It is important to remember that the victim of Identity Theft is a person whose identity has been fraudulently assumed by another with the intent to obtain credit, goods, or services without the victim’s consent. No financial loss is necessary.
Identity Theft includes the criminal assumption of someone’s name, address, credit card information, driver’s license, social security number and other personal data. Criminals use this information to impersonate their victims, spending as much money as they can in as short a time as possible before moving on to impersonate someone else.
The victims of credit and banking fraud will usually be liable for no more than the first $50 of the loss. In many cases, victims will not be required to pay any part of the loss. However, victims are supposed to notify financial institutions within two days of learning of the loss, although this is often waived. Even though victims are usually not required to pay their