Identity Theft, Identity Theft Protection, ID Theft
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Why Should You Be Careful About Identity Theft?

By Amanda Randell
Published: Wednesday, September 18th, 2013

The online nature of modern payment systems is considered to be the root of identity theft. Modernly economy significantly depends on sellers selling good and offering services to strangers with an assurance of being paid later. This type of transactions is heavily dependent on specific data and credit record of the potential customers. Identity theft is the process of acquiring enough data on an individual citizen so that their identity can be counterfeited to take undue financial advantages.

It is the anonymous data-based character of most modern payment systems that has made identity theft a threat to modern global economy. Online retail trade continues to become more anonymous and instant credits are offered more often depending upon the credit rating of the applicants. This has certainly brought down transaction cost by a considerable degree but at the same time this maximum reliance on data has also created new opportunities for fraudulence activities.

During the last couple of decades identity theft has emerged as the most dangerous threat to online banking and transactions but these are not the only fields that are most affected. It is a danger even for people who don’t deal with online transactions but has a very prominent online social reputation that can also be compromised. New channels those were created for identity forgery and the large networked databases have only made the situation further worse. Even if a single database is hacked, the identity and financial information of millions of users are compromised, the user information can be easily used for making unauthorized banking transactions, misuse of their e-mails, and spam their profiles on the social networking sites.
It is extremely unfortunate that a major part of internet users are still not even aware of the problem of the identity theft and that gives hackers and online criminals almost a free run to reach and exploit their vulnerable targets. If you have a presence on the internet, it is important that you know how to protect your identity, and other valuable information that you share online. Prevention of cyber crime has become a major concern for the American Government as well as many other countries in the world and laws for preventing identity theft and cyber crime have already been implemented. But as long as individual users are not aware of the proper situation and know how to protect their online identity there is little chance for an improvement.

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