How identity theft harms your financial well-being?

• Open credit cards or take out loans:

  If hackers have your Aadhaar number, PAN number, name, birthdate and address, they can open credit cards or apply for loans in your name. Hackers obtaining personal information, including Aadhaar numbers, can enable someone to pose as their victim and commit credit card frauds or take out loans that they never pay back, which will have damaging effect on the credit score and credit worthiness.

• Intercept tax refund:

  Hackers can intercept your tax refund by filing a fake tax return, using your PAN number, Aadhaar number, date of birth and name. Consumers who wait until the last minute to file may be more vulnerable. You’d likely only find out once you file your tax return and it gets rejected.

• Cover medical treatment:

  People who steal your digital identity aren’t just using it to buy lavish items. They can also use it to receive medical treatment by using your personal data and health insurance account numbers. Their goal is to get treatment and / or medications, and then they are gone, leaving very little time for them to be found out. Hackers can receive treatments, prescriptions and more by using your benefits. In addition to increased expenses for you, this can also put your own health at risk as the thief’s medical information will now be mixed up with yours.

• Open utility accounts:

  Hackers may have opened fraudulent account with an electric, gas or cellphone company by using stolen personal information. They then can run up tabs on the account, which is under your name, without you knowing. There’s another scam to be aware of as well. Identity thieves can call you and pretend to be the utility company, threatening to turn off your electricity if you don’t pay up. However, these fraudsters are just trying to steal your money.