When people talk about identity theft, they often think about anonymous parties using the internet to access and store the personal identifying information of others. Parties engaged in digital identity theft trade information, including Social Security numbers and birth dates, for other people to misuse.
Identity theft committed by strangers might result in unknown parties seeking mortgages, vehicle loans or credit cards in the name of another person. The victim may experience a sudden drop in their credit score and could be subject to aggressive collection activity.
While identity theft committed by strangers is a concern, identity theft involving relatives, friends, coworkers and neighbors can also be an issue. This form of identity theft can be particularly damaging, as people may not notice it quickly and may feel a deep sense of betrayal in addition to dealing with financial consequences.
What is familiar fraud?
Familiar fraud is the term for identity theft involving people who know one another. Sometimes spouses or other romantic partners use their position in an individual’s life to open lines of credit using the other person’s name and information.
Parents might use the Social Security numbers, birth dates and names of their children to secure lines of credit. Children could potentially do the same to their parents. Neighbors are sometimes in a position to commit familiar fraud, as they can intercept mail and prevent the victim from discovering the situation, at least temporarily.
Familiar fraud, like other forms of identity theft, is a felony offense under Tennessee state statutes. Those who use other people’s identities to secure credit or conduct financial transactions could face significant penalties should they get caught. Even those who didn’t necessarily intend harm but simply wanted access to credit they could not secure on their own might be at risk of prosecution.
The penalties for identity theft include between two and 12 years in prison and up to $5,000 in fines. The courts can also order restitution. The party accused of identity theft or familiar fraud may need to reimburse the affected party for the economic impact of their actions.
Exploring the circumstances leading up to allegations of identity theft with a skilled legal team can help defendants develop a defense strategy. An appropriate defense strategy can make a major difference for those accused of white-collar crimes.
