How serious is identity fraud?

No matter what you call it, the crime is a serious one, punishable under one federal statute by up to 15 years’ imprisonment, a fine, and forfeiture of any personal property used to commit the crime.

What happens if you did fraud?

Fraud convictions bring with them the possibility of a jail or prison sentence. Though sentences differ widely, a misdemeanor conviction can lead to up to a year in a local jail, while a felony conviction can lead to multiple years in prison. Federal charges can lead to 10 years or more in federal prison.

What are the dangers of having your identity stolen?

When someone commits identity theft, they literally assume your identity. They can then do any number of things in your name, including opening new credit accounts, filing a fraudulent tax return, committing other forms of fraud and more. Being victimized in this way can leave you feeling violated, anxious and unsafe.

What is the difference between fraud and identity theft?

Fraud encompasses the act of stealing and misusing personal information and existing accounts of a victim. Identity theft, on the other hand, is taking the stolen information to open and abuse new accounts under the victim’s name.

Is accidental fraud a crime?

If you accidentally commit fraud, you have no intent to deceive or scam anyone. By this definition, you cannot be convicted of a fraud crime for an honest mistake. However, you may still be charged. In this case, you will need to contact a fraud defense attorney who can help prove that you accidentally committed fraud.

What are 4 financial risks involved with identity theft?

Financial ramifications of identity theft Have thousands of dollars in debt accrued in their names. Get a scarred credit history. Be denied loans, mortgages, and employment. Not be able to open a bank account.

What are the consequences of fraud to victim?

People affected by fraud against public bodies suffer from social problems such as loss of reputation, feelings of vulnerability, isolation and exposure. Fraud can impact on a victim’s mental health, resulting in anxiety, depression and suicide.