...Easy Measures for Increasing Identity Theft Protection Introduction Imagine getting ready to purchase a home. Your family has outgrown the house you are currently living in, and a bigger home would be a perfect fit for your family. Since you have owned your home for many years and made your payments on time (along with your other bills), you feel applying for a home loan will be easy. With banks offering lower interest rates and trying to obtain business from customers, now is the time (you feel) to apply for a home loan. You walk into the bank and meet with the local loan officer. After explaining your financial and work situation, the loan officer provides an interest rate and term on a home loan. You find the home loan favorable and wish to proceed with the home loan. The loan officer is happy to proceed and explains that a credit report will need to be pulled. You agree to have your credit report pulled, as you feel your credit score is in good shape. The loan officer pulls your credit report and you see a look of concern come across his face. The loan officer prints your credit report and proceeds to tell you that due to your high debt, failure to make payments, and low credit score; the bank cannot offer you a loan. You now have this look of horror on your face as you do not know how you have late payments, your debt is high, and your credit score is low. You ask to see your credit report. When you review the credit report, you realize these unpaid, high-balance...
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...Avoiding Identity Theft Gary Lee Kaplan University CM 220 Kelley Gordon Avoiding Identity Theft Ben Franklin once said “An ounce of prevention is worth a pound of cure” Well this has never been truer than in today’s hi-tech society where our personal information flows freely over the internet. Identity theft has become a wide-spread crime committed by thieves who use stolen personal information to commit various types of fraud. Simply put, identity theft is a crime that takes your personal information and uses it to open unauthorized accounts, make purchases and acquire loans without the victim’s knowledge. So in order to protect against identity theft citizens should understand how identity thieves work, guard their personal information, and learn what measures to take if this does happen to them. No one is safe from identity theft but the elderly are especially vulnerable. Americans over the age of 60 are the fastest growing segment of computer and Internet users today. And according to the FBI, they are also the targets of identity theft more often than anyone else (FBI, 2011). Identity thieves target senior citizens because they don't regularly check credit-card statements, review credit reports or monitor their bank statements. Identity theft can be broken down into two separate categories (Identity Theft & Identity Fraud) since it is actually a two part crime. Identity theft is the actual act of obtaining personal information...
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...IDENTITY THEFT NAME: INSTITUTION: IDENTITY THEFT Identity theft refers to a situation where a person uses information used to identify another person, such as their name, credit card number or social security number without their permission, in order to commit fraud or other crimes. In other words, it is stealing the identity of a certain person and pretending to be that person by assuming their identity, usually so as to access their resources or to obtain recognition and other profits in their name (Cheney, 2005). There are many forms of crime related to identity theft. Some identity thieves rent apartments or get credit cards or phone accounts in the names of their victims. These victims may not learn out about it for some period of time, until they notice some charges they did not make, or are contacted by a person or people claiming that they owe them. It may sometimes cost them hundreds or thousands of dollars and a lot of time while trying to undo the damage (Keith, 2005). Identity theft could ruin an otherwise spotless reputation. It could also lead to much suffering if the victims are held responsible for the thief’s actions. TYPES OF IDENTITY THEFT Identity theft can be divided into the following categories: • Criminal identity theft, that is, pretending to be another person when arrested for an offense • Child identity theft. • Financial identity theft, that is, using the identity of another...
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...Abstract The Federal Trade Commission considers identity theft to be the fastest growing crime in the country. The Internet has become a hot zone for attracting identity theft thieves to steal personal information. Identity theft is divided into four basic areas – financial identity theft, criminal identity theft, identity cloning and business and commercial identity theft. Criminals obtain our personal information through methods such as using an insider, dumpster diving, computer hacking, war driving, phishing and pre-texting. The Department of Justice prosecutes identity theft under federal statutes. Congress passed the Identity Theft and Assumption Deterrence Act, Title 18 United States Code 1028 in 1998. One of the most noted identity theft cases was USA v. Cummings. The largest hacking and identity theft case ever prosecuted by the Department of Justice involved eleven people who stole more than forty million credit and debit card numbers. To severely curtail on identity theft, President Bush mandated Executive Order 13402 called the Identity Theft Task Force. Identity theft causes immeasurable damage to peoples’ names and reputations. Greater awareness and education will help us to combat identity theft. Identity Theft It’s a nightmare that can leave an unsuspecting person feeling violated and vulnerable. It doesn’t care who you are or where you live. Gender, race and age are totally irrelevant. In this modern technological age, it is a crime that can realistically...
