What Are the Implications of Identity Theft?
Identity theft is the fastest-growing white-collar crime in the U.S., according to the FBI. Loss of individual identity–financial information, driver's license, voter registration, passport and even social security number–can have many implications.
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Identity Theft Implications
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An initial implication of ID theft is the amount of time and money needed to re-establish identity, credit and clear your name, according to the Federal Trade Commission (FTC) 2006 ID Theft Survey Report.
Personal Implications
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The personal implications of ID theft can be devastating, causing emotional distress, anxiety and even triggering depression, according to the Identity Theft Resource Center.
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Financial Implications
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Financial histories and credit records can suffer from identity theft. Some 85 percent of ID theft victims reported the loss or misuse of one or more existing accounts, according to the FTC 2006 Survey.
Business Implications
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Businesses, particularly in credit and financial fields, also suffer financial losses from ID theft, according to the Identity Theft Resource Center. A business can suffer from lost time and productivity when the victim is an employee.
Legal Implications
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Re-establishing a legal identity, including social security number, passport, tax records and even military records, is another implication of ID theft. Also, not all states treat ID theft alike, so legal implications vary state to state, according to the FTC website on Identity Theft.
Internet Identity
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A rise in online identity theft can have implications, according to the FTC website. Online identity theft, or cyber identity theft, can compromise credit, lead to lost data and financial records and compromise online identity.
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