Identity theft happens when scammers gain enough Personally Identifiable Information (PII) of someone’s identity (such as their name, date of birth, home addresses, social identification records, etc.) to commit fraud. Identity theft can take place whether the fraud victim is alive or deceased.
Scammers will then use the stolen identity without the owner’s knowledge and permission to apply for a loan without the intention of paying.
If you’re a victim of identity theft, it can lead to fraud that can have a direct impact on your personal finances and could also make it difficult for you to obtain loans, credit cards or a mortgage until the matter is resolved.
Always safeguard your personal information, and if you are contacted by someone claiming to be a bank representative, always verify authenticity through one of the official channels and never share any information.
A scammer finds out enough information about you (often from things that you may have innocently shared online) to be able to convincingly pretend to be you.
Because you have no idea that this is happening, you believe that nothing is wrong.
The scammer has enough information to pretend to be you.
The scammer uses your identity details to get a loan without the intention of paying. If the loan is approved, you may be liable for the entire amount.
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