How Hackers Steal Information And Recommendations Against The Menace (Research Paper Sample)

Identity Theft
(Author’s name)
(Institutional Affiliation)
Identity Theft
Introduction
Identity theft is a crime that involves obtaining information from another person without their knowledge for the purpose of impersonating them and using their details for the imposter’s gain. Each year in the U.S., around 15 million people suffer up to $50 billion in financial loss due to fraudulent activities resulting from identity theft (Douglas, 2017). A similar trend has been reported in the UK with statistics indicating that identity theft has increased by 5% to 89,000 cases this year compared to 2016 (Samee, 2017). In most cases, target individuals are usually not aware that their information has been stolen until when they are presented with a bill they did not consume or services they did not purchase. In a report released by Morley (2017), the most targeted age group is young people who are in their mid-20s. The increased likelihood of target against this group is due to their reduced sensitivity to checking their bank accounts more often. Additionally, a huge chunk of online consumers is composed of this cohort. Recently, elderly people, over 60 years, have fallen victims as they are believed to be beneficiaries of pension schemes and other plans. Problem Statement
The sophistication level and the methods of exploit used by fraudsters is growing exponentially. Threats include individual-oriented phishing, corporate hacking on databases from governmental and non-governmental organizations. Simultaneously, the traditional approaches of identity theft like pickpocketing, stealing mails, dumpster diving, and misleading call centers to release confidential information about clients have not yet been addressed and still contribute a lot to identity theft (Douglas, 2017). As this trend continues to rise globally, the operations of fraudsters have also increased proportionately. Previously, fraudsters were targeting credit, debit cards and other financial related information Samee (2017) but a report from Douglas (2017) reveal that they are now seeking other fundamental personal information including employment details.
While this social issue continues to increase, the number of young and old generation falling victims of the same keeps increasing (Dobrin, 2017). It is extremely hard for one to realize that their information has been stolen and is being used for malicious purposes until they encounter something unusual. Moreover, it is hard for one to suspect themselves of being a target of identity theft since it happens to anyone irrespective of their income level, place of residence and age. Little efforts have been put to reduce this trend (Karlinsky, Brown & Effron, 2014). If it is not handled, billions of money from individuals, private and public sector will be lost without a trace. Relevance and Significance
The purpose of this concept paper is to explore the reasons why identity theft is becoming an increasing social concern across the globe. A couple of research has simply stated that it is increasing without outline factors that are fueling it. Among the few reasons why the millennial generation is becoming a target of identity theft is due to their increased online presence and reduced sensitivity to information related to their financial statements while for elderly people is due to the notion that they possess huge benefits from different organizations. This paper will explore more options whey the two generations are a target group. From the literature above it has also been noted that fraudsters are now shifting to phishing extreme personal information. It is not clear why the move and the trend. Previously, fraudsters were targeting information that will grant them financial gain but they are now seeking information that will grant them access to health records, subscription to electricity services among others. The researcher will explore why some traditional methods like pickpocketing, soliciting information from calls centers among others are being used by fraudsters are still effective yet with the advance in technology, such approaches should be rendered ineffective. Finally, the researcher will explore measures that the government and other bodies have put in place to combat identity theft, how victims should protect their identity and what victims should do after they come to the realization that their information has been used for fraud activities.
The relevance and significance of this concept paper will be revealed by prov...