How Does Identity Theft Impact The Global Economy

In 2014, there were an estimated 2.3 million cases, a twenty-two percent increase from the previous year (Andrews, 2016). According to the Federal Trade Commission, identity theft complaints have also increased by more than 47 percent since 2014 and it was the second most reported crime after illegal debt collection. (“FTC Releases Annual Summary of Consumer Complaints Debt Collection, Identity Theft, and Imposter Scams Remain Top Categories of Complaints Received by FTC in 2015”, 2016) “The 2017 Identity Fraud Study, released by Javelin Strategy & Research, found that $16 billion was stolen from 15.4 million U.S. consumers in 2016, compared with $15.3 billion and 13.1 million victims in 2015. In the past six years identity thieves have stolen over $107 billion.” (“Identity Theft and Cybercrime”,

Figuring out if an identity is stolen is not easy only because it can be unknown until damage is dealt. This is why identity theft isn’t easy to stop. When most people report a crime, police arrive on the scene before serious damage is dealt, but when a thief steals a person’s identity, the victim can be unaware for quite some time before they realize the amount of money they lost. According to Tracey Whittaker and Anne Dilascio, in 2003, the average money lost from identity theft per person was $4,789, but in 2006 the average was less than $2000. The average out-of-pocket cost of identity theft victims in 2005 was

Identity theft is a significant problem to both citizens and financial institutions. The FTC estimates that over 27.3 million Americans have been the victims of identity theft in the past five years. The

Over the last few years, the number of reported cases of identity theft has skyrocketed, from 86,000 reported cases in 2001 to over 10,000,000 in 2005 (Weisman).

Identity theft occurs when one’s personally identifiable information (PII) is used, without one’s permission or knowledge, for fraudulent purposes. Identity theft can be a cyber-crime or it can be accomplished by dumpster diving . These methods have popular in the United States over the years. An Identity thief or hacker can use one’s PII in different ways. Social engineering (Module6, 2016) is a common way in which a person can have their identity stolen. The person that is attempting to get your information is relying on the suspected victim to go against normal protocol. Although, there are measures that can be taken to protect one’s PII, a person still needs to use daily precautions. Everyone is at risk of having their identity stolen in one way or another. Falling victim to identity theft is difficult to recover from. There are numerous resources that offer assistance with the recovery process.

The evolution of technology has enabled criminals a new form of prey. This problem is known as identity theft or identity fraud. The development and growth of the world wide web and personal computers being have made everyday things easier for everyone, but have also made it easier for criminals to gain access to information needed to steel someone’s identity. This is a crime which cost people thousands of dollars and countless hours of time spent to regain their losses and the damages done by having their life turned upside down by identity theft. Albrecht(2016). This paper will discuss just how big of a problem identity theft is, a few of the typical types of identity theft, possible preventative actions that should be taken to avoid identity theft, and the actions a person having identity stolen should take once they realize they have been compromised. The main thing that seems to have to be done is preventative measures by both the potential victims and creditors to keep information private so thieves cannot get the access in the first place. The more difficult that you make it to get to your information the less likely you are going to be victimized. Albrecht(2016).

An estimated nine million Americans have their identities stolen each year. Identity thieves may drain accounts, damage credit, and even put medical treatment at risk. The cost to business — left with unpaid bills racked up by scam artists — can be staggering, too.

The following report is intended to discuss and address the effectiveness of recent and current approaches to the concerns of identity theft in the greater Southern California area. As a senior officer of the ECSU (Electronic Crime Scene Unit) in San Bernardino County, CA, it is my goal to assess and evaluate areas of concern in an effort to correct and improve identity theft detection and prevention programs locally and abroad. Our national security begins at home; in our communities, our schools, and our business.

Identity theft refers to all crimes in which somebody steals and uses another person’s personal information (e.g. Social Security number, credit card number, and such), typically to benefit themselves. The harm done to the victim can involve everything from simply draining their accounts of money to, in some of the worst possible scenarios, racking up extraordinary amounts of debt and even committing crimes while using the victim’s information.1 As a result, identity theft can not only wreak havoc from a financial standpoint, but it has the potential to damage the victim’s credit history, reputation, and can take a lot of time and patience to resolve.

When people think of identity theft, more often than not they assume that it only happens to wealthy people. Who would bother stealing the identity of a college student who can barely make ends meet? The harsh reality of the matter is that anyone can be a victim.

Computer Identity theft has affected over 10 million Americans every year because of the poor protection protocols being used nationwide. According to the Aberdeen group over 220 billion dollars have been loss every year due to identity theft. As the use of the internet and technology grows more prevalent in our society the amount of people who are affected by identity theft grows too. Identity theft and fraud have been defined by The United States Department of Criminal Justice as “Terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception, typically for economic gain” (Weissmann, “Identity Theft and Identity Fraud”). The effects of Identity theft has left many individuals continuously searching for ways to protect their information, and has caused many to have maxed out credit cards, bad credit rating, empty bank accounts and criminal records.

I have a scenario that many people go through every year. You receive a phone call from your credit company talking about your bill. They tell you that there was a suspicious purchase on your account that you don’t remember making. Most likely, you have become the most recent victim of a large, dark, and superfluous business known as identity theft. Identity theft takes a substantial amount of money away from many Americans each year, so what are you supposed to do? What even is identity theft? How can we protect ourselves? Should we better our security? All these questions have answers, so let’s start listing the solutions. Let’s protect our identities for decades to come! Identity theft causes lots of problems with this illegal business,

The definition of Identity theft is when someone “knowingly transfers, possesses, or uses, without lawful authority, a means of identification of another person with intent to commit, or to aid and abet, or in connection with, any unlawful activity that constitutes a violation of federal law, or that constitutes a felony under any applicable State or local law” (Finklea, 2009, p. 2).The use of social security numbers has taken identity theft to the extreme. It was originally used as a tax identifiable number. Now it is being used for job applications, bank accounts, Medicare, and welfare approvals. With the social security number on several different applications, this is opening the door for numerous identity theft opportunities.

     In today's society, there is a white-collar crime that has greatly risen in popularity among criminals. This crime is identity theft. Hundreds of thousands of people have their identities stolen each year. Identity theft is when these criminals obtain and use consumers personal information such as credit card numbers, bank account numbers, insurance information, and social security numbers to purchase goods or services fraudulently. According to the Federal Trade Commission, over 1.1 million people were the victim of identity theft. With this number, it is very evident that identity theft is one of the fastest growing crimes in our country. This paper will attempt to more thoroughly define identity theft. It will

Identity theft continues to be a problem in the United States, yet research on identity thieves is limited. Both the theoretical and empirical literature on identity theft is in their infancy. As a result, not surprisingly, not much is known about this crime and its victims.