Major Issues in Identity Fraud - Research Paper Example

Identity fraud is as economically crippling as it is insidious, recent research has shown that its growth could be attributed more to the lack of exercising prudent care among consumers and customers rather than the Machiavellian brains of identity fraudsters who, technologically speaking, seem to be a number of steps ahead of the law enforcing machinery. If consumers leave their fingerprints, confidential data, and social security details for potential tricksters to take, they also need to take responsibility for the results of these inane actions.

While it would be rather impossible to design long-term foolproof identity protection systems, it would be very much within the realm of economic justice to ensure that identity frauds do not enjoy public support or benediction. If financial agencies and institutions share a one-to-one relationship with their customers, share informed data and training programs with them and ensure that Code of Financial Procedures, especially in e-commerce business are unflinchingly practiced, with deterrent punishments to transgressors, it is widely believed that the specter of identity frauds could be effectively controlled, if not fully annihilated.

Law enforcers and the public need to join hands to exterminate the menace of identity fraud, which is a major issue facing the internet business economy in contemporaneous business.Our world is moving swiftly on the wings of information technology. Every invention has two dimensions, or capable of being used for good or bad purposes. Every new technology makes an impact on human life. Technology changes the lifestyle of people for betterment and convenience. However, people with criminal mentality misuse this opportunity by committing crimes under a false notion that they would not be ultimately caught and dealt with according to the due process of law.

This process is called identify fraud through theft of another person’s identity and assets. Criminals are growing along with technology, they are known to technologies up-to-date, which helps them to sneak into the loops of secured technologies. 

Technological misuse and crimes are increasing day by day and it’s mostly seen in developed countries. Even using one’s personal identification papers or documents by another person to commit fraud, is Identity theft. The only way to keep identity theft away is by constantly changing personal data and keeping such securely. This paper could well give the reader an indication of the mammoth proportion that identify crimes cost the nation, in terms of diverted funds and illegal money transfers from genuine accounts.

“The London Metropolitan police recently calculated that identity fraud cost almost £14 billion in 2008. This works out as an average cost of £230 for every person in the UK.” (Identity Theft: A case Study. 2009). Most of the Identity fraudulent crimes takes place over the Internet and Bank related transactions where Identity of persons are mostly concerned. ATMs are the primary target for such crimes, only the Personal Identification Number [PIN] stands in way of making a Identity theft.

It is well known that detection and punishment of fraudsters are an arduous and lengthy process. Even if the fraudsters are ultimately brought before the due process of law, the chances of conviction are also remote and would depend upon the severity of charges and the competencies of the Prosecution, if not the degree of criminal certainty that would enable the alleged offender to be convicted and punished. Identity theft can make future consequences on the same victim himself due to ignorance of an identity breach being done.

The far-reaching consequences includes denial on job, loans and even the gets arrested for crimes you didn’t even know about. Identity theft is longer considered as an impossible one as there are thousands daily reporting new complaints on identity theft. Its a rapidly evolving crime and a socio-economic inevitability. These identity pirates use your account and even your name and acts for their personal interests. Once they had some key piece of personal information, these pirates can rent an apartment or can even take hold of your bank accounts.

Most of the identity theft happens in the direct presence of the thief, includes stealing of copies of information from ATM’s, checkbooks wallet or mail. In this paper various types of identity theft prevailing in the society is described and their far-reaching consequences. Awareness on Identity thefts and Identifying and carefully monitoring such breaches to personal accounts and data are the most effective way to put down this world menace. It is found that besides all the precautions and alerts made as means to shut down this identity theft, the crime is still increasing rapidly and spreading through out the world.

The most difficulty to tackle down identity theft by means of law is that, the crime is classified differently in various contexts and the officials are unaware of newly developing identity frauds, as it can be realised only after its impact. Identity theft is a crime that is developing along with the technological growth. In case of an identity breach been identified, it is much important to report such to the officials in order to prevent frauds from frequent attacks on the same victim. The usage of most modern technology by such criminals makes even the officials harder to freeze such intrusion even after they were reported.

Thus it is clear that the better way to safe guard the personal identification data is to keep them in safe custody and not to share it with others 1.2. Impersonation, not identity theft: One aspect that needs to be understood is that each person has an identity of his/her own, as such what is being done is not identity theft, but identify impersonation. One person B impersonates C, but is not actually C, but only B in the guise of C. He has managed to impersonate C for gains, but is actually being able to gain only impersonation and not theft of C’s identity.

For all practical purpose B remains as B and C remains C.