Costs associated with identity theft/fraud are incurred by the individual victim but not the financial institution or lender extending money or credit based on fraudulent identity.

Question

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While the individual victim may incur some costs associated with identity theft/fraud, financial institutions and lenders can also face financial losses as a result of lending money or extending credit based on fraudulent identities. They may also incur costs associated with investigation and resolution of fraud cases.

Costs Associated with Identity Theft/fraud Are Incurred by the Individual