Identity theft is the fastest growing and most costly crime in the United States. Identity theft has a tremendous financial and psychological impact on victims. It is used to finance terrorist activities and to fund the lifestyles of individuals who would rather steal than work. Identity theft is one of the most difficult crimes to track and prove, which means that many identity thieves are neither caught nor prosecuted. Custom Criminal Justice Research Papers are Paper Masters specialty. Identity theft occurs when one individual steals the personal information of another person in other to commit crimes or a fraud in that person’s name.
In 2002 alone identity theft resulted in losses of $5 billion to consumers and $50 billion to businesses. In 2003, the FTC reported identity theft resulted in business losses of $48 billion. The problem of identity theft is so widespread Congress passed the Identity Theft and Assumption Deterrence Act in 1988 making identity theft a federal crime with a punishment of up to 15 years in prison.
Identity theft is the fastest growing and most costly crime in the United States. It impacts individuals, businesses, and society as a whole. It increases the price consumers’ pay for goods and services by increasing the cost of doing business. It destroys or significantly undermines feelings of security and has the potential to negatively impact the American financial system.