Identity theft: a small step towards big financial crimes

Publication Date01 May 2020
AuthorChander Mohan Gupta,Devesh Kumar
SubjectAccounting & Finance,Financial risk/company failure,Financial crime
Identity theft: a small step
towards big nancial crimes
Chander Mohan Gupta and Devesh Kumar
Faculty of Management Sciences and Liberal Arts,
Shoolini University, Solan, India
Purpose This paper aims to studythe concept of identity fraud and how these identity thefts canactually
lead to nancial crime. These crimeswhich usually were done in the traditional way now have taken leaps
with the increasein the use of cyber world.
Design/methodology/approach Several research papers, articles and newsfeeds were referred to
study the concept, growth,scope, effect and impact of identity theft. It was also found that identity theft is the
most commontype of cybercrimes.
Findings Identity theft though a simple crimebut if not taken care of can lead to multiple crimes which
can affect not only individuals but also companies. And when these crimes impact companies, they can
actuallyhamper the economy as a whole.
Practical implications Information for the same is not available very easily, so the study is solely
based on secondarydata.
Social implications Identity theft effects an individual not only nancially but also mentally and
socially;thus, these effect each and every one in the said economy.
Originality/value This paper is an original work of the authors, and it is for the use of students,
educatorsand academicians.
Keywords Skills, Identity theft, Financial crimes, Cybercrime
Paper type General review
Cybercrime is considered to be the fastest growing crime in America (Cole and Pontell,
2006). In todays world, individuals and organizations need to be very careful about
disclosing their identityto keep them safe from identity theft. A report by the Federal Trade
Commission in the year 2008 stated that nearly 9.9 million Americans faced identity theft
(Finklea, 2010). Though several precautions are taken and considered, still the number of
cases around the world has increased. ID theft is dened as the steps of collecting and
processing illegally collected information for existing crimes (Justice, 2010)(CIPPIC, 2007,
p. 1) gave in the followingways in which ID theft takes place:
credit card (card number, credit report);
Social Security number;
details of driving license;
ATM card details;
telephone bill;
The authors would like to thank the support of the Scientic Writing Cell of Shoolini University for
language editing and formatting of the manuscript.
Identity theft
Journalof Financial Crime
Vol.27 No. 3, 2020
pp. 897-910
© Emerald Publishing Limited
DOI 10.1108/JFC-01-2020-0014
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