Identity theft takes many forms and can affect your life in many ways. Possibly the most common and familiar form is financial identity theft. Each of us has an interest in protecting our identity, but when we protect our personal information, we are not just protecting our credit. Whether we realize it or not, we are also protecting our criminal records, medical records, business assets and our entire unique identities.
In order to truly understand how crucial it is to protect your identity, it is important to understand the extent of the crime and the ways it can affect your life. Identity theft can be broken down into five major categories: financial identity theft, criminal identity theft, medical identity theft, ID cloning and commercial identity theft. Each of the five categories is explained below.