In several countries across the world, these has been a significant rise in monetory fraud mainly due to identity theft. This essay examines responsible factors and possible implications in further paragraphs.
To begin with,in this age of digital transformation, technology has become easily accessible to almost everyone. One of the reasons for this notion can be that people prefer online transaction rather than physical transaction because of its convenience.this leads to victims having to feel being cheated on which enables increase in stress and anxiety. In several case, person can end up having sucidal tendency. For instance, a report shown by cyber crime department indicates that there has been drastic rise in number of sucide incidents as a result of finanicial fraud.
Moreover, it is vital to recognize that huge number of pupulation have insufficient knowledge regarding these internet based authenticated applications and websites used for money transaction. Teenagers and old-aged people become a pray to unethical hackers. to add to this factor, majority of users of online banking keep a weak password and pins, unaware of security and privacy measurements. As a consequence, malicious hackers and thieves can get easy access into the direct link of the account. People can suffer a huge finanicial loss of their hard earned money . Indirect victims of these unlawful acts are banks and insurance company as they are liable to pay back the lost money to the victim. An example to attribute this, a report by cyber crime unit in india indicates that , there has been a marginal rise in banks getting bankcorrupted due to scams of identity theft.
To sum up, in modern era, easy access to technology enables several finanicial crime due to identity theft which causes detrimental impacts such as stress, depression and finanicial loss.