Many people believe that identity theft began with the advent of the internet. But the truth of the matter is that Identity theft started before the advent of the internet. Statistics say that identity theft is much more common now than it has ever been in the past. This is largely due to the advent and widespread use of the internet.
Internet crime is not only the regarding credit card details but also the online Identity theft, which is increasingly rapidly throughout the world, especially in developed countries like the UK, the USA and Canada. This online ID Theft is one of the fastest growing Internet crimes in the UK especially.
Internet identity theft is a part of identity theft and it can be much worse than common identity theft. The Internet is providing new ways for people to steal your personal information and to commit fraud (Beal). Online identity theft or fraud is on the rise, affecting more lives and costing individuals and businesses more money year after year.
The BJS defines identity theft as”the attempted or successful misuse of an existing account, such as a debit or credit card account, the misuse of personal information to open a new account, or the misuse of personal information for other fraudulent purposes, such as obtaining government benefits or providing false information to police during a crime or traffic stop” (McCarthy, 2013).
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Identity theft is the information age's new crime. A criminal collects enough personal data on the victim to impersonate him to banks, credit card companies and other financial institutions. Then he racks up debt in the victim's name, collects the cash and disappears. The victim is left holding the bag.
The internet’s good and bad.Identity theft is another negative aspect of the internet. Many people submit personal information about their identity such as social security numbers, health care records, and credit card information to online sources on a regular basis as a convenient way of paying bills or ordering merchandise.
Importance of the Internet and Problem of Electronic Identity Theft After the attackers have collected sensitive information from the users, they put this information in unethical uses like drawing money from the ATM or using their credit card number for purchasing online, etc. (Jakobsson M. and Myers S.,2006).
Exploratory research delves on the rise of identity theft in the US while the explanatory research looks at the causes of identity theft and its impact on e-commerce. Extensive library and Internet research was carried out to build on more knowledge on the latest developments in the respective field.