You’ll often find that scammers will spend months collecting data and then hit as many people as they can over a few days, as this allows them to maximise their success. It is challenging to detect if you’re a victim of identity theft until after they have accessed your bank account or applied for a loan or credit card in your name. How to check if someone is using your identity? The identity theft info may not be recorded in your credit rating, and you could be seen as a high risk. When you apply for credit, many lenders may only see the default against your credit score and not approve you. All of this can take time, as the bad credit history may stick with you. But if it was proven that you have been negligent with your data or you did not report identity theft, then you may be liable for the lender’s losses.Īfter your identity has been stolen, you may need additional guidance to repair your credit score rating. In some instances, the lender may cover the losses if you’re a victim of financial identity theft. From there, they may keep the money they borrowed and leave it up to you to foot the bill. Once an identity thief has your details, they can apply for credit cards, loans, and bank accounts in your name. In Australia, identity theft can significantly impact your financial and personal life. How does identity theft impact your life? The majority of these thieves are trying to get money, but some may request you to buy gift cards, disposable credit cards, or other items of value. If your bank receives several complaints, they will send an alert email. For example, if you receive an email from your bank that looks a little suspect, you should contact them and let them know. If you notice a lot of emails coming from a business, you should contact them and query their legitimacy. If you’ve found you’ve fallen victim to online scams, it is best to report it to the police.
By acting as if they are your friend, you may unwillingly provide them with information that can be used against you. These are set up on social media and dating sites. Emails are sent out to look like they are from a bank or government agencies with links to websites owned by the thieves opening these links can compromise your banking details. You’re tricked into downloading malicious software that gives the thieves access to your files and may allow them to read your keyboard strokes and record your log-in details and password. You inadvertently allow an untrusted source remote access to your computer, giving them full range to do as they please. Hackers may require a payment to relinquish control of their computer systems. This involves exploiting a weakness in your computer’s security software, especially in large businesses with an extensive personal database. Some common ways your identity can be stolen online include the following: Many of these attempts are completed through scam emails and nefarious websites.
Other than physically taking your identification documents (i.e., stealing your documents), you can have your identity stolen online. There are different identity theft types, but they all have the same consequences. If you have used the exact account name and password for different online accounts, these people could also access your information on other websites. With the information gathered from any large business, you may find your details and passwords in the hands of unknown people. In these cases, you may never know if your account was breached unless the company puts out a notice. While you may take every precaution to protect yourself, there are instances of cybercrime happening each year where large organisations are hacked, and personal details are stolen. It can destroy your trusting nature, and it is such a major privacy breach that it can affect your interaction with people.Īccording to a survey by the Australian Institute of Criminology, about 1 in 5 Australians have been victims of identity theft. However, one of the most significant impacts of being a victim of identity fraud is the stress that comes with sorting all your finances out. Not only can identity theft cause financial loss, but the recovery of your credit rating can take you a long time.
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