What is one consequence of identity fraud?

The consequence of identity fraud primarily includes unauthorized transactions made in the victim's name. When a perpetrator gains access to someone else's personal information, they can initiate transactions without that individual's consent. This can lead to significant financial losses for the victim, as funds may be withdrawn or used for purchases that they did not authorize. In many cases, the victim may not become aware of these fraudulent activities until they notice discrepancies in their financial statements or receive bills for charges they did not incur.

Other outcomes, such as improved credit ratings, enhanced security measures, or increased business opportunities for the victim, are not typical results of identity fraud. In fact, identity fraud generally results in a damaged credit score and necessitates efforts to repair one's financial integrity, which can include time-consuming steps to dispute fraudulent transactions and potentially lower credit ratings due to the impact of unresolved fraudulent activity.