The Pros And Cons Of Identity Theft

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Though identity theft is mostly viewed on the negative side, there are also positive impacts of identity theft. To an individual, it may not be much of a benefit since the emotional suffering may be more than one can handle. An individual can gain favors from an institution that lead to the identity theft. An example is where a customer of a certain bank deposits cash for safekeeping. As a normal customer of the bank, withdrawals and deposits as well as carrying out payments using banker’s cheque and other means are acceptable (Fraser, 2006). In the case where someone uses the bank to collect payments using the information of the customer, the customer will suffer financial loss. In this case scenario, the customer will complain
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The firm gains popularity though beginning from the negative side. The firm’s name is spread fast since negative news spread easily. As the firm attends to the corned customer, realization also comes to light of the number of potential customers out in the population who have not been exploited (Fafinski, Dattom, & Margetts, 2010). Thus, strategies to exploit the market are put in place as well as measures to avoid future corning of unsuspecting customers. Since several businesses may not be involved in e-commerce, the occurrences also leave the institution with a challenge to tackle. The online market in the current century is not an aspect that any organisation should avoid (Fraser, 2006). The occurrence could not have occurred if the business were online, will be the main ideology left to the managers, therefore, taking efforts to go online. The challenge thereby impacts the institution positively as it is more likely to gain more customers who need the products or services online and were not yet …show more content…
The impacts of the crime as discussed gives rise to financial losses, emotional distress as well as inconveniences that may be long term. Cases of identity theft are also complex and numerous. Technological advances pave the way for easier identity theft (Giles 2010). Online business, therefore, is the most affected aspect by identity theft. Perpetrators assume identities of business undertakings, corning unsuspecting consumer large amounts of cash. The perpetrator, for example, produces a deal to the consumer to deliver goods, with the name of a certain company, even provides documents that are forged. The unsuspecting consumer then, as agreed, deposits cash via credit card or electronic money transfer to the perpetrator who withdraws the money and goes missing. Investigating such crimes proves to be difficult as the perpetrators use different accounts that might have been hacked. The accounts may also be deactivated after the dealing meaning no trail left to follow up. In other cases, the perpetrator uses programs that give IP addresses with misleading locations. E-commerce, therefore, need to be advanced as technology advances to reduce the cases of such incidences. It is, therefore, recommendable to prevent identity theft by keeping consumer information out of criminal’s reach, making it more difficult for perpetrators to misuse data and deterring

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