There’s a reason why criminals, cyber and otherwise, have made identity theft one of the fastest growing crimes. It’s astonishingly easy in today’s digital world to steal someone’s personally identifying information (PII). Using that stolen PII to impersonate you is both very easy and very lucrative. But while they’re enjoying the riches that come from standing in your stead, your life will be turned topsy-turvy.
You will face immediate financial impacts. But identity theft also creates long-lasting chaos in so many ways and in so many arenas of your life. In this article, we will explore the many ways in which identity theft can disrupt and, in some cases, even ruin lives. We’ll also look at how lawyers for identity theft can help minimize the damage, protect you from further damage, and help you recover losses and if appropriate, damages, from the damage you have already endured.
What is identity theft?
Identity theft is the crime of accessing, stealing, and using someone’s PII without their permission. PII includes your Social Security number, bank account numbers, driver’s license number, credit card numbers, and address. The thieves use this PII to access financial accounts and transfer funds, open new lines of credit in the victim’s name, and commit other crimes.
Identity theft can cause serious damage in many aspects of your life; damage that if not squelched thoroughly and properly will endure and persist. While the thieves’ goal is using your money and money that you will owe, and while that damage is significant enough, the damage to your world and your psyche will go beyond financial deterioration.
Financial Impact
The most immediate and tangible impact of identity theft is the financial burdens it brings. When a thief gains access to your financial accounts and personal information, the consequences can be swift and severe.
- Emptied Bank Accounts and Investments: The immediate financial losses incurred because of identity theft can range from the loss of the money in your checking account to stolen funds from investment accounts. That may mean inability to make mortgage, tuition, car, and other payments which will in turn lead to more financial losses.
- Unauthorized Transactions: Thieves will make purchases in your name. While some companies have safeguards in place to reimburse you, the time and energy spent dealing with the aftermath is significant and costly.
- Maxed-out Credit Cards: If you do not have theft protection on your credit cards, all the debt the thieves rack up will be your responsibility.
- Damage to Credit Report: It is likely the identity thief will take out new credit cards and loans in your name. This will significantly affect your credit score, a critical component of many facets of your financial life. This will affect your ability to secure loans, buy a home, or even get a job. If you can get a loan with your diminished credit score, it will be at a significantly higher rate.
Emotional Distress
Identity theft is not merely a financial crime; it’s an intrusion into the most personal aspects of your life that can leave deep scars. Discovering that someone knows your personal information and has used it can create emotional turmoil.
- Fear and Vulnerability: A victim may experience a heightened sense of vulnerability, knowing that someone out there has intimate details about your life. Fear results from the uncertainty about the extent of the identity theft; and vulnerability arises from invasion of your privacy. Your sense of security is deeply tied to your identity. When a thief gains access to that identity, they can exploit it in various ways, but the result is an erosion of your sense of security.
- Anxiety and Stress: The perpetual worry about potential future attacks and the stress that comes from the additional workload of rectifying the situation will lead to increased anxiety and stress. Victims often find themselves living in fear of another breach.
- Loss of Trust: Having your identity stolen can erode your trust in the world. You may become more suspicious of people, hesitant to share, and even skeptical of friends and family. This can have a profound effect on both personal and professional relationships.
Legal Disputes
There are several potential legal issues that could and often do arise from identity theft. Of course, just as you can’t predict the potential damage thieves can do, you can’t predict the possible legal actions that could result.
- Criminal Impersonation: Identity thieves can use your personal information to commit crimes in your name, like mail fraud, falsely claiming unemployment benefits, and prescription drug abuse. This can lead to legal troubles and even criminal charges against you for crimes you didn’t commit.
- Reputational damage: Someone impersonating you can cause a sizable amount of damage to your reputation. Rebuilding this can be challenging and time-consuming.
- Physical Safety: Beyond legal issues, your physical safety may also be at risk. A thief with access to your identity can exploit it to gain access to areas you thought were secure.
- Litigation: Sometimes, circumstances dictate that you should begin legal action to recover the damages from the identity theft. Whether it’s testifying at the criminal thieves’ criminal trial, bringing a civil suit against the thieves, or bringing a lawsuit against the institution at the source of the PII leak, sometimes legal action is inevitable. While necessary, and while you may recover damages, the time and effort of litigation is substantial and will disrupt your life.
When to seek professional help for identity theft
When you discover that someone has stolen your PII, you must act immediately. Contact all your banks and credit card companies and ask them to put a fraud alert on your credit reports with the three national credit bureaus—Equifax, Experian, and TransUnion. You should file an Identity Theft Affidavit with the Federal Trade Commission and your local police. Close any accounts that the thieves may have accessed and update any passwords to secure them against further access.
You should also seek legal assistance. As discussed, identity theft can take an overwhelming emotional toll. Letting someone else – especially someone adept at navigating the many issues arising from identity theft – handle things will be beneficial to you in many respects. Consumer Law Attorneys are familiar with identity theft cases will provide expert guidance, shield you from wrongful criminal accusations, help you navigate the complex legal terrain, and advocate for you in disputes with financial institutions and credit reporting agencies. They can assist in the restoration of your financial health and help you pursue damages in cases where identity theft has caused significant financial harm.
Remember, you don’t have to face the aftermath of identity theft alone. Seeking legal help can be the crucial first step in reclaiming your life, your emotional well-being, your personal safety, and your financial stability.
