In this digital era, the rate of crime involving financial due to identity theft is growing, in numerous nations. There are number of factors for this issue which impacts in different ways on victims involved. The same will be discussed in the following paragraphs.
First and foremost, majority of people use online portal or website which involves their personal details of that person. Online platform such as Facebook, Instagram which contains lots of personal data of people. This leads to lose of money from their bank by generate some financial froude or scams. For instance, a report in a popular magazine, India Today, mentioned that excessive usage of online transactions of money and shopping leads to lose of funds.
To add further, financial crime is raising due to leck of knowledge. Few people do not know how to use smartphones and some criminals has get benefits from less knowledge. They can easily misused the personal information of that person. However, most of the people lose their confidence and they stared lose their trust on their banks. Moreover, people suffer from stress and anxiety. To exemplify, according to a survey conducted by cybersecurity, that this kind of financial crime leads to negative effects on mental well-being of the people.
In conclusion, the number of financial crime is increasing because most of the individuals use online platform or online transactions which has contains their personal data and leck of knowledge. This leads to lose of funds and break trust of people on their bank managements.