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Yes, if you flag somebody with higher rep, or more sp, they can cause you damages in retaliation.
But, if you only flag new abusers with low rep and little sp, there is no real damage they can do to you.

That's a very risky job for people with low rep and sp. Thanks for the clarification. I thought it's something i could do but it's too risky for me.

Yeah, you should probably wait until your rep is higher.
But it is our responsibility to carry out the trash.
If we dont, who will?

Also I believe down voting ( flagging) drains your Voting Power more than upvotes do as well.