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

It is true that economical crime is a heated topic nowadays. There will be several interpretations of
this
phenomenon and undoubtedly negative consequences for citizens in every country which I will discuss now. There are various reasons responsible for the identity fraud in every country. The main reason is the development of advanced technology allow individuals to store financial data and make online transactions.
This
could increase the risks for financial criminals to forge personal information and hack these victims’ bank accounts since they are able to collect personal details, which are valuable for hacking methods, from the internet
such
as social networks and exchanges.
Furthermore
, the reduction in others physically demanding type of crime can be a possible reason for
this
phenomenon. More specifically, the possibility of these types of crimes being under arrest is increasing significantly due to the surveillance system installed on the streets.
Therefore
, crimes nowadays prefer the lower risk and more profitable
ways
Accept comma addition
ways, such
such
as database stolen
instead
of the traditional methods. As an increase in
this
type crime, which committed against property, several related problems can be anticipated.
Firstly
, identity theft can pose a serious threat on banking accounts of the users and steal a large amount of money.
In addition
to the loss of wage, sensitive information
such
as social insurance number are used for illegal purposes,
for instance
, applying false loans and do not repay them.
Secondly
, victims might lose their job since they violate their company’s regulations.
For example
, employees who are the victims of these criminals can lose their job since the valuable data of the company was lost after the data robbery. In conclusion, there are several factors result in fraud of identity and various harmful effects users’ finances and career in many countries nowadays.
Submitted by Andy on

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