How Financial Institutions

Identity stealing: The Modern Faceless Crime Modern applied science has made identity operator larceny a detestation that bath be performed quickly and anonymously. Face-to-face business transactions of previous eras consecrate been replaced with electronic transactions, call centers and mail-in forms, making it harder to catch criminals. In the world of financial services, identity theft typically involves attempts to take over accounts and access funds or credit lines using another individuals appellation randomness. Additionally, fraud crimes involve efforts to establish new accounts under fraudulent or fictitious identities. Access to information is the fraud perpetrators chief weapon. The Internet has made it easy for criminals to acquire consumer information such as credit card numbers, Social Security numbers, names, addresses and sustain dates. Additionally, fraud criminals can open new accounts online and gain control of animate accounts quickly, repeatedly and with little fear of prosecution. Smart financial institutions are beginning to attack this problem with new technology that validates identities by going beyond the normal methods of verification and authentication. The Size of the Identity Theft Problem Nearly one in eight adults in the U.S.

has experient identity theft at a cost to businesses and consumers of $50 billion in 2002 alone (Federal Trade Commission, 9/2003). Of all complaints circulate to the FTC, identity theft is the most common. The size of the identity theft problem is most likely understated because many victims never report the crime to local or federal authorities. T Identity theft is a crime that can be performed quickly and anonymously. Almost two-thirds of all identity theft claims in 2002 knotted financial service organization customers. Credit card and bank fraud accounted for 59 percent of all identity theft claims in 2002 (FTC, 2003â€" get together chart below). Each stolen identity results in an average of $17,000 in... If you expect to get a full essay, order it on our website: Orderessay

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