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

.