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Coping with identity theft: imagine discovering that someone has opened credit card accounts or secured a home equity or car loan under an assumed name: yours. Consider receiving an IRS W-2 form reporting wages earned by someone else who has used your name and Social Security number.(Cover Story)
Partners in Community and Economic Development, June, 2005 by Einhorn, Monique F.
Unfortunately, incidents just like these happen to consumers--now identity theft victims--all over the country, every day. A 2003 study commissioned by the Federal Trade Commission (FTC) found that identity theft affected almost 10 million consumers in 2002.
ID theft can be devastating and recurring
The initial impact of identity theft can be devastating, in part because it's a crime that can revisit the victim again and again, taking the same or different forms. An identity thief may first use a consumer's personal information to open new credit card accounts. Even if the thief is apprehended and convicted, he or she may have sold the victim's information. Then another thief uses the victim's information, and the cycle of fraud begins again.
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