Identity Theft: Managing the Risk Management
What's New for the Future of Identity Theft Prevention
In this paper I examine the basics of identity theft in today's age of widespread and accessible information. The fundamental problem is that while information technologies continue to make aspects of our lives as simple as "point and click," they tend to make certain forms of crime equally simple. The internet, in particular, makes information not only instantly available but also available to an untold number of faceless strangers. However, the central methods for preventing identity theft remain what they were before personal computers became as common as the television; social security numbers and credit card information must be guarded.
I begin this discussion with an overview and definition of identity theft, including the most common ways it is committed. I identify the fundamental steps towards prevention, as well as the latest laws enacted to combat this threat to individual privacy. Next, I mention a number of the ways the internet has been employed by thieves to obtain personal information. Combating invasions of privacy on the internet involves, largely, secure passwords and selectivity is the dealing out of personal data.
Certainly, some individuals are at a greater risk for having their identities stolen than others -- even if they take the necessary precautions. These people need to be notified of their risks and informed of what steps can be taken. In the future it is likely that laws dealing with identity theft will become stronger, but also that new thieves will find ways around them. They keys to avoid becoming a victim include the simple acts of using a paper shredder, and taking away the identity thief's most powerful ally -- surprise.
I. Introduction
In this emerging age of information, increasingly, the most precious information for consumers and criminals alike is of a personal nature. The handful of numbers, passwords, and identification cards that define who you are and what you purchase in your ordinary everyday life are becoming the most vulnerable avenues by which others can manipulate your monetary transactions. Today, identity theft is far more prevalent, and a much greater threat to personal security than ever in the past. "In the fiscal year 1999 alone, the Social Security Administration Office of Inspector General Fraud Hotline received approximately 62,000 allegations involving Social Security Number (SSN) misuse." (Hammond 20). However, SSN misuse is only one method by which personal information can be manipulated illegally. All together, it is estimated that "somewhere between 500,000 and 750,000 consumers will become victims of identity theft this year -- and the number is growing." (May 1).
Clearly, this form of theft is increasing in magnitude and has become a serious threat for a large portion of the population. Largely, what makes identity theft such a concern for the public is not simply the number of people it happens to, but the fact that it can occur without the victim's knowledge. Unlike the traditional bank robbery, this crime can span thousands of miles, requires no brazen force, and it could happen to anyone, anywhere and without warning. Doubtlessly, such a covert robbery would worry anyone. Often times the victim feels completely helpless and unable to protect themselves or their personal information. In short, it is an impersonal crime, with very personal consequences.
Essentially, "Identity theft occurs when someone uses the identifying information of another person-name, social security number, mother's maiden name, ect. -- to commit fraud or engage in other unlawful activities." (May 2). There exist many variations of this crime, and the thief can use the information he obtains for any number of purposes. A few of the most common acts of fraud that can occur include: opening of new credit card accounts; taking over existing credit card accounts; applying for loans; renting apartments; establishing services with utility companies; writing fraudulent checks; transferring bank money; filing bankruptcy; and obtaining employment in the victim's name (May 2). This is an imposing list; and just as there are numerous ways identity thieves can exploit an individual's information, there are equally many ways in which they can obtain it.
Identity thieves can potentially use both banal and sophisticated methods to acquire your personal information. These tactics include: stealing wallets; stealing mail; filling out "change of address" forms in another's name; rummaging through the trash; fraudulently obtaining credit reports; using personal information shared on the internet; purchasing...
Identity Theft Corp (ITC) is a new company specializing on the identity theft service. The company assists customers to monitor their credit report in order to identify any suspicious charge. The company will also provide the leg work to clean up the mess left behind because of the identity theft and assist customers to rebuild their credits. The objective of this proposal is to provide strategic planning and implementation for Identity
Identity Theft III Identity Theft Clean-Up and Credit Monitoring Product Solutions for the United States Market Product Description Proactive Solutions Reactive Solutions Target Market Market Analysis Potential Market Growth In previous reports various aspects of a new market expansion for a credit monitoring and other related services would be introduction crossed borders from the corporate headquarters in Canada into the United States. The move into the United States marketplace represents a new market expansion that represents an incredible
Once your personal or financial information has been compromised, it may take months and even years to secure them again. This may involve filing fraud case with your bank, information everyone about your stolen SSN and generally avoiding credit cards or debit card transactions. This is indeed a major problem getting one's identity and peace of mind back once it has been compromised. For this reason prevention is the
Wikipedia.org/wiki/Identity_theft. Hoar, Sean B. Identity Theft: The Crime of the New Millennium (2001). U.S. Department of Justice. Retrieved March 20, 2007 at http://www.cybercrime.gov/usamarch2001_3.htm. Has some clown taken over your good name? (2004). The Police Notebook. University of Oklahoma Police Department. Retrieved March 20, 2007 at http://www.ou.edu/oupd/idtheft.htm. Thorne, J. And Segal, a. (2006). Identity theft: The new way to rob a bank. CNN online. Retrieved March 20, 2007 at http://www.cnn.com/2006/U.S./05/18/identity.theft/index.html. New technology may increase identity
Spyware runs automatically without the user's knowledge and transmits vital information. Spyware can also record your keystrokes and one might end up revealing all usernames, passwords and other details to identity thieves. (Atlantic Publishing, 2008); (Schwabach, 2005) Identity thieves have also found novel ways to steal and use identities. For instance, cyber criminals recently hacked Facebook, a popular social networking site, and changed a user's page asking people to help
In one case in 2000, two-20-year-olds hacked into the Lowe's credit card mainframe from a white Pontiac Grand Prix parked outside a store, synching a single laptop to the wireless system that was meant for employees to use to locate products. The hackers, obviously to blame for the crime, played on the flaws of a computer system that should not have allowed for a security breach. While the same hackers
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now