The High Cost of Identity Theft

There are multiple costs a victim of identity theft pays:

Financial—how much they are going to spend on best effort legal services and fees to dispute unauthorized transactions, repair their credit history and score, and restore their professional reputation. Depending on your career of choice, being a victim of identity theft does not compliment your professional qualifications.

Emotional—the toll of having every level of your personal privacy violated, the perpetrators still unknown, still at large to possibly cause you further harm, debilitating. The severity of identity theft related crimes varies 1) small-dollar charges to the victim’s existing credit card accounts 2) opening new credit card accounts in the victim’s name 3) making tens of thousands of dollars of charges to the fraudulently opened accounts 4) borrowing multiple home mortgages in the victim’s name 5) even filing for bankruptcy in the victims’ names.

It is the fastest growing crime—year after year, according to government statistics, the number of victims, and the dollar amounts stolen continues to rise.

Check your credit reports, and your Better Business Bureaus.

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