Many people don’t understand the importance of keeping their personal information safe and not giving it away so easily to other people. The consequences of identity theft can be severe. Here are some of the devastating consequences.
The financial effect is the primary consequence of identity theft. If your personal details including bank details and social security number are stolen, then a third party may access your bank accounts and take money out of it. Your credit score will be affected. Your investments and mortgages may also be affected. It might take several months or even years to fix everything.
You will feel anger at first and then stressed. Identity theft can not only result in financial losses, but the third party can also perform criminal activities using your name. So, you may be arrested for someone else’s fault. All these can create emotional stress.
Your reputation may be at stake due to identity theft. The other person may be using your name on social networks and sending bad messages to people you know. So, you may lose friends as well. Your job may be at risk today.
Though the data protection law exists, the incidents of identity thefts are still on the rise. You should be careful when sharing your information with others. You shouldn’t give away your bank details or social security number so easily. You should protect your personal information and reduce the chance of identity theft.