Identity theft can have a significant impact on an individual's financial security. When personal information such as social security numbers, credit card details, or bank account information is stolen, it can lead to fraudulent activities and financial losses.

For example, a thief could use stolen credit card information to make unauthorized purchases, leaving the victim with a hefty bill to pay. Additionally, stolen social security numbers can be used to open new lines of credit or take out loans in the victim's name, leading to financial liabilities and damaged credit scores.

To protect against identity theft, individuals should take proactive measures such as regularly monitoring their financial accounts for any suspicious activity, using strong and unique passwords for online accounts, and being cautious about sharing personal information, especially online.

References:

• "Identity Theft and Identity Fraud." Federal Trade Commission, www.ftc.gov/identity-theft.
• "Protecting Against Identity Theft." Consumer Financial Protection Bureau, www.consumerfinance.gov/protecting-yourself-against-identity-theft/.