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Identity theft has profound consequences for its victims. They can have their bank accounts wiped out, credit histories ruined, and jobs and valuable possessions taken away. Some victims have even been arrested for crimes they did not commit.
Identity Theft ? A felony punishable by 2 to 15 years in prison and a fine of up to $10,000, or if less than $250 is stolen, the person can be found guilty of a misdemeanor and be sentenced to up to 6 months in jail and fined up to $1,000, at the discretion of the court.
If you report your identity theft to the FTC within two business days of discovering it, you will only be liable to pay $50 of any unauthorized use of your bank and credit accounts (under federal law).
Once identity thieves have your personal information, they can drain your bank account, run up charges on your credit cards, open new utility accounts, or get medical treatment on your health insurance.
The penalty for identity theft is up to 15 years in prison and a fine of up to $10,000. If you stole less than $250, the court may decide to reduce the fine and the jail time. The penalty for false information is a misdemeanor and is punishable by up to $5,000 in fines and a year in jail.
Identity theft happens when someone takes your name and personal information (like your social security number) and uses it without your permission to do things like open new accounts, use your existing accounts, or obtain medical services.