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Journal of Financial Crime Summary

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In their journal, Albrecht, Albrecht & Tzafrir (2011) present and explain the identity theft cycle which explains how perpetrators go through a number of stages building up confidence and experimentation when stealing the identity of an individual. The first stage is discovery where perpetrators gain and verify the information from their target. The second stages, action stage, are when they accumulate documentation and cover-up actions. The third stage, trial stage, entails small thefts initially that test the stolen information and if that works they shift to large thefts and even to larger theft if chances of getting caught are very slim.

Perpetrators convert the personal information gained for their own financial gain. They usually obtain this information by posing as legitimate government officials, employees, or organizational representatives, rummaging through consumers’ trash, skimming victims’ credit cards during payment, and so on. Minimizing the risk was recommended in ways like guarding mail against theft as well as social security cards and numbers, safeguarding personal information, protecting passwords, computers, and homes, checking credit report, and opting out preapproved credit cards.

Reference

Albrecht, C., Albrecht, C., & Tzafrir, S. (2011). How to protect and minimize consumer risk to identity theft. Journal of Financial Crime, 18(4), 405-414.