The consequences of identity theft range from minor to devastating in magnitude. In some cases the victim can resolve the problem fairly quickly and with little or no losses; however, in other cases it can cost thousands of dollars and take months of work to remedy the damage that this crime can inflict. For instance, identity thieves can use a person's personal information to make purchases in their victim's name, take out loans, obtain government benefits or expensive medical care, earn paychecks, or commit numerous other crimes. As a result, victims can find themselves potentially facing unexpected tax burdens, summons to court, or rejected loan applications due to a ruined credit rating.
Quick Fact:
According to the U.S. Department of Justice's Bureau of Justice Statistics, over 16 million people in 2012 alone have been victims of identity theft. In these statistics, the Department of Justice only counts victims who are age 16 or older. This does not include the number of children under the age of 16 whose information, such as their Social Security numbers, have been stolen and misused by identity thieves. In a single year, financial damages due to identity theft were estimated to have reached a total of nearly $30 billion.
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