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.