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...time though, careers in the IT field were still uncommon and considered overhead to corporations. After realizing this, I had decided to stay in the Navy since I hadn’t acquired the necessary education or experience to be competitive in the IT market yet. Over 10 years ago, IT and Cybersecurity were not considered to be as worthwhile a career field to pursue. Today, the financial industry is learning just how valuable cybersecurity is, and according to an article, Friedenberg remarks that, “Companies, on average, spend 1,600 work hours per incident at a cost of $40,000 to $92,000 per victim” (2006). In an effort to compromise the confidentiality, integrity, and availability of the financial institutions, cyber terrorists have taken an active role declaring war on one of our nation's critical key infrastructure. There are major risks in the financial industry that are causing the institutions to invest more into the protection of their assets which are in jeopardy of compromise every time a cyber attack occurs. Consumers want to know that their money is protected when they put in a financial institution. The personal information that consumers are required to present, for instance Name, Date of Birth, account number, in order so they can withdraw money needs to be safeguarded. According to Servidio and Taylor in their article about safeguarding community banks, “many small and medium-size banks lack the resources they need to fight cyber attacks” (2015). Countering terrorism...
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...Identity theft is one of the fastest growing crimes in the United States. From empty bank accounts to ruined credit reports, there are numerous ways that an identity thief could hurt you. While identity theft is not new, the advent of the internet has given thieves new ways of using your personal data as their own for their benefit. According to Javelin Strategy and Research (2014), in 2013, over l3 million people were victims of some type of identity fraud. This showed an increase of more than half of a million people becoming victims. Considering the fact that more and more of our lives involve the internet through social media, online banking, and online shopping, it is up to us to protect ourselves while using online resources so that our information stays safe. Identity theft occurs when thieves use a victim’s personal or financial information to obtain money from the victim. This can happen in multiple ways. One of the more common ways criminals can steal your identity is by sending phishing emails. These emails pose as a retailer or bank and ask you for personal information such as your username and password or credit card information. Some emails provide a link that redirects the user to a fake login page. When the victim enters their information, it is captured and used to take over the victim’s online banking page or Amazon account. To prevent this, it is important for people to recognize the stop signs of a fraudulent email. Firstly, be wary of any email that asks...
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... Identity Theft “But he that filches from me my good name/ Robs me of that which not enriches him/ And make me poor indeed.” Shakespeare, Othello, Act 3 Scene 3 For as long as people have created civilizations there has been some sort of identity theft. Identity theft is when someone wrongfully obtains and uses another person’s personal data in some way that involves fraud or deception, usually for economic gain. Your name, birth date, address, Social Security number, your bank account or credit card number, your telephone calling card number, and other valuable identifying data can be used, for identity theft if they were to fall in the wrong hand, for personal profit at your expense. That bad part is that in the past it was not even a crime. In October 30, 1998 through the enactment of the Identity Theft and Assumption Deterrence Act of 1998, 18 USC & 1028 (a) (7). This Act states that identity theft occurs when a person: “knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of Federal law, or that constitutes a felony under any applicable State or local law.” There are several ways a thief can steal your identity. And there are also just as many way to prevent it too. Here are some ways thieves steal your identity and ways to prevent them. Your identity can be stolen...
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...Identity Theft Abstract This research paper will examine what is known about identity theft. The paper begins with defining the crime and its background, followed by a review of the patterns and incidences of identity theft. This review will include data on the extent and costs of this crime. Discussion will then focus on victims and perpetrators of identity theft. Common techniques used by identity thieves will be explored along with tips to protect consumers and businesses from having their identities stolen or data breached. Legislation in place to prevent and prosecute identity theft will be discussed. How to report identity theft is also explained. Defining Identity Theft The U.S. Department of Justice defines identity theft, also called identity fraud, as “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” (U.S. Department of Justice, 2015). Identity thieves use personal data such as Social Security numbers, bank account or credit card numbers to personally profit at the victim’s expense. These breaches allow thieves to take funds out of bank accounts or in the worst cases, take over a victim’s identity completely, running up huge debts and committing crimes using the victim’s name. Victims not only suffer the out-of-pocket financial losses, but they may have to rebuild their reputation in the community due...
