What controls can one incorporate to prevent identity theft

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Reference no: EM132079198

Identity theft refers to all types of crimes in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud deception, typically for economic gain.

A classic example of identity theft is a bank fraud that occurs when the fraudster obtains a loan from a financial institution by impersonating someone else. The criminal pretends to be the victim by presenting an accurate name, address, birth date, or other information that the lender requires as a means of establishing identity. The lender has no easy way to discover that the person is pretending to be the victim, especially if an original, government-issued id can't be verified (as is the case in online, mail, telephone, and fax-based transactions). The criminal keeps the money from the loan, the financial institution is never repaid, and the victim is wrongly blamed for defaulting on a loan s/he never authorized.

1. What controls can one incorporate to prevent identity theft?

2. Which of these do you utilize?

3. Have you or someone you know ever been a victim of identity theft? If so, describe.

Reference no: EM132079198

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