Although financial and health institutions are implementing new methods of defining and communicating with their customers, the rate of identity theft is troubling, and the economy is losing billions of dollars per year. To reverse the trend, stringent legislation and public recognition must be implemented.
The Center for Identity (2014) offers an analysis of the patterns and economic effects of identity fraud between 2010 and 2014. Besides, the webpage outlines possible ways through which the identity theft menace can be mitigated. According Center for Identity (2014), there was an about 105% rise in the cases of child identity thefts between 2011 and 2012. Moreover, more than 50% of small business was attacked and around $105 billion lost in 2014 due to identity theft.
In order to counteract the effects of the ever-changing technology, the author suggests that the government should have clear frameworks and policies to govern the internet based infrastructure. Besides, public education and awareness programs can help report the cases, reduced identity theft, and other related crimes. The source confirms the claim from other sources that the rise in identity theft cases is alarming and may harm the economy. From the other sources, it is clear that SMEs are prone to identity theft thereby leading loss of billions of dollars annually.
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Reference: Parker, L. (2016, February 22). How Identity Theft is Affecting the Economy. Retrieved from the ID Theft Nightmare: http://www.idtheftnightmare.com/how-identity-theft-is-affecting-the-economy/
Parker (2016) gives an overview of identity theft threat to the economy. The source points out that the current identity theft crisis affects individuals and corporate organizations alike. Criminals are eyeing the private and confidential data thereby disappearing with money and investments worth $100 billion annually. According to Parker (2016), the credit card theft has been on the increase since the year 2010. More than 16.6 million Americans were victims of identity theft in 2012 losing over $ 24.7 billion to the criminals. Besides, corporates lost over $50 billion and business spends over $ 1.5 billion to handle identity theft claims and cover the losses due to fraudulent activities. Such scenarios lead to major retrenches in the industry resulting to unemployment.
Just like the other sources I read, the Parker (2016) points out that the economy suffers from huge financial losses leading hard economic times. Health institutions, small business, and banking organizations have to spend a lot of money to adopt tight measures to ensure customer data protection. The author reinforces the information provided by other sources by pointing out modern ways of identity thefts and how organizations can protect corporate and customer data from criminals.
Annotation 5: eBook 1:
Reference: Camp, L. J., & Johnson, M. E. (2012). The economics of financial and medical identity theft. New York: Springer.
The source provides vital information on the issue of identity theft and why contemporary organizations should take data security vary serious. Camp & Johnson (2012) point out the ever-evolving identity systems used by business organizations and government entities to easily identify customers and the citizens at large as the main sources of identity thefts. While most users are not aware of the threats the exposure of their personal details may pose them into, they continue to lose billions of dollars through their credit and debit cards, and phishing of other vital information. Besides, organizations are falling victims of hackers thereby losing organizational and customer data.
The source points out lack of awareness among users to protect their personal data as the main reason why they fall victims of phishing. Moreover, Camp & Johnson (2012) conforms to other authors argument on the need to adopt more strict legal standpoints on the issue of identity theft in order to prevent loss of billions of dollars from the economy. The source states that many health and financial organizations suffer due to data attacks thereby straining their operations and relationships with their customers.
Camp, L. J., & Johnson, M. E. (2012). The economics of financial and medical identity theft. New York: Springer.
Center for Identity. (2014). Mitigating the Impacts of Idenitity Theft on the Economy. Retrieved on 13/08/2018 from https://identity.utexas.edu/mitigating-the-impact-of-identity-theft-on-the-economy
Parker, L. (2016, February 22). How Identity Theft is Affecting the Economy. Retrieved from the ID Theft Nightmare: http://www.idtheftnightmare.com/how-identity-theft-is-affecting-the-economy/