Final answer:
Victims of identity theft, including financial and medical identity theft, face serious consequences such as financial loss, compromised health records, and decreased trust in institutions. Preventative measures include sharing minimal personal information and monitoring credit activity. Both individuals and organizations must be vigilant in protecting personal data.
Step-by-step explanation:
Victims of identity theft face a multitude of problems. Personal identification and financial details such as social security numbers and credit information can be used in "True-name Fraud", leading to the theft of an individual's identity and financial resources. Thieves might empty bank accounts and make extravagant purchases, leaving the victim with significant financial loss and debt.
In the case of medical identity theft, someone's personal health information is used to fraudulently receive medical services, devices, or goods. This can result in incorrect medical records, which poses grave risks to the victim's health. It can also lead to false insurance claims, leaving the victim with medical bills for services they never received. Furthermore, medical identity theft may decrease trust in medical institutions and healthcare providers.
To mitigate these issues, it is essential to share only the minimum information necessary, understand how personal data will be used, and regularly monitor credit history for irregularities. In response to personal data breaches, individuals should act promptly to secure their accounts and seek legal assistance if necessary. Organizations and governments also have a role to play in ensuring the security of personal data to prevent identity theft.