Identity Theft â Its Projected and Expected Aftermath Scenario

Every day, we read from newspapers and hear from television news reporting theft. Their prevalence causes many to be victimized too. Victims cry for justice as it brings a devastating effect on them. While theft is seen as negative to many, it also serves as an eye opener to some.

Identity theft almost affects all sectors of the society. However, the most that are affected are the victims and the business sectors. Though the effect on each differs in intensity, it is all together a devastation.

For financial institutions, theft caused them millions of dollars. In most instances, it is the financial institutions that incur the financial losses of their customers. In worst scenario, if they are at fault, it is likely that their business will close.

While they work hard to secure the personal information file of their customers, when this strikes, they are not spared from the liabilities, most especially reporting was neglected on their part.

On the individual’s part, the experience may take its toll on them personally, psychologically, emotionally and financially too. Though the extent of its damage and its effect on them is not the same, it is obvious that there are some who may feel angry with the situation, some may manifest symptoms of depression, and some may feel the pangs of stress.

However, the problems it caused the individual and the business sectors made the public aware that identity theft is already a reality. It has finally being taken seriously.

Individuals are now taking steps to do some theft protection as a precautionary measure. Some are now careful with their personal information. Extra measures on keeping their SSN a secret is now practiced by many. Looking around you before punching your credit account number is a must to most customers.

Banks and other financial institutions are now careful with their business dealings. They counter check information and the person before they release loans. Included as a precaution, is the safeguarding of the information file of their customers.

On top of these, financial institutions play an important role in educating their customers to do regular identity theft check. This includes the checking of their credit report.

In short, though identity theft has caused the public in general, its effects are going to the nerves of the financial institutions and the individual victims. It had caused them discomforts personally and financially. Even if this is so, identity theft opened the eyes of the public to be more wary about their personal information.