. IN MANY COUNTRIES FINANCIAL CRIME INVOLVING IDENTITY THEFT IS INCREASING. WHAT ARE THE CAUSES OF THIS TREND, AND WHAT EFFECTS DOES IT IDENTITY THEFT HAVE ON VICTIM INVOLVED?

 IN MANY COUNTRIES FINANCIAL CRIME INVOLVING IDENTITY THEFT IS INCREASING. WHAT ARE THE CAUSES OF THIS TREND, AND WHAT EFFECTS DOES IT IDENTITY THEFT HAVE ON VICTIM INVOLVED?

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Financial identify theft is criminal activity that involves accessing someone’s personal information for fraudulent financial gain. In present era, extortion is a burning issue and increased at an alarming rate in myriad of countries. Apparently, westernization and modernization are to be blamed for this universal phenomenon. However, it begets harrowing upshot in the society. 

Fundamentally, the predominant factors that evidently trigger it can be observed. To begin with, in this ultra-modern epoch of science and technology prolific increase in use of plastic money to do the banking and plethora of other transactions. The credit card numbers can easily scanned by hackers and use for fraudulent transactions to withdraw money from people account. In today world scenario every person use plastic money for their household chores shopping that it is easy to carry plastic money. According to BBC it is revealed that 75% prolific increase in financial transactions by use of plastic cards. Secondly, in this contemporary era, the exponential rise in online shopping is in the trend leads to identity theft. The people do shopping online sitting comfortably at home. Myriad of applications to do online electronic commerce come into existence and people benefited considerably to them seemingly, reap the benefit of time saving in purchasing activities. Nonetheless, innumerable of online scheme and discounts in online shopping people increase curiosity in people to shopping from online handle. The quintessential example of virtual shopping handles is amazon, myntra, flipkart. Thirdly, owing to unexpected progress in science and technology online banking is those technological innovation boundlessly used in day to day life which is host of ostensible factor for identity theft. The people use banking application to do round the clock transactions. In today scenario all persons are quite busy not want to go in bank and stand in the Que to do the transactions subsequently, the hackers easily do theft of account number and personal identification code of the person and use this to do any fraud transaction or withdraw the money from bank. 

Nevertheless, it entails myriad detrimental effects. Chiefly, the identity theft leads to dismal consequences to the victim involved in this theft. The victim suffer financial stress consequently, his hard earned money withdraw from his account or the use in some other financial transaction. The person feel cheated in themselves. Additionally, there are myriad of complication in the victim life in the identity theft. Plethora of medical difficulty faced by the victim. To vindicate, blood pressure shoot up leads to cardio arrest and sometime brain attack occurs. The sufferer in the stage of unconscious mind due to tensed environment of burglary in his life. According to Forbes it is revealed that 35% increase in death of identity theft victims due to medical complication in last two consecutive years. Besides, identity theft victims may experience similar emotional effects as victims of violent crimes, ranging from anxiety to emotional volatility.

To recapitulate, government should make some rules and regulations to give harsh punishment to the person involved in identity theft so they think twice to do any fraudulent transaction. At the individual end every person have to ignore the calls who call and they are calling from bank and asked for ATM number and pass code to do some changes in their account and immediately call to banking officials to complaint for this fraudulent calls