Identity Theft

Essay > Words: 1492 > Rating: Excellent > Buy full access at $1

Introduction

Identity theft is an issue, which is often heard in most new channels, and it has affected quite a number of American individuals. The scope of this paper will cover the issue of identity theft in the United States as well as how congress is involved in this matter. Also, it will give an analytical research on this issue in aspects that deal with identity theft trends. According to the Federal Bureau of Investigations, identity theft is a crime that is fast growing. Furthermore, in an annual basis, there are around 700,000 American citizens affected by it. Identity theft is recognized as being a federal crime. It takes place when people unlawfully take and use other people’s personal identification. The latter includes using their account numbers, social security numbers, and even another person’s name. As a result, of the current economic downturn, those in charge of making polices are trying to find ways of reviving the American economic health. Moreover, identity theft seeks to threaten the country’s financial stability. There are many security and economic risks, which are associated with identity theft (Vaca, 2002).

This paper seeks to give a critical analysis concerning the issue on identity theft. Furthermore, it will examine the actions that congress is taking in order to solve this unlawful crime.

Critical analysis on the issue on Identity Theft in the United States

People should be aware that they are prone to become victims of identity theft at any time. There are many times when potential victims spend a lot of time in activities that encourage identity theft. These include fixing credit records, opening and closing accounts. In an attempt to clear one’s name, there are expenses, which are extremely high. Individuals have been known to lose their jobs, and others even being denied loans. In other scenarios, people have landed themselves in jail, as crimes were committed using a mistaken identity Research has found out that, on an annual basis, Americans who are victims of identity theft are growing fast in numbers. Internet expansion and increased globalization are responsible for the increase in cases concerning identity theft. In turn, it becomes difficult for law enforcers to apprehend and identity perpetrators of identity theft. Some of the perpetrators conduct their illegal activities from outside America. It is a fact that thieves who steal identities can either operate in a syndicate, or individually (Vaca, 2002). The criminal networks are always being investigated by the FBI, so that they capture the syndicate’s masterminds. For example, the FBI has been able to identity Boston as among the leading identity theft locations in America. Congress has given law enforcement agencies the power, which they need, in order to catch identity thieves. This is a step in achieving rewarding results, and to ensure that this matter comes to an end.

In the year 2007, the Red Flag Rule that focuses on Identity theft was established by congress. It demanded that financial institutions and creditors were to come up with preventive programs that focused on identity theft. Later on, congress formed the Fair and Accurate Credit Transactions in the year 2003. It had to keenly follow the Red Flag Guidelines, and work together with federal agencies that focus on banking. It meant that the financial institutions and creditors were to alert congress about any suspicious documents. Moreover, they were to identify suspicious addresses, identifiable information, warnings and notifications, derived from consumer reporting agencies. Unfortunately, the Red Flag Rule was met with resistance as the institutions and creditors were not prepared (Kim, 2012). This issue persisted until the year 2010, and Congress was blamed as it could not handle this matter. It is extremely uncertain on how identity theft will be impacted by the Red Flag Rule. Fortunately, financial institutions and creditors will be assisted as they will be cautious on any suspicious activities and security matters. The latter are some of the leading causes of identity theft cases in America. The Red Flag Rule advocates for identity theft cases to be prosecuted as well as be investigated. In turn, financial institutions and creditors will be identified by their specific red flags. Also, they will need to ensure that law enforcers and consumers are identified whenever there are any incidents of breach of data. This information will save many Americans from having their personal identifiable information from being stolen. It seems that early notification is a .............


Type: Essay || Words: 1492 Rating || Excellent

Subscribe at $1 to view the full document.

Buy access at $1