Neil Munroe, external affairs director of Equifax, stated the identity theft can have sweeping effects resulting in consumers being incapable of getting out of debts they had once been able to afford.

He maintained that to his utter regret people are likely to realize all the consequences of identity fraud only after having been confronted with this problem and having gone through the trouble of sorting it out.

Mr Munroe went on that lenders are restricting their credit lines in order to put a stop to fraud, which is having a secondary effect on clients.

As stated by the National Fraud Authority, only 54 per cent of Britons take the trouble of regular check of their financial statements, whereas 45 per cent make inquiries on missing post.

Moreover, nearly 44 per cent of people do not put sensitive documents through the shredding machines before throwing them in the bin.


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.