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?

Nowadays, the rate of financial crime has increased rapidly
due to
the progress in technology and other factors associated with
this
matter, these
crimes
have a double effect on
victims
and
society
, and there are various causes of
this
trend. In
this
essay, I am going to elaborate on the roots of the effects with examples.
To begin
with, the potential reasons for
this
trend,
firstly
, in
this
modern era we live in,
the
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financial
crimes
are so common all over the world because of the increasing number of gang members who developed and created smart ways to steal individuals' money
such
as online scams and data theft.
For example
, many receive calls on a daily basis from anonymous numbers claiming that they are bank employees and need the private username and passwords to update their personal information,
therefore
, the
victims
would easily believe them, and
as a result
of
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,
this
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their money will be stolen from their bank accounts. If the financial
crimes
succeeded, the consequences will be demonstrated in
society
as well,
for instance
, the local economy will have a bad reputation and
this
will make global investors avoid investing in the country where financial
crimes
are spreading.
Secondly
, identity theft is a serious crime that has been underrated for a long time, in Developing Countries that suffer from the lack of modern technology, individuals are prone to be
victims
of
such
an atrocity,
for example
, In Egypt, the
last
governmental reports showed that many identification cards have been fabricated and used in escaping from criminal penalties
such
as murder and terrorism,
additionally
, these lawbreakers succeeded to flee from the country using these fake documents,
thus
the effects of
such
atrocities will not be only on
victims
but
also
on
society
because of the feeling of absence of justice. In conclusion, financial crime is a serious issue and it has become more dangerous over time because it includes identity theft which has severe equal consequences for individuals and
society
.
Submitted by abdoo.magicoo on

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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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