1.1 What is identity theft?
Identity Theft, in a very simple term, is stealing a person's private identifying information, usually for financial gain. It is prevalent throughout the world and there are several ways to steal one’s identity. Stealing one’s identity doesn’t require much information. By getting the name, date of birth and address of a person, one can easily steal the person’s identity.
1.2 What does this paper focuses on?
The paper focuses on identifying:
The common types of identity theft.
The issues associated with identity theft.
The most commonly affected sectors
Technologies and techniques utilized/implemented by organizations to combat it. ...view middle of the document...
Breach the data stored in the system to obtain personal information.
The main motive behind identity theft is to get benefit (mostly financially) to the fullest without having to spend any of their money. The most common issues associated with identity theft are:
Denial of credits
Loss of time in investigating/ resolving crime.
4. GOVERNMENT’S CONTRIBUTION TO COMBAT IDENTITY THEFT:
4.1 Identity Theft Assumption Deterrence Act:
In 1988, Congress passed the act that criminalized identity theft at the federal level. The act provided penalties for individuals who either committed or attempted to commit identity theft. The penalties included up to 15 years imprisonment and a maximum fine of $250,000. It establishes that the person whose identity was stolen is a true victim.
4.2 Identity Theft Penalty Enhancement Act:
Congress further enhanced the penalty by providing two to five year imprisonment for identity theft committed in relation to other federal crimes. The act amends the federal crimes to establish penalties for aggravated identity theft in addition to the existing punishments for related felonies. Two years of imprisonment is added for knowingly transferring, possessing or using another person’s identity. Five years of imprisonment is added for using false identifications to impose terrorist acts.
4.3 Identity Theft Enforcement and Restitution Act of 2008:
This act is little bit different from the rest of the acts enacted by the government. The act provides law enforcement with broader ability to combat liability on bad actors. The act authorized restitution to identity theft victims for their time spent recovering from the harm caused by the actual or intended identity theft.
5. TECHNOLOGIES IMPLEMENTED TO MITIGATE IDENTITY THEFT:
Several Organizations were working hard to implement new technologies that could successfully combat the identity theft. Nowadays, the data being carried by internet is extremely huge and majority of person’s identification information are somehow linked to the internet. So, organization has to make the data communication in internet highly secure. This need resulted in the evolution of cryptography concepts. Though there are thousands of technologies implemented by several organizations to mitigate identity theft, this paper focuses on describing three technologies that has been served as a basis for several new technologies.
5.1 Knowledge Based Authentication:
Knowledge Based Authentication, commonly referred to as KBA, is a method of authenticating the legitimacy of one’s identity prior to granting the accessibility to that user. Authentication is considered as the first layer of defense against identity theft. Usually, the process seeks elements like Username, Password, PIN etc to evaluate the legitimacy of user. KBA is used to check the identity of the user before providing them with access and it can be...