There is a reason why the government and numerous private organizations are tirelessly campaigning for victims to report identity theft. When you become a victim of identity theft you also become a vulnerable target of other forms of fraud. These types of fraud range from petty online crime to major malicious schemes. Every year, billions of dollars worth of losses is cumulatively incurred by victims of identity theft, which is the reason why through the years identity theft is always one of the topmost reported scams internationally.
Aside from the continuously increasing amount of losses due to these schemes, there are also other reasons why you should report identity theft. To give you an idea why you should not miss reporting this identity crimes, you must first understand how fraudsters use stolen identity of their victims.
Reasons Why You Must Report Identity Theft
- One of the most common complaint of victims who report identity theft is fraudsters using their identity to gain access to various credit resources. Fraudsters can use your stolen identity so they can take advantage of your good credit standing, giving them access to higher credit limits or better loan facilities. Of course, their intention is to take advantage of these offers without the intention of paying for their usage. In the end you’re left to suffer the consequence of your action.
- Another reason why fraudsters commit identity theft is to gain access to your savings. By stealing your bank login information and assuming your identity, fraudsters can easily make wire transfers from your bank without raising any suspicion. Many victims who report identity theft of this nature, found their savings account already empty before they could even file a report.
- There are also some victims who, after they report identity theft, learn that their information is being utilized to commit even graver offenses. Fraudsters who buy illegal drugs, pornographic materials and other unlawful acts online often use stolen identity or stolen credit card information to conduct their transactions. Doing so help them evade detection or identification. Instead the owner of the identity that they used are the ones left to take responsibility for their action.
- According to the most recent statistics, there is a significant increase in the number of identity theft cases. Experts claim that the reason behind this is the increasing demand for stolen identity in the black market. This is because many fraudsters are now shifting their attention to committing online fraud due to the nationwide implementation of EMV cards. The implementation of the new EMV cards has made it impossible for fraudsters to continue with their cloning and skimming scheme, causing them to shift into an online card fraud scheme which requires the use of stolen identity.
The details provided above are some of the main reasons why you must report identity theft. Only by filing a complaint that against these dubious scheme can you protect yourself against the negative effects of identity theft. Also, when you report identity theft, you also get access to various programs set by the government to help victims like yourself recover your identity.