Identity Theft: Who is at Fault, Consumers, or Credit Card Companies?

1101 Words5 Pages
Identity theft is the stealing and use of someone’s personal information and is one of the fastest growing crimes in the nation (Dole, 2005). According to Federal Trade Commission estimates, identity thieves victimize approximately 10 million Americans every year at a cost of an astonishing $50 billion (2005). Identity theft has been going on for years now and is easily done with the help of today’s technology. According to the Federal Trade Commission, there are six common ways that identity thieves get a hold of personal information. The varieties of methods that are used are dumpster diving, skimming, phishing, changing the victim’s address, stealing, and pretexting (Federal Trade Commission). Once someone’s identity is stolen, accounts can be opened in the victim’s name such as credit cards, loan, and utilities; money can be withdrawn from the victim’s bank accounts and cause financial difficulties or the victim’s personal information may be used for other reasons. While consumers blame credit card companies and credit bureaus for lack of security, credit card companies blame consumers for being too gullible and forthcoming with private information (Shelly, 2010). While the two disagree who is at fault, they both share a deep concern over identity theft. Credit card companies’ refusal to accept that technology is moving too fast for them to keep up and their lack of security with existing accounts provides evidence that it is not the consumer’s fault that identity theft is one of the fastest growing crimes in the nation (Dole, 2005). Credit card companies blame consumers for being too gullible and forthcoming with their private information for many reasons (Shelly, 2010). Out of the six most common ways, that identit... ... middle of paper ... ..., less usable abroad. Retrieved February 22, 2011, from CreditCards.com: http://www.creditcards.com/credit-card-news/outdated-smart-card-chip-pin-1273.php Miller, J. (2008, January). Resources: Credit Card Security . Retrieved February 21, 2011, from Arizona Society of Certified Public Accoutants : http://www.ascpa.com/Content/39591.aspx Privacy Matters. (n.d.). Phishing and Identity Theft. Retrieved Febrauary 22, 2011, from Privacy Matters: http://www.privacymatters.com/identity-theft-information/phishing.aspx Shelly, G. B. (2010). What Should Be Done about Identity Theft? In J. J. Quasney, Discovering Computers 2010: Living in a Digital World (p. 13). Course Technology, Cengage Learning. Visa. (n.d.). Visa Security Program: Fraud Monitoring. Retrieved Febrauary 22, 2011, from Visa: http://usa.visa.com/personal/security/visa_security_program/fraud_monitoring.html

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