Detailed Report: Consequences of Identity Theft in Cyber Security

This report explores the multifaceted consequences of identity theft within the realm of cyber security. It begins by defining cybercrime and cyber security, highlighting the involvement of viruses, malware, and hackers. The report then delves into the types of fraud, including identity theft, fraudulent emails, and phishing, with a specific focus on identity theft. It explains different types of identity theft such as true name identity and account takeover identity, and discusses the techniques employed by identity thieves, including dumpster diving, shoulder surfing, phishing, and spam emails. Furthermore, it explores the recovery process for identity theft victims and the role of organizations like the Federal Trade Commission. The core of the report examines the consequences of identity theft, encompassing financial problems, credit issues, benefit losses, and legal problems. The report concludes with prevention methods, such as regularly checking credit balances and being vigilant about billing cycles, to mitigate the risks of identity theft. The report provides references to support the findings and analysis.

Consequences of Identity Theft

INTRODUCTION
• Virus threat and malware are involved with
the computing system (Scully 2014).
• The hackers basically brings down the
websites, commit fraud, or steal data from
other’s systems.
• This is known as cybercrime.
• The practice that deals with the protection
and prevention of cybercrime is known as
cyber-security.

TYPES OF FRAUD THAT ARE
INVOLVED IN CYBER SECURITY
• Identity Theft – Theft of personal
details
• Fraudulent Emails – Theft by fraud
emails (Lee et al. 2017)
• Phishing – Theft by intruders by
attaching fraud websites

IDENTITY THEFT
• The information or data that are
usually taken from the victims
basically are used to credit, service,
and merchandise them on behalf of
victim (Kahn and Liñares-Zegarra
2016).

TYPES AND EXAMPLES OF IDENTITY
THEFT
• True Name Identity- In this theft, usually
the personal information of the victim are
used by an imposter to create a new
account.
• Account Takeover Identity- The Account
takeover identity is basically a technique
that an imposter takes to get the access of
the victim’s accounts and withdraw some
money from the account of the victim.

IDENTITY THEFT TECHNIQUES
• The identity theft can be done by dumpster
diving, discarded email, retrieving the
personal paperwork from public dumpsters
and trash of the businesses are the earliest
ways for getting the identity theft for
accessing the information.
• Another method of identity theft known as the
shoulder surfing.
• The phishing email and the spam email are
two types of methods in identity theft that are
also used for tricking the people to give their
own personal details deliberately.

RECOVERY FOR IDENTITY THEFT
• Depending on the information
type, and the details of the data,
the victims are to choose
appropriate organization that are
related with.
• There is a government body
known as Federal Trade
Commission, where the victims
should complain about the data
breach.

THE CONSEQUENCES OF
IDENTITY THEFT
• Financial Problems – The identity
theft mainly deals with financial
problems that leads to a great loss
to the victims. Federal prosecutors
defines a case study that says that a
man from Kentucky used identity of
another person and collected about
1 million dollar for sexual abuse
("Will Automation Kill or Create Jobs?
- IEEE - The Institute", 2018).
• Credit Issues – If a victim faces an
identity theft, the user will have to
get to know about the credit report.

CONTINUATION….
• Benefit Losses – There is a loss of benefit
because of the identity theft that is faced
by the victims (Reyns and Henson 2016).
• Legal Problems – There are also legal
problems that are related with the
identity theft that occurs to the victim.

CONCLUSION
To prevent the identity theft that is faced by the victim, some prevention
methods can be followed to prevent the identity theft in cyber security. The
individuals should check on the credit balance and report regularly and if there
is an issue or something changes, the individual must urgently inform the
respective organization about the issue or the change. All the billing cycles are
to be seen from time to time by an individual and takes the follow up of all the
credit card bills so that any extra payment is not done. The individuals also
should not carry their personal document all the time with them because once
they are theft might lead to great loss.

REFERENCES
Scully, T., 2014. The cyber security threat stops in the boardroom. Journal of business
continuity & emergency planning, 7(2), pp.138-148.
Lee, K.C., Hsieh, C.H., Wei, L.J., Mao, C.H., Dai, J.H. and Kuang, Y.T., 2017. Sec-Buzzer:
cyber security emerging topic mining with open threat intelligence retrieval and timeline
event annotation. Soft Computing, 21(11), pp.2883-2896.
Kahn, C.M. and Liñares-Zegarra, J.M., 2016. Identity theft and consumer payment choice:
Does security really matter?. Journal of Financial Services Research, 50(1), pp.121-159.
Reyns, B.W. and Henson, B., 2016. The thief with a thousand faces and the victim with
none: Identifying determinants for online identity theft victimization with routine activity
theory. International journal of offender therapy and comparative criminology, 60(10),
pp.1119-1139.
Will Automation Kill or Create Jobs? - IEEE - The Institute. (2018). Retrieved from
http://theinstitute.ieee.org/ieee-roundup/blogs/blog/will-automation-kill-or-create-jobs