In many countries, financial crime involving identity theft is increasing. what are the causes of this trend? what effects does it have on the victims involved?

In the recent times, making easy money has become a thing of utmost importance, especially in the west. For the same, criminal activities involving impersonating someone is in fashion.
This
essay will shed some light on the possible reasons as to why
this
is happening and
effects
Suggestion
the effects
on the victimised.
To begin
with, every minute detail relating to bank accounts, salary and other monetary aspects are being digitised very rapidly.
This
makes it easier for the hackers and other sort of criminals to track on to the financial activities of any individual. All they have to do is to hack into a person's
acccount
a record or narrative description of past events
account
accounts
and fetch the necessary information like
login numbers,
Suggestion
numbers, login
passwords, PIN number and credit card details.
For instance
, gone are those days when people used to break into homes and banks for the purpose of
loot
Suggestion
looting
. It has become much easier with everything available on the internet.
Secondly
, the chances of getting caught increases in case of crimes involving physical presence. With the technology being constantly evolved, there are concepts of fingerprinting and DNA matching which makes the work of law and administration easy. In order to escape
this
, committing a crime online by hacking into someone's personal account can fetch a good amount of fortune.
Thus
, being online has
it's
of a thing, of it; possessive form of "it"
its
own disadvantages. The effects could be quite devastating. To start with, there is a huge loss that an individual has to face as he could go bankrupt in worst situations. It could take years to repay to financial institutions in case of loans and borrowed funds.
In addition
, it yields a huge damage to their credit rating, which applies that they will not be granted any money in
future
Suggestion
the future
. Many a times, a person could
also
face unemployment because of huge financial risk. All in all, with the advent of technology and the decline of traditional crimes are the key causes behind
this
. It involves financial
hardhsips
a state of misfortune or affliction
hardships
in many cases.
Submitted by Shreyans Aery on

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Topic Vocabulary:
  • cyber-criminals
  • exploit
  • security weaknesses
  • oversharing
  • stringent
  • cybersecurity measures
  • emotional distress
  • restoring one’s identity
  • legal issues
  • financial credibility
  • significant financial decisions
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