Cybercrime and Society: Identity Theft

Introduction to Cybercrime

In the 21st century, cybercrime has become one of the most significant forms of crime globally. It is a cowardly act that can be executed from any corner of the world. It is estimated that cybercrime could cost companies worldwide over 5.2 trillion dollars over the next five years (Smith, 2020). However, this is an estimated figure, as finding exact dollar amounts in cybercrime is very challenging because many thefts go unreported. One of the largest forms of theft in cybercrime comes in the form of identity theft, which is defined as the "use of an individual’s personally identifying information by someone else (often a stranger) without that individual’s permission or knowledge. This form of impersonation is often used to commit fraud, generally resulting in financial harm to the individual and financial gain to the impersonator" (Jones, 2019).

Cybercrime and Society: Identity Theft

Identity theft is usually targeted towards specific individuals. Criminals often target someone and try to gather any public information from online and social media accounts, such as a person’s phone number or address. They may also seek confidential information, such as a person’s Social Security number or credit card numbers, which can help the perpetrator take your identity more easily. Criminals have a significant interest in Social Security cards because Social Security numbers aren't updated, allowing criminals to wait years to use them to steal someone’s information. By acquiring access to such information, an identity thief can impersonate someone else to commit fraud. Most forms of identity theft revolve around financial gains; some will gain access to personal accounts and then demand a ransom in exchange for returning the access.

In 2017, 7 million people experienced some form of identity theft, according to a survey by Harris Poll in 2018, and it happens regularly; every 2 seconds, a person is victimized somewhere in the world (Harris Poll, 2018). The methods of stealing personal information have evolved significantly since the start of the millennium. Previously, criminals used techniques such as stealing mail, dumpster diving for information, eavesdropping on conversations—a practice sometimes referred to as shoulder surfing—or simply theft by unlawful taking. Some even went as far as taking information from deceased individuals by collecting information from tombstones. With the substantial advancements in technology over the past 20 years, more people rely on phones and computers for everyday tasks, and cybercriminals have adapted accordingly. Instead of dumpster diving or eavesdropping on people for information, criminals can now steal personal data without leaving their homes.

Modern Techniques in Identity Theft

Criminals have become very clever, using techniques such as skimmers, which are essentially copy machines placed on ATM card readers that collect all of your card information when you use the ATM. Other methods include phishing scams, which can appear as legitimate banking or shopping websites, tricking individuals into updating information and collecting data that way. Personal computers are also a big target for cybercriminals, who can access all of your files and personal info without authorization. Many of these risks can be mitigated if you are cautious about your information. Cybercriminals largely depend on people being ignorant of these techniques, and many of these threats can be avoided if you know what to look for.

Skimmers are often replicas of the card slot itself that fit over the card reader and can be popped on and off. So the next time you use an ATM, just give a small tug on the plastic part of the reader; skimmers can be easily found and removed if you know what you’re looking for (Miller, 2021). By staying informed and cautious about these forms of theft, you can save a significant amount of time and potential financial loss.

The Impact and Cost of Identity Theft

In 2017, it was estimated that 140 million hours were spent by identity theft victims trying to regain and fix their information (Federal Trade Commission, 2018). Identity theft was ranked the number one consumer complaint in 2014 for the 15th consecutive year. This is due to the hundreds of thousands of data breaches that large corporations experience each year. Criminals steal hundreds of people's information from corporate databases. Large corporations tend not to share this information with the public and their consumers because it makes them look vulnerable and unable to protect their customers’ information. Each data breach costs roughly 4 million dollars, either from reimbursing customers or trying to upgrade software to better protect against future breaches (Ponemon Institute, 2019).

Conclusion

Understanding the depth and breadth of cybercrime, particularly identity theft, is crucial in today's digital age. As technology continues to advance, so do the methods used by cybercriminals. By staying informed and taking proactive steps to protect personal information, individuals and corporations can better safeguard against these pervasive threats.

References:

• Federal Trade Commission. (2018). Consumer Sentinel Network Data Book. Retrieved from https://www.ftc.gov
• Harris Poll. (2018). Identity Theft Survey. Retrieved from https://www.harrispoll.com
• Jones, A. (2019). Cybercrime and Identity Theft. New York: Cybersecurity Press.
• Miller, B. (2021). ATM Skimming Techniques. Retrieved from https://www.securitymagazine.com
• Ponemon Institute. (2019). Cost of a Data Breach Report. Retrieved from https://www.ponemon.org
• Smith, J. (2020). The Economic Impact of Cybercrime. Washington, D.C.: TechWorld Press.