Identity Theft Is Not a Positive Event! Be Wary!

Identity Theft Is Not a Positive Event! Be Wary!

OPINION

Hardly a week goes by without me seeing an article about identity theft. Each time, it seems to be a different tactic, but the results are the same: hurting people. 

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Lee, this is a positive news site. Yes, it is. It is educational a lot of the time. Part of that is recognizing what is “hurting people” and introducing them and others to ways to avoid these scams and unravel things. 

Most people think it is simply someone using a misappropriated credit or debit card, but it is a lot bigger than that.  

I was the victim of identity theft in the early 2000s. Unbeknownst to me, a man had stolen my identity, printed up business cards, obtained a checkbook, and waltzed around Southern California buying classic cars in my name. It was only when an LA Sheriff called me and came to me with a subpoena to appear to answer charges that included theft, bad checks, etc. After multiple conversations, it turned out the man had stolen 6 identities, and had been caught, but they told me I would have to go to California. Fortunately, I worked it out and did not have to appear. It was only then that I realized the depth of ID theft.  

Resolving issues that appeared on my credit files took time, costing me a lot of money and causing me a lot of headaches. 

I learned a lot. (Right after that, a friend asked me to join a company that dealt with situations. I did. After nearly 20 years, it is worth the small monthly fee. If you are interested, please reach out to me.)  

I saw a long-time business owner in New England who had spent years building his business and participating in his community. He was making a difference. And then someone stole his identity. They spent hundreds of thousands of dollars on his stolen identity. He was arrested by the “people that knew him.” Three months later, he was cleared, BUT he lost his company and his identity! He was forced to take a new personal name and identity and start all over! 

Think it can’t happen? I didn’t until I met him.

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I recently read this article.  

A thief stole his identity, but nobody believed him. He spent nearly 2 years locked up. 
He was arrested for unauthorized use of personal information and spent nearly two years locked up awaiting trial, including more than 100 days in a psychiatric hospital. Woods eventually pleaded no contest in a Los Angeles court to identity theft and false impersonation in exchange for a time-served sentence and immediate release from custody. 

The average cost of setting up a new identity is easily $20,000 on the dark web. 

My family will tell you I am a bear when it comes to my identity and preventing theft. I have worked with too many who have lost theirs. Credit cards, social security cards, passports and more. Be wary. I use a company to help me with a lot of that.

I help lots of people.

I used to think the biggest problem in life was to find out you still owed Columbia Records for their club! 😊 

I use preventative tools that prevent malware, phishing, credit monitoring, and more. I check my accounts every day. (If you need help, reach out.) 

• Fraudsters can open new accounts, credit cards, and loans in your name 
• You can lose your health care benefits (i.e., medical identity theft). I spoke to one hospital administrator who told me about a man who used a famous rock star’s name and received over $25,000 worth of services! 
• Hackers can “own” your email and other accounts (account takeovers) 
• You’ll have to repair your credit score 
• You could lose your home due to mortgage and deed fraud 
• Criminals can steal your tax refund 
• Hackers can post embarrassing posts on your social media accounts 
• You could spend large amounts  of time and money recovering your identity 
• You could experience psychological harm and emotional distress 
• You could become a victim of repeat identity theft and fraud 
• Scammers can commit crimes in your name 
• Your personal data could circulate on the Dark Web forever 
• You could start receiving many more spam calls and emails 
• Your children or elderly parents could have their identities stolen 

Identity theft poses significant risks to individuals and can have devastating consequences on their financial well-being, personal reputation, and overall security.  

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Here are 14 dangers of identity theft: 

• Financial Losses: Identity thieves can use stolen personal information, such as credit card numbers, bank account details, and Social Security numbers, to make unauthorized purchases, drain bank accounts, and apply for loans or credit cards in the victim’s name, leading to substantial financial losses. 

• Damage to Credit Score: Identity theft can result in fraudulent accounts and transactions appearing on the victim’s credit report, damaging their credit score and making it difficult to qualify for loans, mortgages, or other financial products in the future. 

• Legal Troubles: Victims of identity theft may find themselves facing legal troubles if identity thieves commit crimes using their stolen identity, such as fraud, forgery, or even identity fraud charges. 

• Emotional Distress: The emotional toll of identity theft can be significant, causing stress, anxiety, and feelings of violation and vulnerability. Victims may experience a loss of trust in others and a sense of betrayal, leading to long-term psychological effects. 

• Reputational Damage: Identity theft can tarnish a victim’s reputation, especially if the stolen information is used to engage in fraudulent activities or criminal behavior. Rebuilding trust and restoring one’s reputation can be a challenging and time-consuming process. 

• Identity Cloning: Identity thieves may use stolen personal information to create counterfeit identities, also known as identity cloning, which can be used to commit further fraud and evade detection by law enforcement. 

• Tax Fraud: Identity thieves may use stolen Social Security numbers to file fraudulent tax returns and claim refunds in the victim’s name, leading to delays in receiving legitimate tax refunds and potential legal repercussions with tax authorities. 

• Medical Identity Theft: Medical identity theft occurs when someone uses another person’s personal information to obtain medical services, prescription drugs, or insurance coverage. This can result in erroneous medical records, incorrect diagnoses, and compromised medical treatment for the victim. 

• Employment Fraud: Identity thieves may use stolen identities to gain employment or obtain government benefits fraudulently, leading to legal and financial consequences for the victim and potential challenges with employment verification. 

• Utility Fraud: Identity thieves may open utility accounts, such as electricity, water, or phone services, in the victim’s name, leaving them responsible for unpaid bills and potential service disruptions. 

• Child Identity Theft: Children are increasingly targeted by identity thieves because their clean credit histories make them attractive targets. Child identity theft can go undetected for years, making it challenging to resolve and potentially impacting the child’s financial future. 

• Stolen Identity for Criminal Activities: Identity thieves may use stolen identities to commit various crimes, such as drug trafficking, human trafficking, or terrorism, implicating the victim in illegal activities and exposing them to legal risks. 

• Difficulty Obtaining Loans or Employment: Victims of identity theft may face challenges obtaining loans, mortgages, or employment opportunities due to the negative impact on their credit history and background checks. 

• Long-Term Financial Consequences: The financial repercussions of identity theft can extend far beyond the initial incident, affecting the victim’s ability to secure loans, obtain insurance coverage, or retire comfortably, potentially leading to long-term financial instability. 

Overall, identity theft poses serious dangers to individuals’ financial security, personal well-being, and peace of mind. Taking proactive steps to safeguard personal information and monitor for signs of identity theft can help mitigate these risks and protect against potential harm. 

Let us begin to help others before they get in trouble. 

If you need help or direction, please reach out to me or to organization that help before it happens!

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