Identity theft is not a new issue anymore. It has been reported in the media over the past few years, and has already victimized millions of consumers in the United States alone. We always hear of stories of stolen id from people who have experienced it first hand, and the horror of these real life incidents makes it clear how badly identity theft affects people’s lives. However, despite its apparent prevalence, it remains uncertain whether people really understand what it is and how it could affect them. We constantly hear of tips and advice from experts telling us what to do in case we get victimized by scammers. However, we often fail to recognize that before we could even protect ourselves from these scammers, we need to fully understand what identity theft is and how it happens.

What You Need to Know About Identity Theft

Identity theft has been a recurrent item in the news and informational campaigns. Technically, according to the Department of Justice, identity theft or identity breach is as a form of crime where the culprit steals someone else’s personal information for fraudulent purposes or economic gain. Basically, it is when another person gets your information and uses it as if it’s his or her own. However, when talking about identity theft, the most important thing to remember is how it usually happens. In the earlier times, thieves need to sneak into your house and steal personal documents. Today, they can easily access your information through the Internet. Not only could they steal it quickly, they could also do this without you knowing about it for a long time. Thus, when talking about identity theft, you’d first need to evaluate your online habits. Are you cautious when it comes to sharing information online? Are you wary of your online communications? However, in some ways, the way u were theft can also be mysterious. Here are three facts not everyone realizes about identity theft:

1. It acts like a deadly virus that could affect anybody, and actually has fatal repercussions – The extent of identity theft has reached the level of an absolute epidemic. It has apparently been picking up during the last five years on a national scale. Although most statistics are local, identity theft is actually spreading among other Internet-dependent nations. It affects everybody, and there’s actually very little you can do to stop it once it catches you. And worst of all, it is usually too late when a victim discovers it and feels the need to report identity theft.
   
   
2. Not all states declare identity theft as a crime –Apparently, identity theft is not against the law in some states. This is a shocking fact for most of us. We always hear of stories from actual victims that make it easy for us to assume it’s a criminal offense. But apparently, it is difficult to prosecute identity theft as a criminal offense in some places. This greatly affects law-enforcement, and procedures in response to these incidents will be inconsistent. Unfortunately, identity theft is one of the fastest growing crimes in the US today. This inconsistency when it comes to law enforcement and retribution only makes it difficult for victims to seek legal support.
   
   
3. Identity theft is actually a low-risk, high-reward business – Apparently, identity theft is a lucrative business. Some will only need an internet connection to steal people’s personal information. Although some would develop specialized devices that replicate credit cards, the returns are nonetheless overwhelming. Moreover, credit card companies often don’t prosecute thieves who get apprehended. This is because it’s not cost-efficient on their end too. They could only afford to write-off a certain amount of fraud as a cost of doing business.

Identity theft is not something we can just be indifferent about. It is a serious matter that needs to be vigilant about nowadays. Understanding these basic facts about identity theft not only make us more aware of the scenarios we could encounter as possible victims, but this also gives us basis in deciding what to do next in case we encounter the signs.

Amy is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. She also covers topics on credit protection and credit monitoring.