White Collar Crime

February 7, 2014

Identity Theft

Identity theft is the crime of stealing a person's financial information, with the intention of using the data to commit fraud and create a phony persona.

Example of Identity Theft

As the CEO of an identity theft protection company, Lifelock, Todd Davis was 100% confident in the services provided by his company. So confident, in fact, that he starred in an advertising campaign based on sharing his actual social security number with the world. In this high-budget marketing ploy, Davis plastered his most important identifying number on billboards, the sides of trucks, all over the Internet and on television commercials. Davis dared the world to just try and steal his identity. And guess what? They did. As exposed by Matt Lauer on NBC’s Today Show, Davis’ identity was used to obtain a $500 cash advance loan, and 87 other people have used Davis’ SSN under names like Joe Blow and Jabba T. Hutt. Davis is still paying the price for breaking the cardinal rule of personal identity protection: Do not share your social security number unless absolutely necessary. Sharing it with the whole world? Now, that’s just bizarre.

Affected By Identity Theft

Families or individuals being affected by fraud unfortunately become unstable. The fraud crime tends to have a negative effect on everyone. Many stress-related complications and psychological problems are results. Victims of identity theft and their families become insecure, distrustful and lose their dignity as well as financial loss. Therefore, they become lonely , and break apart from the world or other family members because of a lower income.