Consumer theft is the act committed by use of deception or fraudulent business practices by a person supposed to be a trader with an aim of gaining false fully from the other person assumed to be a potential client. The current markets are very doubtful as there are many consumer theft cases. There is a great need for buyers to be aware of the sellers as there are many fake sellers. Consumer theft has led to increased loss of money by the people to so fake sellers. Consumer theft is mostly occurring in the form of financial loss arising from false, unfair, illegitimate, and deceptive business practices. However, despite the saying that only naïve customers get affected by consumer thefts; it has currently been proved wrong as the savviest clients …show more content…
Almost nine million Americans fall prey of identity theft every year. It mostly involves stealing of personal information; such as social security number, credit card information, name as well as bank account number. Accordingly, such stolen information is, therefore, used to commit theft, theft as well as other crimes through impersonating the true owner (Bertrand, 2000). Identity theft has become very dangerous as it is only realized after the damage has already occurred. However, the victim may get alerted or become aware of the problem when it is too late. Identity theft can make the consumer lose a large amount of money through various ways. For instance, by the time a person realizes it, the money at the bank could already have been withdrawn by the thief. Also, the thief might have already taken out a loan with his/her personal details. It may be very painful to pay the loan that one has not taken, which may also take long to finish paying. In some cases, the thief may already have made transactions with the credit card to obtain products or services. Therefore, identity theft causes a great financial loss to the victim and may easily make the victim become bankrupt. On the other hand, recovering from identity theft may not be very easy as it may take a long time as it may require the victim to work very hard. Consequently, the consumers should be very keen when dealing with strangers. They should, therefore, avoid giving out their financial information; as well ensure that their bank account statements are regularly checked, so as to be able to report immediately any unordinary occurrence (Federal Trade Commission,
However prior to the modern understanding of Consumer Rights there was a understanding of Caveat Emptor – Buyer Beware –this has been a fundamental premise of consumer wellbeing prior to World War ‖ , relation to transactions, principle that the buyer purchases at his own risk in the absence of an express warranty in the contract . This common law rule assumes that buyers and sellers are in an equal bargaining position. However there has been evident change in consumer rights which have contributed to the precedence of using Caveat Emptor is no longer acceptable, apparent in the case ACCC v Hewlett Packard Australia (HP), illustrated that no longer can a company ...
Identity theft is one of the most well known fraud and many people try to prevent it while fraudsters are looking for new ways to obtain it. The higher risk groups are college students and children. The main goal is to keep watch over your finances, credit score, bills, and passwords. Never let anyone know too much of your personal things. Families are usually scammed by other family members because they know where everything in that household is. You have to watch who you trust and it is sad. Not a day goes by when someone’s identity isn’t stolen. You can’t prevent all frauds but you can try your best to. Learn the warning signs to different types of fraud and find out solutions to keep yourself, your business, and your family financially, emotionally, and physically safe.
Identity theft has been a major issue of privacy and fraud. In the data breach analysis from the Identity Theft Resource Center (2013), the number of data breaches from the year 2005 to 2012 increased. In 2012, there had been 49% where the data breach exposed people Social Security Number. The data breach of 2012 has a rate of 27.4% caused by hackers. These breaches were commonly from 36.4% businesses and 34.7% health and medical (Identity Theft Resource Center 2013). The number of identity theft varies from physical possession to digital possession. At least one-fifth of trash cans contains papers listing people’s credit card number and personal information. People that throw away their trash mails contain much personal information that is useful to steal someone's identity (Davis, 2002). Technology becomes a need where people use it daily and as a result it has also become a use for identity theft as well. Throughout the years as technology develops so does identity theft. This paper shows the types, methods and technique used for identity theft, and it also examines possible risk of identity theft from current technology.
