It is a crime where the con artists steal another person's personal information, which can come through sources like financial data or passwords, and they use the stolen data for identity theft. 

They use the information gained through such sources to open a bank account, obtain credit card details, order products, take over a bank account, modify phone contracts, or obtain genuine documents like passports or driving licenses in your name that can lead to fraud. 

It can hit your finances and make it difficult for you to get loans or mortgages. The survey TSB analysis finds people aged 16 to 97 years have reported such thefts, and they lost an average of £2,360 per case (TSB analysis).

How Does It Happen?

• The tricksters may buy goods in your name, use the details to obtain other information from the bank or indulge in activities which can affect your credit score and ability to get future credits. 

• It can lead to impersonation scams, which lead to monetary losses. 

How To Spot It?

• If you conduct new searches and accounts on the credit report, do not recognise it.

• If there are unusual statements on your bank account

• If you receive credits that you did not request.

• If you are approved or rejected for the credit applications you did not make.

• If your actual credit application is rejected, although your credit score is good.

Suppose you get calls or messages regarding a transaction you did not initiate. A single missed payment for the credit score can knock over 130 points off the number. One can install alerts where they get messages to confirm your identity before the credit is offered in your name. 

One can add the notice of correction or change in password features in their account to get a message on a correction, or you can change the password when required.