In teenagers, we all used to wonder when we would be ’21’ so that we could enjoy the wonder of being legal. However, identity theft can turn into a bigger problem for you if you get caught and have to deal with the consequences.

In case you were the youngest in the group, you must have thought of getting a fake id through a website. There are three ways in which you can get you can take your older sibling’s identity; you can pretend to be someone if you get id or lastly you can get access website which will give you your id.

Here are some of the best fake id websites, just in case you were wondering.

Now that you have an id why not take it out and use it to the fullest and get a few margaritas with this in the club with your friends. Enjoy it like just another stupid college move.

However, in the digital world, identity theft has become a major problem and a cause of loss to the financial sector. Every year online frauds and identity theft become a cause of loss of billions in the financial sector of every country.

Here are a few direct effects of identity theft

Damage to the company reputation

If a fraud or identity theft occurs in any company or bank people assume that their systems are weak. The security factor is critical for every bank or company as this is the main reason people go to them. These thefts cause loss of reputation, they get financial losses, getting new clients become difficult, and investors become hesitant.

Client’s trust gets damaged

Security is a critical factor for these companies and especially these financial institutions. A theft means that a lot of customer’s personal and financial data is leaked. Every customer looks for the best guarantee and security a theft can stop new clients from coming in. Returning the stolen money companies on the companies shoulders and they get monetary losses.

phishing, fraud, cyber security

Getting Security Audits

These are required to be done by all companies under the LOPD [Organic Law on Personal Data], whoever has a medium and high level of security. For financial institutions, the audit is necessary to be carried out every two years.

Loss of profit

This all eventually leads to the company’s loss of profit as they have to fill the financial constraints caused in customer account by identity theft. This becomes a loss as the company has to pay out of their pocket.

Effect on the person who faced the theft

The person whose identity and money gets stolen becomes wary of things. He/she is likely to face an emotional toll that starts with anger but sometimes can lead to long-term paranoia. The people whose identity gets stolen also fears for their physical security. In this digital world, people could also have social identity theft which could affect their social lives with people as the person with the online info can threaten them.

Identity theft has been a real issue for companies and banks. With millions of losses for both companies and clients, they have been working on the issue but the digital world is still not fully secure. The financial thefts have been causing losses, and hopefully, the problem will soon be solved.