We’ve been listening to a lot about Identity theft lately but we still know very little about the potential of ID theft, especially when it comes to the amount of harm it can cause us. Based on where you live, there are multiple ways in which your identity can be stolen but the way stolen identity is used is pretty much the same around the globe.

Let’s have a look at a few of the more common ways in which your personal and financial information can be misused:

·  Damaged credit score:  If your PAN card number along with some other form of identity like your Aadhar card details are stolen, together they can be used to get a new credit card in your name. This gives a person with this information the ability to pay and purchase things that you are liable to pay- this means added debt and a negative impact on your credit score.

·  Tax debt: Similarly, your stolen PAN card and Aadhar card details can be used on a job application. This will mean the income shows against your details, leaving you with taxes that you have to end up paying. The fraudster can also file an ITR in your name and submit this with erroneous information to get a refund, leaving you to deal with the consequences.

·  A criminal record: In case someone uses your identity to commit other crimes and provides your details to the police when they get arrested, it will be you who might end up facing charges and legal action for the crime. 

·  Lost time and money: Once you become a victim of ID theft, it could take years of rigorous effort to recover completely from that. You may lose a huge sum of money and time to get everything straight.

So, the question then is, how do you protect your personal and financial information online from being misused?

Here is where ID Fence comes in. ID Fence monitors all your data 24X7, from your credit, debit, and identity cards to your bank and social media accounts and even your mobile number and email ID to ensure that you get alerts in real-time whenever someone may be trying to misuse your information online. It even helps you with the actions you can take to ensure that your information remains safe.

That’s all from us today. Don’t forget to subscribe to our blog to get information about data breaches, daily tips to keep your personal information secure, and much more.

Source: Experian