defines the crime, also known as identity fraud, as an act involving another person’s confidential information’s robbery. It is implemented in several ways, sometimes through credit card statements, or a massive corporate database hacking. The imposters often use key pieces of personally identifiable information (PII) such as Social Security or driver’s license numbers. Search Security further divides identity theft into eight different types as explained below.
Financial identity theft
Just as the name implies, this type of offense is closely related to economic benefits. Criminals of such thievery target credit cards or loans. Financial identity thieves may also purchase something by faking their identity. This act may severely damage one’s reputation, mainly related to credit score. Bear in mind that a bad credit score could really trouble someone in getting a loan in the future. This act is by far the most common form of identity theft.
Tax-related theft
Using a stolen Social Security number, an imposter can misuse it to file a false tax return with the Internal Revenue Service (IRS). Victims may not notice they become the target of fraud until they receive a letter from the IRS.
Medical identity theft
This type of theft is the most complicated crime to solve. Complete ID further adds medical identity criminals steal identities to access medical service, drug prescription, or even medical insurance coverage. Obviously, this act will disrupt the theft victims’ medical history. The aftereffect of the theft to the victims is difficulty in receiving the correct medical record and registering for medical insurance. Besides, it takes a lot of time to correct one’s medical history.
Identity robbery for crimes
Suspects of this crime often fake their identity to free themselves from trouble. On the other hand, authorities may charge victims of the said offense for the misdeed they didn’t even do. Complete ID mentions the false criminal record can also be detrimental at an employment background check. Clearing the record may also take a lot of time and effort, depending on the jurisdiction and the severity of the crime.
This crime is not limited to financial, tax-related, medical, and criminal only. Learn more types of identity theft to prevent much bigger damage.