The Internet plays the biggest role in identity theft. On the Internet, a thief can hide from detection while stealing peoples’ identities from their homes, being able to steal peoples’ information one by one “then disappearing into another identity,” (Vacca 60). Internet fraud consists of two phases. The first being spoofing where a fake site is set up made to look like the real thing. Once that is completed the second phase, phishing, begins. This usually starts with an email that uses the
Each year around 15 million United States residents are affected by Identity Theft. This causes financial losses of around $50 billion per year. The average amount of money stolen per victim is $4950! That is a lot of money that is just taken from people with little things they can do to affect their identity from being stolen. The most common age group for Identity Theft is 18-24. The 18-24 age groups hold over 20% of all Identities stolen. Did you know that around 6% of adults are affected by Identity Theft? People who steal other peoples Identities are just really rude. Most people work very hard to earn their money and when it gets stolen from them it is just wrong. According to statistic brain the Identity Theft fraud rate is growing very slowly each year, but it needs to be stopped completely.
Identity theft is an increasing epidemic. Some of the ways a person can commit identity
I’ve decided to write my research paper on the issue of identity theft. Identity theft has occurred all throughout history in various ways and forms. Today, it is one of the fastest growing crimes occurring all over the world. Data suggests that identity theft accounts for roughly $50 billion stolen each year from citizens and businesses in the U.S. I believe that more attention should be targeted towards identity theft because of the detrimental effects it can have on a single victim and on our nation’s economy. Topics I will discuss include statistics about the crime, laws that protect the victims of the crimes, and what we are doing to prevent future attacks from happening.
III. Thesis Statement: Identity Theft is rapidly becoming a national issue because anyone of us could be a victim of identity theft. How we protect our self, keep our information private, identify any signs of identity theft, and report and repair our credit is up to each one of us. We have to be vigilant about our protecting ourselves from criminals.
Have you ever received a credit card bill at the end of the month with a ridiculous amount of money needed to be paid that you never spent? This is because of identity theft. The FTC estimates that each year, over 9 million people are affected by identity theft. According to Sally Driscoll, this is because almost anyone with a computer and a slight bit of computer knowledge can pull off identity theft. Experts also claim that identity theft is the fastest-growing crime in the world. Identity theft is a global problem that cannot be stopped without effective measures. The problem is, effective measures are very hard to come by when dealing with identity theft because almost any security protocol can be by-passed.
Sullivan, C. (2009). Is identity theft really theft? International Review of Law, Computers & Technology, 23(1/2), 77-87. doi:10.1080/13600860902742596
Stealing is probably more common than one would think, especially in children. Children do not often realize that stealing is, in fact, wrong. Different people view it different ways, but the resounding argument is that stealing is bad. Although some plead the argument that stealing is not bad if it is used for survival and not personal gain, stealing is still wrong. Stealing is not ever okay because of religious morals, society views, and the reasons for why people steal.
"Identity Theft and Your Financial Life." Daily Record [Baltimore] 23 Aug. 2004, Special to the Daily Record ed.: n. pag. eLibrary. Web. 6 July 2011.
Word privacy is commonly assumed my other is something secret and need a control over it from anyone. There are some issues relating to the privacy. One of the issues is about identity theft. Nowadays, peoples use many modern technologies to make a crime such as getting others data without any permission. According to Milne, Rohm, A. J., & Bahl (2004) identity theft defined as the appropriation of someone else’s personal or financial identity to commit fraud or theft, is the one of the fastest growing crimes in the United States (Federal Trade Commission 2001) and is increasingly affecting consumers’ online transactions. This definition was referred by Sovern (2004) by adding it is serious problem among consumers.
Identity theft is a non ethical criminal offence. It is when someone gathers someone’s personal information and uses it against them. Fraudsters usually get a hold of personal information using three methods: information given away, offline methods and online methods. People commit this crime for many different reasons, but they all have one common goal of using some else’s identity to their advantage. There are many different type of identity thefts, which are categorized on what the criminal is using the identity for. Having said all of this, identity is a crime that can cause a lot of finical and reputation damage to the victim and that is why it is important to prevent it. Identity theft can be prevented if everybody knows exactly what it is and what they can do to keep their identity safe.
America,” (Weidenfeld 1). Being the number one crime, identity theft is very dangerous. If your