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

FINANCIAL CRIMES INVOLVING IDENTITY THEFT IS ON THE RISE DUE TO TECHNOLOGICAL ADVANCE IN SOME COUNTRIES.

THIS

ESSAY WILL EXPLAIN THE POSSIBLE CAUSES OF

THIS

PROBLEM

CAN BE AND WHAT SORT OF EFFECTS

THIS

PROBLEM

HAVE ON VICTIMS. THE OBVIOUS CAUSE OF

THIS

PROBLEM

IS ADVANCES IN TECHNOLOGY. PAYMENT METHOD HAS EVOLVED TO ONLINE

INSTEAD

OF FACE-TO-FACE AND A LOT OF FRAUD WEBSITES HAS EMERGED THROUGH THESE IMPROVEMENTS. TO AN EXTENT IN DETAIL, PEOPLE PREFER TO SHOP ONLINE

INSTEAD

OF THE TRADITIONAL WAY AND OWING TO DO IT, THEY USE SOME UNRELIABLE WEBSITES. NEEDLESS TO SAY, IN ORDER TO COMPLETE THE SHOP, THEY GIVE THEIR PERSONAL INFORMATION INCLUDING THEIR SOCIAL SECURITY NUMBER AND CREDIT CARD INFOS TO FRAUDS’ INFORMATION POOLS. ALONG THE WAY, AN INNOCENT BUYER TURNS INTO A NAIVE

VICTIM

.

THIS

CRIME HAS SOME DETRIMENTAL CONSEQUENCES ON THE

VICTIM

’S LIFE IN TERMS OF FINANCIAL AND PSYCHOLOGICAL. TO EXTENT IN DETAIL,

FIRSTLY

, THE STOLEN INFORMATION CAN BE USED FOR ENORMOUS PURCHASES BY CYBER CRIMINALS AND

THIS

MAY CAUSE A DEBT FOR THE

VICTIM

AND A VICIOUS CYCLE STARTS AS A FINANCIAL

PROBLEM

. AS THE

VICTIM

TRIES TO ESCAPE HIMSELF FROM THE DEBT HE MAY HAVE TO FACE WITH MENTAL ILLNESS AND IT MAY CONTINUE WITH OBSTACLES IN THE FAMILY LIFE. TO SUM UP, WHILE PEOPLE’S LIVES ARE BEING EASED BY TECHNOLOGY, PROTECTING PERSONAL DETAILS GET MORE REACHABLE AND

THIS

CAUSE AN INCREASE IN CYBERCRIME AS IDENTITY THEFT. BEING A

VICTIM

CAN HAVE DETRIMENTAL EFFECTS ON THE MENTAL HEALTH OF THE

VICTIM

BESIDES

FINANCIAL ONES.