Identity theft is a type of fraud that’s directed squarely against individuals, but to believe that businesses don’t suffer any consequences or costs associated with it is simply wrong.
Identity theft effects
According to a recent survey about the aftermath of identity theft by the Identity Theft Resource Center, over half of the victims of identity theft that resulted in tax fraud had to borrow money from family and friends, and nearly half were were unable to meet their needs and went without. 32 percent of them had to request some form of government assistance, and some 13 percent had to obtain a payday loan.