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?

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Thanks to technological advancements, financial crime rates are nowadays inclining.

This

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trend is happening due to the less protected credit or debit cards circulated by the banks and financial institutes as well as online advancements to withdraw cash easily.The Victims are often affected by two main factors.

Firstly

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, since technology is evolving

every day

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everyday

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banks have started giving fewer encryption to

bank

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account cards. Pin based system has been replaced by only swipe and leaves function which allows an opportunity for thieves to steal the money

Furthermore

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, online UPI based apps can do transactions with the mobile OTP or a secret number sent to the phone.

This

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allows a greater threat of financial crime as most of the institutes have given functionalities that are not protected from

theft

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For example

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, many people lost their money due to a scan QR code scam where they have scanned a QR code to receive the amount whereas the entire cash from the

bank

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gets deducted.

Thus

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, reduced encryption-based cards and online advancements are the main culprits of identity

theft

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On the other hand

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, the main factor the victim of financial

theft

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needs to combat is huge financial loss apart from that, mental pressure to recover the amount. Many individuals become depressed and suicide as they can't keep up with the fact that their hard-earned wealth has been lost. To illustrate, In the USA many people have committed suicide due to financial loss and depression caused by the circumstances.

Thus

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, people should give empathy to the victims and try to help financially. To conclude, only when the

bank

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and financial institutes increase their security level on the

bank

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account, the financial crime rate of identity

theft

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will be reduced.

priyanka.bbcWed Sep 01 2021

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Answer the 'Problem and Solution' topic

Problem-and-solution essays fall naturally into two parts, the first describing and exploring the problem, the second setting out the solution or solutions.

You essay structure should look something like this:

Introduction
Body paragraph 1 – Problems
Body paragraph 2 – Solutions
Conclusion

Examples to start your body paragraph:

One of the first problems of the...
Another problem that needs to be considered...
A possible solution to this problem would be...
One immediate practical solution is to...

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6
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meeting the goal of 7 or more
2
Word repetition
meeting the goal of 3 or fewer
1
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Overall Band Score

Coherence and Cohesion: 7.0

Logical structure

Introduction & conclusion present

Supported main points

Accurate linking words

Variety in linking words

Lexical resource: 8.0

Varied vocabulary

Accurate spelling & word formation

Grammatical Range: 8.0

Mix of complex & simple sentences

Clear and correct grammar

Task Achievement: 7.0

Complete response

Clear & comprehensive ideas

Relevant & specific examples

Appropriate word count

4 paragraphs

285 words

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Topic Vocabulary:

cybersecurity
personal data
fraudsters
manipulation techniques
economic factors
globalization
legal loopholes
financial ruin
emotional and psychological impact
trust
recovery
identity theft
drained bank accounts
fraudulent loans
restoring financial credibility
sensitive information
robust security measures
avenues
international transactions
jurisdictions

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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?

Answer the 'Problem and Solution' topic

Some people say that music is a good way of bringing people of different cultures and ages together To what extent do you agree or disagree with this opinion

In some countries, more and more people are becoming interested in in finding out about the history of the house or building they live in. What are the reasons for this? How can people research this?

Playing a musical instrument is one of the most important achievements for any child. To what extent do you agree with this statement?

Some schools are strict about having a school uniform for their pupils, while other schools have a relaxed or no dress code. What are the advantages and disadvantages of having a school uniform for children?

The health benefits tof physical excercise are well-known. Despite this, a lot of people do not exercise regularly. What are the reasons for this? What could be done to encourage them to excercise more often?