ISSC451 Term final

Computer Crime

Cristian DeWeese

ISSC451

American Military University

10/15/2023

Dr. Snyder

Introduction

Identity fraud, which is also known to be identity theft, occurs when an individual or organization illegally obtains and uses another person's personal information for financial gain, fraud, or fraudulent activities. The crime of identity theft is widespread and devastating all across the world. It's becoming increasingly common, and that's bad news since it costs people and businesses a lot of money (Kelkar & Kabha, 2023). In addition to the monetary cost, identity theft causes intense mental anguish, ruins reputations, and destroys confidence in personal as well as professional connections. The purpose of this outline is to serve as a thorough resource for combating identity theft. Its purpose is to inform the various manifestations of this problem, how to recognize it, how to protect themselves against it, the laws surrounding it, examples of actual cases, and how urgent it is to do something about it (Rahmatika & Firmansyah, 2023).

Types of Identity fraud:

Identity fraud can take many different forms, each with its traits and nefarious goals:

· Financial Identity Fraud: This category encompasses loan, bank account, and credit card fraud that is primarily motivated by financial gain. Thieves use stolen personal data to their financial advantage (Kelkar & Kabha, 2023).

· Criminal Identity Fraud: When perpetrators use their victims' identities to carry out illicit acts, they frequently leave the victim vulnerable to legal action.

· Medical Identity Fraud: The victim's financial information and medical data are compromised when fraudsters use their credentials from healthcare providers to gain unauthorized access to healthcare facilities, prescription drugs, or insurance claims.

· Synthetic Identity Fraud: Through the combination of genuine and fake information, offenders fabricate whole new identities, making identification and prevention difficult. The issue of identity fraud is multidimensional due to these many techniques (Cuccia, 2023).

Techniques and Methods:

Identity fraud perpetrators utilize a diverse array of advanced methodologies and strategies to acquire personal data and engage in deceptive practices unlawfully.

· Phishing refers to the act of transmitting misleading electronic communications, such as emails or messages, with the intention of deceiving someone into divulging confidential information, such as passwords or information from your credit card (Rai & Jagadeesha, 2023).

· Data breaches refer to unauthorized access to databases or the exploitation of insider knowledge with the intention of illicitly acquiring personal information from various organizations.

· Social engineering refers to the practice of employing psychological strategies to manipulate someone into voluntarily disclosing personal information.

· Dumpster diving refers to the physical act of searching through abandoned materials, specifically documents, with the intention of obtaining personal information (Adebayo et al., 2023).

Consequences of Identity Fraud:

Victims of identity fraud suffer grave consequences on all fronts, including emotional, financial, and legal ones:

1. Fraud victims frequently suffer the most tremendous financial losses due to fraudulent transactions, which might require years to recover (Anggiriawan et al., 2023).

2. Fraudulent acts have the potential to negatively impact a victim's credit score, making it more difficult for them to get loans or credit lines.

3. Due to criminal activity carried out under their assumed identity, victims may be subject to legal issues that will take time and effort to resolve.

4. Being a victim can cause a great deal of worry, anxiety, and emotional trauma, all of which can negatively affect one's mental health (Rahmatika & Firmansyah, 2023).

Detection and Reporting:

Effective reporting will assist in mitigating damage and aid in understanding fraudsters, so victims need to report any suspicious conduct to their financial organizations, credit reporting agencies, and law enforcement as soon as they notice it (Anggiriawan et al., 2023).

Conclusion:

Identity theft is a widespread problem with far-reaching consequences for both individuals and society as a whole. Combating this crime requires vigilance, education, and preventative action. The damaging impacts of identity fraud can be mitigated through proper data protection measures, continued education, and quick reporting of cases.

References:

Adebayo, O. S., Favour-Bethy, T. A., Otasowie, O., & Okunola, O. A. (2023). Comparative Review of Credit Card Fraud Detection using Machine Learning and Concept Drift Techniques.

Anggiriawan, I. P. B., Yadnyana, I. K., Wirakusuma, M. G., & Putra, I. N. W. A. (2023). Mitigating Fraud in Accounting: A Comprehensive Literature Review of Prevention Strategies.  Tec Empresarial,  18(2), 288-305.

Cuccia, J. (2023). Fraud in Banking: A Review of Fraud Scams, Effects, and Antifraud Techniques in the Banking Industry.

Kelkar, A. S., & Kabha, R. (2023). Emerging Trends of Online and Digital Frauds and Impact on Financial Management and Performance of the Corporate World.  Latin American Journal of Pharmacy,  42(3), 1695-1704.

Rahmatika, D. N., & Firmansyah, F. Antecedents Intention of Whistleblowing System to Strengthen Sustainable Anti-Fraud Strategies: A Literature Review.

Rai, D., & Jagadeesha, S. N. (2023). Credit Card Fraud Detection using Machine Learning and Data Mining Techniques-a Literature Survey.  International Journal of Applied Engineering and Management Letters (IJAEML),  7(3), 16-35.