Hackers: Identity Theft - Research Paper Example

Synovate is an organization that carried out a survey for the Federal Trade Commission (FTC) in 2003 and revealed that about 38% of the identity theft was not reported via victims. Moreover, half of the above mentioned percentage of victims blames their relatives, friends, house maids and others (Mercuri, 2006). Identity theft It is defined as “the use of one person's personal information by another to commit fraud or other crimes” (Identity theft.2011). Under the commission of felony violations, the present Federal Law possessed punishments related to the Identity theft.

The term Aggravated identity theft means if somebody intentionally transfers, or uses the identification without the lawful authority of another person. This case of identity theft bears two year prison sentence and if joined with terrorism violations, a five year prison sentence will be applied by the federal law commission. . For this reason, we have to counter the major disputes related to this crime such as criminal, persecution and trial rates as, well as the policies related to the interconnectivity among identity theft and other crimes.

(Finklea, 2009). Initially there are two types of identity theft as described by The Federal Trade Commission (FTC) i.e. Existing account fraud and new account fraud. First type explains the misuse of existing credit card; debit card and further accounts of the victim whereas, the new account fraud illustrate the theft of victim’s identification data in order to open a new account. The FTC report reveals that 9.9 Americans were the victimized by identity theft in 2008, that shows 22% increment since 2007.

Moreover, the most common identity theft is the credit card fraud on the consumers. In addition, the impact of identity theft is high for tax payers (McKee & McKee, 2011). The investigations related to the identity theft can be prepared through the follow departments constructed for the relevant purpose. Red flag rule The Red flag rule was established in 2007 in order to prevent the identity theft. This will require the help of financial institutions and creditors for the successful implementation of the Red flag rule.

The government has announced the deadline i.e. November 1 2008, to the financial institutions for the implement of the Red flag rule. Identity theft (task force) In May 2006, Congress has established a new force via Executive Order 13402 named as ‘The Presidents Identity Theft Task Force’. The aim of this force is to lessen the ration related to the identity theft, increase the awareness and to plan the strategies. This task force was established in coordination with the federal agencies and 17