Final answer:
Identity theft is committed when someone wrongfully acquires and uses another person's personal information, which is then used to steal their identity. Thieves can drain savings accounts, accumulate credit card debts, and make unauthorized purchases. To protect themselves, individuals should take immediate action when their information is stolen and take preventive measures to safeguard their personal and financial information.
Step-by-step explanation:
Identity theft is committed when someone wrongfully acquires and uses another person's personal identification, credit, or account information without permission. This information, such as social security numbers, passwords, or pin numbers, is then used to steal the person's identity. Identity thieves perpetrate various types of scams, including draining savings accounts, accumulating credit card debts, and making unauthorized purchases.
When someone's information is stolen, their personal and financial information can be used in various ways, such as fraudulent purchases, opening new lines of credit, or even committing crimes in the victim's name. When individuals discover that their information has been stolen, they should take immediate action, such as notifying their financial institutions, reporting the identity theft to the police, and monitoring their accounts for further unauthorized activity.
To protect their information, individuals can take steps such as using strong and unique passwords, being cautious with sharing personal information online, regularly monitoring their financial accounts, and using identity theft protection services.