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...the Internet and e-commerce. With the increased growth and dependence of the Internet, creative individuals have found ways of conveying fraudulent schemes as legitimate goods and services. Not only does Internet fraud cause harm to individuals and institutions, but it also damages the consumer confidence of valid Internet businesses and e-commerce. There are many forms of Internet fraud which Internet patrons need to be aware of and cognizant of. This paper will explore major classifications of Internet fraud, provide information on how to deal with Internet fraud, relay actions taken by the government to thwart Internet fraud and prosecution thereof, and also take a detailed look into one type of Internet fraud especially, identity theft. According to the Department of Justice (http://www.usdoj.gov/criminal/fraud/text/Internet.htm), Internet fraud is any type of criminal scheme that uses one or more components of the Internet to present fraudulent solicitations to prospective victims, to conduct fraudulent transactions or to transmit the proceeds of fraud to financial institutions. Major types include; online action and retail scams, business opportunities or work-at-home scams, investment schemes, phishing, and identity theft and fraud. Seventy-five percent of fraudulent parties contact their victims via web-sites, while the remaining twenty-five percent contact their victims via e-mail correspondence as reported by the National Consumers League’s National Fraud Information...
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...technology come new challenges. One of those new challenges is identity theft. Identity theft can happen through the internet, ATM, emails, or even a phone. Identity theft can happen when any person(s) takes an individual’s information, such as their Social Security number, or even banking information for financial gain. “Close to 100 million Americans have their personal information placed at risk of theft each year when records in databases are lost, stolen or accessed by unauthorized individuals” (Information systems and technology, n.d.). Identity theft not only costs the person, whose identity is stolen, time and money but also costs the banking industry time and money. There are so many ways that thieves can access your information whether it is your credit cards, savings accounts or checking accounts. Banks spend countless hours trying to find the most ways to fight and prevent identity theft. Banks must constantly update their computer software and use programs that will not only send red flags to the banks but will also block the use of the information or cards. Team B has chosen to see what changes SunTrust Bank needs to make to combat identity theft or improve on what is already in place. Continuous Versus the Discontinuous Changes SunTrust Bank currently offers 24 hour around the clock monitoring for identity thief. To provide additional identity theft protection, SunTrust has partnered with the Identity Theft Assistance Center (ITAC), a non-profit agency that provides...
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...Dangers of Identity Theft Sharae Ernst IFSM 201 – Summer 2012 8/3/2012 “Identity theft occurs when someone uses your personally identifying information (PII), like your name, Social Security number, or credit card number, without your permission, to commit fraud or other crimes.” (Fighting Back Against Identity Theft: Federal Trade Commission). According to the Federal Trade Commission, identity theft complaints have decreased since year 2008 (314,521 to 250,854). It is estimated by the FTC that as many as 9 million Americans have their identities stolen each year. As information technology progresses along with society, there is always an increased risk of having one’s identity stolen. “Identity theft was the number one complaint category in the CSN for calendar year 2010 with 19% of the overall complaints, followed by Debt Collection (11%); Internet Services (5%); Prizes, Sweepstakes and Lotteries (5%); Shop-at-Home and Catalog Sales (4%); Imposter Scams (4%); Internet Auction (4%); Foreign Money Offers and Counterfeit Check Scams (3%); Telephone and Mobile Services (3%); and Credit Cards (2%).” (Consumer Sentinel Network Data Book: For January - December 2010, 2011). Although the numbers have slightly decreased, overall, identity theft is on the rise. “According to a February 2012 Javelin Study, identity theft rose 13% from 2010 to 2011. More than 11.6 million adults became a victim of identity theft in the United States during 2011.” (Coping with Identity Theft: Reducing...
