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Financial fraud, a deliberate scheme to trick or deceive individuals, groups, or the government with the aim of monetary gain, is a common crime. From money laundering and tax evasion to bribery and corruption, financial fraud is a serious problem in the US and around the world. Among the different types of financial fraud is identity theft. Although identity theft does not always have financial gain as its primary goal, it almost inevitably leads to the person gaining access to the funds of the victim.
Identity fraud is the taking of someone else’s identity, such as by falsifying one’s documents and credit cards and pretending to be someone one is not. According to the US Department of Justice, some of the most common identity thefts include cyber-attacks via email, “pre-approved” credit cards and eavesdropping in public places (Identity Theft). In all of these cases, the naïve victim somehow becomes vulnerable to the perpetrator’s attacks, meaning that educating people on proper safety measures would prevent, or at least lower, the risk of identity theft. If the perpetrator is successful in his attack, he or she can gain access to the victim’s credit cards, bank, and online accounts and obtain various goods and privileges (Identity Theft). The latter is particularly relevant in the current environment due to the stimulus checks since having access to multiple identities gives criminals access to multiple stimulus checks.
Since identity fraud is a very common crime and has affected millions of people around the US at least once throughout their lives, recommended actions are readily available online. According to the US Department of Justice, suggestions include reporting fraud to the bank, blocking the credit card, and in some cases, filing a report to the police or to the FTC (Identity Theft). No matter what the causes of identity fraud, it is best to be cautious and prevent it from happening than to deal with the unpleasant consequences.
Work Cited
The United States Department of Justice. Identity Theft. 2020.
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