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The Identity Theft Crisis Essay

935 words - 4 pages

The Identity Theft Crisis
The crisis of identity theft has dramatically increased due to people using their credit cards on the internet. Hackers are tapping into large corporations and gaining access to millions of people’s credit card information (Bray and Yadron 2). One’s identity is never safe and can be stolen easier than they may think. As identity theft rates increase, it becomes more dangerous. The government, along with many large corporations, are working to on ways to prevent identity theft from taking place. Before most of internet shopping, identity theft was never as big as a problem. Now that the internet marketplace has become so big, it has also become a huge target for ...view middle of the document...

D. fraud. Numbers taken to refund taxes have skyrocketed since 2008 (Ochs A.2.). With identity theft rates increasing, it is costing governments more money. It is estimated by the Home Office that identity fraud has costs 330 billion US dollars to the United Kingdom economy. In the first half of 2006, banking fraud doubled compared to the previous year (Stein 68). This shows how quickly identity fraud rates are increasing and the affect it is having on governments.
Identity theft is can be extremely dangerous to its victims. Once the victim’s identity has been stolen, the thief may charge thousands of dollars on to the victim’s credit card, scarring their credit card history. This may lead the victims to denied loans, mortgages, unable to open bank accounts, etc. Trying to solve these issues may take months, or even years (“Understanding the Real Dangers…” 1-2). Identity theft threats are growing, if they are as bad as they are now, they are destined to become worse. With the internet being known as the “prime source” of identity theft, there must be ways to prevent it from happening.
The government and many other large corporations are working to find ways to prevet hackers from tapping into their systems. Brigitte Acoca states that the solution to preventing identity theft is education. She suggest informing the consumers through the website they are using to buy items, before their identity is stolen (Stein 68). If a website has had recent issues with data breaches and people getting their credit card numbers stolen, the company in ownership of the website should give fair warning to the buyer before they input their credit card information.
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