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...Identity Theft James Middleton AIU Online Abstract In this paper we will discuss identity theft. What is identity theft, what are some of the more common ways that people have become victims to identity theft? We will discuss how the law has changed and what the law has accomplished. Also how the law now protects the victim. Identity Theft What is identity theft; which is often referred to as identity fraud, which refers to all types id crime involving someone wrongfully obtain and uses another person’s personal data in some way that involves deception (findlaw.com, n.d.). By definition of the Identity Theft & Assumption Deterrence Act (ITAD) of 1998, specified that it is a federal crime to knowing transfer or use without lawful authority, a means of identification of another person with the intent to commit, or to aid or abed any unlawful activity that constitutes a violation of Federal law, or constitutes a felony under any applicable state or local law (OVC, 2010). If a person steals another person’s identity but does not cause any monetary damage has a crime been committed? I would have to say yes, based on the definition of the ITAD Act. You transfer or use another person’s identity with the intent to commit a crime and you are caught; yes it is a crime. The most common ways to commit identity theft, is either to listen to someone’s conversation while they are giving out a credit card number over the phone, by “dumpster diving” when they can obtain...
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...the centuries, the term ‘identity theft’ has meant many things. People have pretended to be other when committing crimes to avoid sentencing. Identities have been stolen in order to obtain certain medical care or drugs that would be unavailable otherwise. In this day and age, identity theft has become synonymous with finances. Thieves all over the world are using various methods to gain access to your money; and they’re more successful at it now than ever before. According to a 2013 Javelin report, 13.1 million people in the United States suffered financially because of identity fraud. According to multiple reports, that number is expected to rise in 2014 and beyond. As we get smarter about how financial identity theft is committed, criminals become smarter about gaining our sensitive information. When we became good about shredding old credits cards and bank statements, they used e-mail and phone schemes to coax us into giving our information to them. Companies invest millions of dollars into new technologies meant to keep criminals out of databases, and criminals simply bypass these obstacles with combinations of cutting-edge and archaic techniques. It’s a vicious cycle that seems to have no end. So how can we as consumers protect ourselves from these identity thieves? Consumers must take a more active role in their financial lives, especially when it comes to online transactions. People often rely on stores and banks to protect their identities online. This is a huge mistake...
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...Abstract Culprits of identity theft are the modern day con artists that are able to convince and persuade people out of their money by promising their victims a portion of wealth which will never come to be. This paper will describe what is classified as identity theft, how people become victims of this crime and how people can avoid being becoming a victim to this popular means of deception in the electronic world. On the average one hundred thousand people are affected by identity theft in the United States per year and over two billion dollars in revenue is stolen as shown in the surveys that were conducted in 2003 -2006 (Anderson, Durbin & Salinger). Because of this threat the consumer becomes skeptical of online transactions which cause loss of business to many retailers as they are based solely on internet sales. For the retailer to make sure that the consumer is protected from fraudulent transactions and the possibility of their personal information to be at risk of being intercepted by others, the retailers need to incorporate special systems onto their site and have special programs that could make the purchasing of items from their business complicated for the consumer and will also raise the price of the goods to offset their loss on the security measures. The way people are committing the crimes of identity theft are only limited by the imagination of the person that commits these types of crimes. The source can be from someone...
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...ASSIGNMENT 1: REVIEW OF BUSINESS FRAUD ABSTRACT Business fraud is a white-collar crime that is increasing at a rapid pace. One case of business fraud dealt with an information breach within Bank of America’s information system. This breach affected over 300 Bank of America customers. Management failed to provide proper security for their information system and the sensitive information of their customers. The following assignment will give detailed specifics about the case, clarify the classification of this particular fraud, and suggest recommendations that can help prevent this fraud from reoccurring. ASSIGNMENT 1: Review of Business Fraud On May 24, 2011, an investigation was in process within the Bank of America organization for potential business fraud. A Bank of America employee had manage to copy the personal information of over 300 of the bank’s customers. The security breach allowed the Bank of America employee to communicate the sensitive information of the customers to a ring of scammers. Customer information compromised included the customers’ names, physical addresses, Social Security numbers, contact numbers, checking account numbers, savings account numbers, routing numbers, driver's license numbers, date of births, email addresses, mother's maiden names, PINs and the balances on their accounts. Scammers used this information to start up credit cards and to spend the money available on the customers’ bank accounts. The leaking of the confidential...
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