What is identity theft?

Identity theft is a fraudulent act in which someone wrongfully obtains and uses another person's personal information, such as Social Security number or bank account details, without their consent or knowledge. This information is then used to commit various crimes, including financial fraud and identity fraud. Common forms of identity theft include tax-related identity theft, credit card fraud, and employment-related fraud. Perpetrators can use the stolen information to make unauthorized purchases, open new accounts, file fraudulent tax returns, or even gain employment under another person's identity. Recovering from identity theft can be an extensive and challenging process, requiring victims to restore their privacy, protect their accounts, and rectify any financial damage. Immediate action is crucial if you suspect that you have become a victim of identity theft.