Approximately seven percent of adults have their identity stolen, resulting in at least $3,500 in losses. Identity thieves develop cagey methods to steal identities like stealing wallets, mail, and phone calls that lure people into giving out their personal information. Identity theft is an increasing issue, where every individual and business can be a vulnerable victim. To fix the future, individuals and businesses must understand the history of the problem. Identity theft has been going on ever since the biblical time period. The first recorded case of identity theft comes from the book of Genesis, the story of Jacob and Esau.
Identity theft has evolved around the past couple decades. At first, thieves would physically steal individual ‘s identity. The thieves would murder their victim and then take the identity of the corpse. The original motive was not necessarily for the money, but for a new beginning. The first technological device used to commit identity theft was the telephone. Scammers would lure the victims into giving their personal information, for a “reward” in return.
The public was uneducated about the precautions of giving out their social security numbers, bank account numbers, and other personal information. This re. .ty fraud than to rob a bank because the odds of being caught are less likely.” If a business suspects their company ‘s identities being stolen they should inform the proper authorities who deal with this rapid growing problem. Not trying to stop the issue will cause greater stress in the future and possibly jeopardize the whole business.
It can take years to return back to a stable state after having your identity stolen. If a thief is caught stealing identity, they can be fined up to one thousand to one hundred thousand dollars. Depending on the seriousness of the crime, the person can end up in prison for years. To avoid the troubles of identity theft, it is important to be educated on the precautions of the issue. Businesses and individuals must take the initiative to secure their personal information and identity to be able to lower the rate of identity fraud.